Financial markets solutions provider GMEX Group (GMEX) and financial services firm Digital Partners Network (DPN) announced today the launch of the Seychelles-based Securities, Commodities and Derivatives Exchange (SECDEX).
SECDEX is approved by the Seychelles Financial Services Authority (FSA) hybrid (for digital and traditional assets) exchange. The collaboration provides clients with the market infrastructure strengths of GMEX and professional services of DPN. As a co-founding shareholder of SECDEX, DPN provides services in legal, finance, compliance, corporate structuring, as well as investment opportunities through a digital fund in tokens.
SECDEX allows for Security Token Offerings (STOs) to be utilized in in a regulated and trusted environment, cost effectively. The complete package includes issuance, capital raising and full professional services support for the process of tokenisation.
The SECDEX Group incorporates Exchange, Central Counterparty (CCP) Clearing House and Central Securities Depository, all fully regulated and licensed. The SECDEX Digital Custodian is registered under the new Sandbox regime of the Seychelles FSA giving the platform secure custody for digital assets and borrowing and lending options (Linct). The platform also provides pan-African Small and Medium Enterprises (SMEs) the opportunities for project funding and invoice factoring, plugging the SME financing gap across Sub-Saharan Africa. Through the SECDEX Exchange SMEs can collect equity or debt via tokenisation or traditional listing.
SECDEX employs trusted hybrid centralised & blockchain distributed ledger technology suite from GMEX Fusion. The platform has received strong investment interest.
Currently, the management team of SECDEX are working on the implementation of the Exchange feature with focus on the securities, debt, spot commodities, cryptocurrencies and derivatives contracts. According to the plan, initial STOs should be primary listed by the end of the first quarter and initial secondary trades to be executed by the end of the second quarter.
Dr Steve Fanny, CEO of the Seychelles Financial Services Authority, said:
The Financial Services Authority is pleased that SECDEX has chosen to establish itself in the Seychelles, whilst subjecting itself to the regulatory and supervision of the Financial Services Authority.” He added, “We expect to maintain a continuous and ever developing relationship, beneficial to the industry and the Seychelles as a whole, whilst ensuring the integrity and highest standard we have come to expect from SECDEX.
Jessica T. Naga, Partner of Digital Partners Network and Director responsible for Legal and Compliance at SECDEX commented:
Receiving regulatory approval from the Financial Services Regulatory Authority of the Seychelles is important as SECDEX will be able to demonstrate a robust and trusted exchange and post trade eco-system.” She added, “This is aligned with key initiatives being undertaken by the G20 and other international organisations which are working to support digital asset activities to address market integrity, investor protection, anti-money laundering, counterparty risk and financial stability monitoring.
Hirander Misra, Chairman of GMEX Group and SECDEX Group Chairman said:
SECDEX is the first regulated market infrastructure in the world, which can exchange-list both traditional and digital asset classes including securities, security tokens, cryptocurrencies, derivatives and commodities on a single platform, with full professional services support, combined with seamless trading, clearing and settlement of these individual asset classes and swaps between them.” He added, “The SECDEX ecosystem can uniquely facilitate the global interchange of traditional and digital asset classes in line with how markets need to evolve, as well as enable the provision of SME finance across Africa.