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Gibraltar’s GSX Group to Open New Digital Securities Exchange in Malaysia

The Global Stock Exchange (GSX) Group has today announced the first step towards a major expansion of its presence in Asia with the Labuan International Business and Financial Centre (Labuan IBFC), conditionally approving the GSX Group’s licence application to officially launch a bespoke digital securities exchange in the Malaysian territory.

Nick Cowan, CEO of GSX Group, said:

“Today marks yet another important milestone on our journey to build a global network of digital securities exchanges. With our licence application conditionally approved by the Labuan FSA, this represents another firm seal of regulatory approval pertaining to our ongoing efforts to transform the global capital markets. We look forward to working with the IBFC and contributing to the vibrant fintech sector that is rapidly evolving in Labuan. We can’t wait to begin servicing our pipeline of clients while showcasing the many benefits a digital securities exchange can bring to the region.” 

This application signals the GSX Group’s intent to launch and administer a regional, regulated stock exchange utilising the best-in-class technology to facilitate digital primary listings and secondary market trading access for equities, bonds, and investment funds.

The move represents a key milestone in the GSX Group’s phased approach to transform Financial Markets Infrastructure (FMI) through innovations in blockchain and signifies a concerted effort from GSX to build its presence in Asia, with the Group already operating offices in Singapore and Hong Kong. Subject to GSX complying with a small number of conditions issued by the FSA, this new Asia arm of the GSX Group will provide access to an SME focused marketplace offering a trading venue for digital securities. Andrew Pal, former Chief Strategy Officer at GSX Group, has been selected to lead this new Asia entity. 

Commenting on the announcement, Andrew Pal, CEO of GSX Asia, said:

“The expansion of the GSX Group’s Asian presence comes at an opportune time, considering the heightened demand for sustainable and tradable financial products in the ASEAN (Association of Southeast Asian Nations) region, especially with regards to SME issuance. We fundamentally want to address the current disequilibrium between buy-side demand, particularly by pension funds, for regulated ESG products and for the issuance of companies looking to raise capital, with sell-side facilitators, including exchanges and banks offering finance. With this in mind, we are very excited to create a reliable venue to broaden the accessibility of capital in the region.”

Located in one of the fastest-growing fintech regions in the world, the Labuan IBFC is well-positioned to provide opportunities for businesses to widen their exposure to key Asian markets. Farah Jaafar-Crossby, CEO, IBFC commented on the approval, saying, “We welcome GSX Asia to Labuan IBFC’s ever-growing digital fraternity comprising more than 44 license holders presently. As a digitally friendly jurisdiction, we welcome players who seek to be licensed in a well-regulated and supervised jurisdiction, offering a wide scope of solutions “housed” in a tax and currency-neutral ecosystem. Additionally, I am looking forward to working with GSX Asia on initiatives related to financial inclusion in Asia.”

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Richard Kastelein
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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