Posted inPeople Moves

ADDX promotes new CEO

Oi-Yee Choo will head the Singapore private market platform.
Oi-Yee Choo, ADDX

Choo will be leading ADDX Pte Ltd, a newly established entity seeking approval from the Monetary Authority of Singapore (MAS), according to a statement by the firm.

Choo first joined the company as the chief commercial officer in January 2020, and prior to that, she was the head of investment banking for Singapore in UBS. Choo has more than two decades of experience at banks – including Morgan Stanley, Nomura and Citigroup.

Danny Toe, who has been heading the ADDX platform via ICHX Tech, will remain CEO of ICHX Tech.

The platform has made two other appointments, including promoting chief operating office Darius Liu to group chief strategy officer of ICHX, and Inmoo Hwang, who will take over as the chief operating officer after serving as head of business strategy and growth.


ADDX Pte Ltd is fully owned by ICHX Tech, which will continue to operate the ADDX platform under existing licenses until new MAS approvals are obtained for ADDX Pte Ltd.

In 2021, total transactions on the ADDX platform exceeded $150m, from individual accredited investors over 27 countries spanning Asia Pacific, Europe and the Americas, excluding the US, according to the statement.

The firm expects the pace of expansion to accelerate further in 2022 and 2023, with the impending launch of institutional and corporate investor accounts, and individual account openings now growing at a rate of 120% per year.

Choo projects that the ADDX platform will record $1bn in transactions by 2023, entrenching its position as Asia’s largest private market exchange.

By 2023, the total number of deals completed on the ADDX platform is likely to multiply by at least four times to reach 100, up from the 24 deals completed by the end of 2021, said ADDX.

The company forecasts that its permanent headcount will rise to 120 this year, up from 90 at the end of 2021.

The ADDX platform was founded in 2017 and began full commercial operations in 2020.

It received a $200m allocation as part of the Chongqing government’s overall $5bn qualified domestic limited partnership (QDLP) quota in September last year.

Part of the Mark Allen Group.