• MPMR is the premier precious metals refinery in Oman
  • Funds raised will go towards expansion plans in Asia and the Gulf Cooperation Council region (“GCC”)


SINGAPORE – Media OutReach Newswire – 10 September 2024 – SDAX, Singapore’s Digital Asset Exchange, is pleased to announce the successful closing of its US$50 million Series B2 funding round led by the Oman-based Muscat Precious Metals Refining Company LLC (“MPMR”). This follows a US$18 million Series B funding round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global. They joined existing shareholders: ESR, RHT and Crazy Goats, supporting SDAX’s mission to empower investors with access to private markets and alternative investment opportunities.

The funds raised will accelerate the expansion of the SDAX ecosystem on several fronts, chief among them is the focus on client acquisition and the inclusion of other business lines such as wealth and fund management. Regional expansion is another priority, as is the launch of a digital asset exchange in Oman. This platform will not only provide a strategic gateway to the GCC and Africa but will also connect Oman to liquidity pools globally.

Rachel Chia, Chief Executive Officer of SDAX, said, “The successful Series B2 funding round is a testament to SDAX’s commitment to democratise access to institutional-grade private markets and alternative investments. We value the continued support of our current investors, and welcome both our new shareholders MPMR and the business potential that this new partnership brings. We are particularly excited about the opportunity to expand into the GCC region.”

Nick Cochrane-Dyet MBE of MPMR, and Chair-designate of SDAX, said: “After more than a year of working with SDAX, the results of our partnership have demonstrated the potential SDAX has to offer in democratising investments for financial inclusion. We look forward to deepening our partnership with SDAX by developing capabilities in Oman to provide companies in the GCC with an alternative source of funds, and to building a strong investor base in the region. We look forward to supporting SDAX’s growth journey and contributing to its continued success.”

Tan Chong Huat, outgoing Chairman of SDAX, said: “We welcome MPMR to our esteemed roster of shareholders and are proud of the SDAX team’s well-deserved achievements. Looking ahead, we are thrilled about SDAX’s international expansion and being recognised as one of the leading digital asset platforms globally. I am honoured to have been a part of SDAX’s success and now wish SDAX to attain further heights together with MPMR.”

In April this year, the diversity of products offered on SDAX’s platform has been bolstered by the strongest demand for gold in over a decade. SDAX had teamed up with MPMR to offer securitised Gold Tokens on the SDAX Exchange platform. First of their kind, these tokens offer investors fractional gold investments and trading, backed by physical gold bullion held at Le Freeport in Singapore. Following this, SDAX has issued a popular series of short-term gold financing notes offering investors double-digit yields.

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The issuer is solely responsible for the content of this announcement.

About SDAX

Singapore’s Digital Asset Exchange (SDAX) is a MAS-regulated investment and trading platform serving institutional, accredited and retail investors. We provide access to fractionalised institutional-grade investment opportunities that have not previously been available to most investors. Our strength lies in private credit, real estate and impactful investment opportunities. SDAX partners with corporates, financial institutions and family offices to bring access to the underserved market.

At SDAX, we commit our expertise and technological know-how to unlock innovative investment opportunities to drive sustainable and impactful growth.

SDAX represents the merged entities of digital asset exchange Digiassets Exchange Singapore (SDAX) and fintech company, Minterest Holdings.

The merger and rebranding bring synergy for SDAX by combining capabilities to offer both a Digital Asset Exchange, regulated under its Recognized Market Operator (RMO) licence, and Capital Markets Services, regulated under its Capital Markets Services (CMS) licence.

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About Muscat Precious Metals Refining Company LLC

Muscat Precious Metals Refining Company LLC (MPMR) was incorporated in the Sultanate of Oman led by CEO, H.E. Shihab Abusaidi. MPMR specialises in the smelting, refining, testing, trading and minting of precious metals such as gold, silver, platinum and palladium. MPMR – Oman’s first and to date, only gold refinery – refines approximately 40 tons of gold annually.

With years of experience, it plays a vital role in the pioneering, development and improvement of many industry standards in Oman, setting new benchmarks through the on-going integration of industry-leading technologies and the knowledge and skill sets of a highly specialised and dedicated team.

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