Singapore Sovereign Wealth Fund Buys Stake in OSL Cryptocurrency Exchange Parent Company
Posted on 06/11/2021
Singapore’s GIC Private Limited purchased a US$ 70 million stake in BC Technology Group Limited, the parent company of Hong Kong’s first licensed cryptocurrency exchange OSL, according to an HKEX announcement. GIC is buying 31,952,500 shares at a price of HK$ 17.00 per share, representing approximately 8.25% of the issued share capital of BC Technology Group.
OSL, part of the BC Technology Group, was the first digital asset platform to receive virtual asset trading and brokerage licenses from the Securities & Futures Commission of Hong Kong in December. The company has also applied for a license under Singapore’s Payment Services Act. In 2020, OSL signed Singapore’s DBS Bank as a technology client for its digital asset platform, according to OSL’s 2020 annual results.
Macquarie Capital Limited is the placing agent.
East Harvest Global Limited is the controlling shareholder of BC Technology Group. On June 2, 2021, BC Technology Group entered into a partnership with SC Ventures, the innovation and ventures unit of Standard Chartered, to jointly establish a digital asset brokerage and exchange platform for institutional and corporate clients in the U.K. and Europe.
