"The Financial Technologies Group's interest to establish SMX, in close proximity to the region's largest producers and consumers of several commodities, underscores Singapore's position as a key commodities trading hub," said Lim Hng Kiang, deputy chairman of the Monetary Authority of Singapore, and minister of trade and industry, Singapore.

"Equity and commodity are closely integrated in Singapore. The new exchange will add to the stature of Singapore as a global financial hub," said Ang Swee Tian, chairman of SMX, who is the former president of the Singapore Exchange.

"Singapore ranks among the top three international financial centres in the world along with New York and London with an established trading and commodity hub, open economy, robust regulatory framework