Kinetic DAX Sdn Bhd (KDX), a digital asset exchange regulated in Malaysia, has clarified that it is a separate entity from Tokenize Xchange Singapore, which is currently under police investigation.

KDX, formerly operating as Tokenize Malaysia, said it is fully licensed in Malaysia and operates independently of AmazingTech Pte Ltd, the Singapore-based operator of Tokenize Xchange.

Its management, operations, and compliance functions are entirely based in Malaysia, and its controlling shareholder is Kenanga Investment Bank Berhad.

A person familiar with the matter said KDX is preparing to transition to a new brand in the coming weeks.

The change will include a new app and additional features that will be fully managed and owned by KDX.

The source also noted that KDX’s current partnership with Tokenize Singapore is limited to a brand and technology franchise agreement.

While both entities were originally founded by Hong Qi Yu, the source said KDX has since diluted his ownership and confirmed that he no longer sits on its board.

This shift, they said, reflects the differing governance and risk frameworks between the two companies.

The source also pointed to user concerns in Singapore, where planned class action lawsuits are reportedly being discussed over failed asset withdrawals and alleged misrepresentation involving the TKX token.

The source noted that KDX has never attempted to list the TKX coin in Malaysia.

KDX emphasised that there are no shared custody arrangements or operational dependencies with Tokenize Singapore.

It said all customer assets and data are managed under Malaysia’s regulatory framework and remain secure.

The company confirmed that its services continue to operate normally and are not affected by the situation in Singapore.

Featured image: Edited by Fintech News Malaysia, based on images by Esmonde Yong via Unsplash, and pvproductions via Freepik