SINGAPORE, March 7 (Reuters) - Singapore Exchange-backed private market platform ADDX unveiled ambitious growth plans as it promoted its chief commercial officer - an investment banking veteran - as its chief executive.

ADDX, which was founded in 2017 and began full commercial operations in 2020, said in a statement on Monday that Oi-Yee Choo, formerly the Singapore investment banking head of UBS until 2019, will head the private securities platform, subject to regulatory approvals.

Driven by a surge in wealthy investors hunting for high-growth investments, ADDX expects to notch $850 million in transactions in the two years ending 2023, up from $150 million in the two years ending 2021.

ADDX is among a few Singapore-based platforms dealing in private market securities, offering global funds, real estate investment trusts, structured products and pre-IPO shares at fractional ownership to investors.

"From the S$2 million ($1.5 million) investor to corporate treasuries to family offices, there is a desire to allocate some amount of money in private portfolios," Choo said.

Private platforms cater to high-networth individuals and institutional investors who are keen to invest in risky but often higher yielding assets such as hedge funds.

ADDX offers issuance, custody and trading of digital securities using distributed ledger technology and counts South Korea's Hanwha Asset Management and Tokai Tokyo Financial Holdings among its other backers.

($1 = 1.3602 Singapore dollars) (Reporting by Anshuman Daga; Editing by Stephen Coates)