Capital markets platform iSTOX raises US$5M from Korea’s Hanhwa
Singapore-based capital markets platform iSTOX has secured US$5 million in an investment round from South Korea-based Hanwha Asset Management.
According to a press release, the deal is similar to the partnerships between Thailand’s Kiatnakin Phatra Financial Group and Japan’s Tokai Tokyo Financial Holdings.
“As iSTOX continues to grow, our relationships with partners like Hanwha are allowing us to build a powerful foundation to develop iSTOX into a pioneering service that addresses the evolving needs of 21st-century investors,” said Danny Toe, Founder and CEO of ICHX Tech, which operates the iSTOX platform.
Toe also stresses that in early 2020, iSTOX plans to transition into full operational status.
iSTOX is a capital markets platform to support the one-stop issuance, custody, and trading of digitised securities. Its mission is to redefine private capital markets by allowing investors and issuers to connect and transact directly. It does so by leveraging advanced smart contracts and distributed ledger technology to streamline the issuance and trading process.
The startup said that it gives value compared to the traditional banking process, as it offers a more flexible, affordable, and inclusive alternative, as well as offers investment options that were previously inaccessible.
ICHX is a capital market infrastructure and technology company and an incubatee of ICH Group, a Singapore-based investment firm. ICHX combines expertise in fintech, fund management, investment, and corporate advisory. It holds a capital markets services licence for dealing in capital markets products and providing custodial services.
iSTOX is currently enrolled in the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox, and it expects to graduate in the first quarter of 2020.