Capital markets platform iSTOX has closed an investment funding of $5 million from South Korean company Hanwha Asset Management. Singapore-based iSTOX is a capital markets platform for fundraising through the use of Security Token Offerings (STOs).
The platform supports one-stop issuance, custody and trading of digitized securities. The company aims to allow investors and issuers to connect and transact directly by leveraging advanced smart contract and distributed ledger technology to streamline the issuance and trading process.
Hanwha Asset Management’s investment in iSTOX follows similar partnerships with Thailand’s Kiatnakin Phatra Financial Group and Japan’s Tokai Tokyo Financial Holdings. Other key shareholders of the company include Singapore Exchange (SGX), Asia’s international multi-asset exchange and Heliconia, a subsidiary of Temasek Holdings focused on investing in fast growing companies.
“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 Singapore-based ICHX Tech, which operates the iSTOX platform. “These partnerships will take on an even greater importance in early 2020, when iSTOX transitions into full operational status.”
Headquartered in Seoul, Hanwha Asset Management offers a suite of financial investment products in equities, fixed income, alternative investments and multi-asset strategies across Korea, South East Asia, China, U.S. and beyond.
iSTOX is enrolled in the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox and is expected to graduate from the program in the first quarter of 2020. The company offers an inclusive trading alternative to individuals and offers investment options that were previously inaccessible by them.
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