iSTOX Graduates From MAS Regulatory Sandbox: Now A Fully Regulated DLT-Based Capital Markets Platform

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SINGAPORE, Feb. 3, 2020 /PRNewswire=KYODO JBN/ --

iSTOX is the first one-stop digitised securities issuance, custody and trading

platform to be approved and licensed by a major regulator

Next-generation capital markets platform iSTOX passed a major milestone on 1

Feb 2020 when it graduated from the Monetary Authority of Singapore (MAS)'s

Fintech Regulatory Sandbox.

Photo - https://photos.prnasia.com/prnh/20200203/2709252-1

iSTOX is now a fully regulated DLT-Based capital markets platform

ICHX Tech Pte Ltd (ICHX), the Singapore-based operator of the iSTOX platform,

has been approved by MAS as a recognised market operator (RMO) and a capital

markets services (CMS) licensee. This makes iSTOX the first capital markets platform

using distributed ledger technology (DLT) to feature integrated issuance, custody and

trading of digitised securities to be approved and licensed by a major regulator.

A Big Step Forward

"This is a big milestone both for iSTOX and for the financial industry as a whole,"

said Danny Toe, Founder and CEO of ICHX. "We started this just over two years ago

as a vision of how investing could be done better. Today we truly emerge as a 21st century

financial institution."

"While capital markets have seen many changes and innovations over the years,

the underlying core infrastructure hasn't really changed since the advent of

electronic trading decades ago," said iSTOX Chief Operating Officer Darius Liu.

"We are proud to deliver an operational platform that can address market demand

while meeting the robust regulatory standards and licensing conditions set by MAS."

MAS Chief FinTech Officer Sopnendu Mohanty hailed iSTOX's graduation as a success of

the program: "We are delighted that the regulatory sandbox has enabled iSTOX to validate

its technological innovation with actual customers in a safe manner," he said. "This has again

demonstrated that proportional regulations through sandbox experimentation can foster

innovation and bring new benefits to consumers and the financial industry. We look forward

to further our collaboration with innovators as we build a smart financial centre."

Chew Sutat, Senior Managing Director and Head of Global Sales & Origination at

Singapore Exchange (SGX), said, "Capital markets across the world are evolving

at a rapid pace and those that embrace innovation and set new benchmarks will

prove successful. Singapore has long been a world-class fintech hub, known for

its innovative business environment. This recognition of iSTOX will further elevate

Singapore's capital markets position globally."

Looking Ahead To 2020

Graduation from the MAS sandbox means the removal of restrictions for iSTOX,

including limitations on the size of issuances that it can host and number of

investors that can be onboarded.

"We are very excited to graduate from the sandbox as we are now fully operational

and moving ahead at full speed," said Chief Commercial Officer Choo Oi Yee.

"In addition to opening registration for accredited and institutional investors,

we're working hard on a pipeline of exciting issuances across different asset classes."

Drawing on the power of advanced smart contracts and DLT to streamline the issuance

and trading process, iSTOX brings private capital markets into the 21st century.

By allowing buyers and sellers to connect directly, iSTOX removes longstanding barriers

that have prevented a far greater pool of investors from access to private market opportunity.

Compared with traditional trading venues, iSTOX is a more flexible, affordable and

inclusive alternative, and offers investment options that were previously inaccessible.

Key investors of ICHX include Singapore Exchange (SGX), Asia's leading international

multi-asset exchange; Heliconia, a subsidiary of Temasek Holdings focused on investing

in fast growing companies;

Japan's Tokai Tokyo Financial Holdings (via subsidiary Tokai Tokyo Global Investments);

Thailand's Kiatnakin Phatra Financial Group; and South Korea's Hanwha Asset Management.

Further strengthening its digitised security ecosystem, ICHX has also forged partnerships

with law firms Allen & Overy, Allen & Gledhill, Rajah & Tann and Dentons Rodyk;

with corporate finance advisors SAC Capital and RHT Capital; and with professional services

firm PwC Singapore and audit firm Deloitte.

MILESTONES:

2018, SEPTEMBER: Singapore Exchange, Asia's leading international multi-asset

exchange and Heliconia, a subsidiary of Temasek Holdings focused on investing

in fast growing companies, agree to join ICHX as investors.

2019, MAY: ICHX is accepted into the MAS Fintech Regulatory Sandbox.

2019, SEPTEMBER: Kiatnakin Phatra Financial Group, a prominent Thai investment

bank and pioneering private wealth business, agrees to join ICHX as an investor.

2019, OCTOBER: Tokai Tokyo Financial Holdings (via subsidiary Tokai Tokyo Global Investments),

a prominent Japanese financial services firm, agrees to join ICHX as an investor.

2019, NOVEMBER: ICHX completes the world's first issuance, custody and trading

of a regulated DLT-based security on a single integrated platform.

2020, JANUARY: Hanwha Asset Management, South Korea's leading comprehensive

asset management company, agrees to join ICHX as an investor.

2020, FEBRUARY: ICHX graduates from MAS' sandbox as a regulated RMO. ICHX is also

awarded a CMS licence to carry out dealing in capital markets products and to provide

custodial services.

For more information, please visit www.iSTOX.com

SOURCE  iSTOX

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