Singapore fintech firm Istox banks $5m from Korea’s Hanwha Asset

Istox, a Singapore-based capital markets platform established and operated by Ichx Tech, has raised US$5 million from South Korean financial leader Hanwha Asset Management.

Hanwha Asset Management CEO Yong Hyun Kim (left) and Ichx Tech founder and CEO Danny Toe / Photo credit: Istox

Founded in 2017, Istox claims to be the first regulated capital markets platform in any major financial center to support one-stop issuance and trading of digitized securities. It leverages advanced smart contracts and distributed ledger technology to streamline the issuance and trading process.

Its latest deal with Hanwa Asset Management follows similar partnerships with other financial institutions across Asia.

In September 2019, the Temasek-backed company raised an undisclosed amount of investment in a series A round led by Thai investment bank Kiatnakin Phatra Financial Group.

At the time, Istox also said it established partnerships with global law firm Allen & Overy, audit firms PricewaterhouseCoopers and Deloitte, and corporate finance advisors SAC Capital and RHT Capital to bolster its digitized security ecosystem.

The company then announced in November 2019 that it secured US$5 million in funding from Japanese financial services company Tokai Tokyo. Istox said the deal would connect it to institutional investors and issuers across Japan through Tokai’s network.

Its other key shareholders include multi-asset market infrastructure and exchange operator Singapore Exchange and Temasek unit Heliconia Capital Management.

“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.

Currently operating under the Monetary Authority of Singapore’s fintech regulatory sandbox, Istox expects to graduate from the program in the first quarter of this year.