Temasek-backed Istox secures $5m from Tokai Tokyo

Istox, a capital markets platform based in Singapore, has secured US$5 million in funding from Japanese financial services company Tokai Tokyo through Singapore subsidiary Tokai Tokyo Global Investments.

The deal would connect Istox to institutional investors and issuers across Japan through Tokai’s network, according to a statement.

From left: Tokai Tokyo senior managing executive officer Masataka Sato, Tokai Tokyo president and CEO Tateaki Ishida, Ichx founder and CEO Danny Toe, Hash Lab CEO Kazuto Hayashi / Photo credit: Istox

The partnership with Tokai follows Istox completing its first issuance and secondary market listing on its platform. In September, the startup also raised an undisclosed sum in a series A round led by investment bank Kiatnakin Phatra Financial Group, giving it wider access to the Thai market.

Its other key shareholders include multi-asset market infrastructure and exchange operator Singapore Exchange and Temasek unit Heliconia Capital Management. It is currently in the process of landing similar deals with institutions across key markets in Asia.

The company is now working on graduating from the Monetary Authority of Singapore’s fintech regulatory sandbox and enter full operation in Q1 2020, according to the statement.

Istox was established and is operated by Ichx Tech, a blockchain-based digital infrastructure firm. It claims to be the first regulated capital markets platform in any major financial center to support one-stop issuance and trading of digitized securities.