SGX-backed capital markets platform Istox secures series A funding

Singapore-based capital markets platform Istox has raised an undisclosed amount of investment in a series A round led by Thai investment bank Kiatnakin Phatra Financial Group (KKP).

The deal was done through Phatra Capital, KKP’s capital markets arm, according to a statement.

From left: SGX senior managing director Chew Sutat, Istox co-founder Darius Liu, KKP CEO Aphinant Klewpatinond, Istox co-founder and Ichx Tech CEO Danny Toe, Ternary Fund Management co-CEO Chua Kim Leng, and Heliconia CEO Derek Lau / Photo credit: Istox

Istox is a platform established and operated by blockchain-based digital infrastructure company Ichx Tech and is currently operating under the Monetary Authority of Singapore’s (MAS) fintech regulatory sandbox. 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.

The startup, which is backed by the Singapore Exchange and Temasek unit Heliconia Capital Management, is planning to launch its first issuance of digitized securities by Q4 of this year, with trading on the platform to come shortly after.

“The digitization of securities will certainly be critical in re-intermediating the value chain and offering solutions not yet available in conventional capital markets,” said KKP CEO and Ichx Tech director Aphinant Klewpatinond. “Through this collaboration, we will be able to offer more bespoke services to our clients from both a fundraising and investment perspective.”

As part of the deal, Istox and KKP will work together on market education and outreach initiatives to “facilitate a better understanding of the benefits digitized assets can bring,” said Istox co-founder and chief strategy officer Darius Liu.

In addition, Istox said it has also formed new 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 and offer industry support, according to the statement.

It has also recently appointed Lim Mei Shern, a former deputy director at MAS, as its head of compliance.