CIMB Singapore Partners With iSTOX to Expand Private Capital Markets Access Through DLTby Fintech News Singapore April 13, 2020
CIMB Bank Berhad, Singapore Branch (“CIMB”) signed an agreement to partner with ICHX Tech Pte Ltd (“ICHX”), operator of the next generation capital markets platform iSTOX (“iSTOX”) today. The partnership will allow CIMB clients in the ASEAN region access to a faster, more flexible and efficient way to raise funds at a lower cost.
iSTOX is the first regulated capital markets platform in any major financial centre to support the one-stop issuance, custody and secondary trading of digitised securities. Drawing on the power of advanced smart contract and distributed ledger technology to streamline the issuance and trading process, iSTOX brings private capital markets into the 21st century. By allowing investors and issuers to connect directly, iSTOX removes longstanding barriers that have prevented a far greater pool of investors from access to private capital markets opportunity.
Danny Toe, Founder and CEO of ICHX, said:
“We’ve built iSTOX as a more accessible, flexible, and efficient improvement to the current outdated model of private capital markets. While the digital revolution has radically altered industries ranging from avionics to media, the underlying infrastructure of private capital markets really hasn’t changed much since the advent of electronic trading decades ago. We believe that iSTOX will change this paradigm and redefine what investing can mean.”
“We are pleased with this partnership to provide our clients with an alternative digital solution as digitisation is one of the pillars that we are looking at to build aggressively within the bank in the next few years,”
shared Victor Lee, CEO of CIMB Bank Singapore.
Key investors of ICHX include Singapore Exchange (SGX); Heliconia (a subsidiary of Temasek Holdings); 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.