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Singapore Based FinTech Firm Istox Raises US$5M From Hanwha Asset Management Others

AsiaTechDaily Writer by AsiaTechDaily Writer
January 20, 2020
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Singapore based next-gen capital market platform Istox has recently bagged funding of US$5M in a venture round. Two investors took part in this funding round in which Hanwha Asset Management emerged to be the leading investor. Apart from this South Korean financial major, Japan’s Tokai Tokyo Financial Holdings also participated in the funding round.

Istox was founded in 2017 by Darius Liu and Yi Zhang. The startup claims to be the first regulated capital market platform to support one-stop issuance and trading of various securities. It is making use of advanced smart contracts and distributed ledger technology to streamline the entire trading process. This platform is created by ICHX Tech Pte Ltd and licensed by the Monetary Authority of Singapore. The firm allows several investors and issuers to connect directly with each other.

Compared with traditional trading venues, iSTOX is a more flexible, affordable, and inclusive alternative, and offers previously inaccessible investment alternatives.

Apart from this Venture round, this Tamesek backed startup went through a Series A funding round in Sept 2019. At that time, the company secured an undisclosed amount from Kiatnakin Phatra Financial Group, a Thai investment bank.

Istox also said that that it has successfully established partnerships with some of the best Global law firms like Allen and Overy, audit firms like PwC, and Deloitte and financial advisory firms such as SAC Capital and RHT Capital to strengthen its ecosystem.

“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 Singapore-based ICHX Tech, which operates the iSTOX platform. “These partnerships will take on an even greater importance in early 2020 when iSTOX transitions into full operational status.”

Istox has also managed to secure funding from Singapore Exchange (SGX) and Heliconia Capital Management.

Istox – Plans And Vision

Istox is on its way to build a solid foundation for its development to address the growing needs of the 21st century. The company is presently going through a program of Monetary Authority of Singapore and will graduate from it in the first quarter of this year.

Thus, the funding received will eventually help the firm to strengthen its base and will effectively boost its growth in this financial year.

For all latest funding news, follow AsiaTechDaily.

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Tags: FintechFintech startupfundingHanwha Asset ManagementInvestmentiSTOXStartupTokai Tokyo Financial Holdings

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