Country for PR: Hong Kong
Contributor: PR Newswire Asia (Hong Kong)
Monday, February 03 2020 - 22:08
iSTOX Graduates From MAS Regulatory Sandbox: Now A Fully Regulated DLT-Based Capital Markets Platform
SINGAPORE, Feb. 3, 2020 /PRNewswire-AsiaNet/ --

iSTOX is the first one-stop digitised securities issuance, custody and trading 
platform to be approved and licensed by a major regulator 

Next-generation capital markets platform iSTOX passed a major milestone on 1 
Feb 2020 when it graduated from the Monetary Authority of Singapore (MAS)'s 
Fintech Regulatory Sandbox. 

Photo -
iSTOX is now a fully regulated DLT-Based capital markets platform

ICHX Tech Pte Ltd (ICHX), the Singapore-based operator of the iSTOX platform, 
has been approved by MAS as a recognised market operator (RMO) and a capital 
markets services (CMS) licensee. This makes iSTOX the first capital markets 
platform using distributed ledger technology (DLT) to feature integrated 
issuance, custody and trading of digitised securities to be approved and 
licensed by a major regulator. 

A Big Step Forward

"This is a big milestone both for iSTOX and for the financial industry as a 
whole," said Danny Toe, Founder and CEO of ICHX. "We started this just over two 
years ago as a vision of how investing could be done better. Today we truly 
emerge as a 21st century financial institution."

"While capital markets have seen many changes and innovations over the years, 
the underlying core infrastructure hasn't really changed since the advent of 
electronic trading decades ago," said iSTOX Chief Operating Officer Darius Liu. 
"We are proud to deliver an operational platform that can address market demand 
while meeting the robust regulatory standards and licensing conditions set by 

MAS Chief FinTech Officer Sopnendu Mohanty hailed iSTOX's graduation as a 
success of the program: "We are delighted that the regulatory sandbox has 
enabled iSTOX to validate its technological innovation with actual customers in 
a safe manner," he said. "This has again demonstrated that proportional 
regulations through sandbox experimentation can foster innovation and bring new 
benefits to consumers and the financial industry. We look forward to further 
our collaboration with innovators as we build a smart financial centre."

Chew Sutat, Senior Managing Director and Head of Global Sales & Origination at 
Singapore Exchange (SGX), said, "Capital markets across the world are evolving 
at a rapid pace and those that embrace innovation and set new benchmarks will 
prove successful. Singapore has long been a world-class fintech hub, known for 
its innovative business environment. This recognition of iSTOX will further 
elevate Singapore's capital markets position globally."

Looking Ahead To 2020

Graduation from the MAS sandbox means the removal of restrictions for iSTOX, 
including limitations on the size of issuances that it can host and number of 
investors that can be onboarded. 

"We are very excited to graduate from the sandbox as we are now fully 
operational and moving ahead at full speed," said Chief Commercial Officer Choo 
Oi Yee. "In addition to opening registration for accredited and institutional 
investors, we're working hard on a pipeline of exciting issuances across 
different asset classes."

Drawing on the power of advanced smart contracts and DLT to streamline the 
issuance and trading process, iSTOX brings private capital markets into the 
21st century. By allowing buyers and sellers to connect directly, iSTOX removes 
longstanding barriers that have prevented a far greater pool of investors from 
access to private market opportunity. 

Compared with traditional trading venues, iSTOX is a more flexible, affordable 
and inclusive alternative, and offers investment options that were previously 

Key investors of ICHX include Singapore Exchange (SGX), Asia's leading 
international multi-asset exchange; Heliconia, a subsidiary of Temasek Holdings 
focused on investing in fast growing companies;

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. 

Further strengthening its digitised security ecosystem, ICHX has also forged 
partnerships with law firms Allen & Overy, Allen & Gledhill, Rajah & Tann and 
Dentons Rodyk; with corporate finance advisors SAC Capital and RHT Capital; and 
with professional services firm PwC Singapore and audit firm Deloitte.


2018, SEPTEMBER: Singapore Exchange, Asia's leading international multi-asset 
exchange and Heliconia, a subsidiary of Temasek Holdings focused on investing 
in fast growing companies, agree to join ICHX as investors. 

2019, MAY: ICHX is accepted into the MAS Fintech Regulatory Sandbox.

2019, SEPTEMBER: Kiatnakin Phatra Financial Group, a prominent Thai investment 
bank and pioneering private wealth business, agrees to join ICHX as an investor.

2019, OCTOBER: Tokai Tokyo Financial Holdings (via subsidiary Tokai Tokyo 
Global Investments), a prominent Japanese financial services firm, agrees to 
join ICHX as an investor. 

2019, NOVEMBER: ICHX completes the world's first issuance, custody and trading 
of a regulated DLT-based security on a single integrated platform.

2020, JANUARY: Hanwha Asset Management, South Korea's leading comprehensive 
asset management company, agrees to join ICHX as an investor.

2020, FEBRUARY: ICHX graduates from MAS' sandbox as a regulated RMO. ICHX is 
also awarded a CMS licence to carry out dealing in capital markets products and 
to provide custodial services.

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   Caption: iSTOX is now a fully regulated DLT-Based capital markets platform