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South Korean asset management firm invests in Singaporean capital markets platform

Hanwha Asset Management joins other key partners of iSTOX, including Kiatnakin Phatra Financial Group and Tokai Tokyo Financial Holdings.

Singapore-based capital markets platform iStox has secured a USD 5 million investment from South Korea’s Hanwha Asset Management, the firm said today in a statement.

With its investment in iStox, Hanwha Asset Management mirrors other partnerships, namely with Thailand’s Kiatnakin Phatra Financial Group and Japan’s Tokai Tokyo Financial Holdings. These organizations, along with the Singapore Exchange (SGX), and Heliconia (a subsidiary of Temasek Holdings that invests in fast-growing companies), are shareholders in iStox.

iStox is the first regulated capital markets platform in a major financial center, supporting the one-stop issuance, custody, and trading of digitized securities. It is enrolled in the Monetary Authority of Singapore’s (MAS) FinTech Regulatory Sandbox, and expects to graduate from the program in the first quarter of this year.

The firm is owned by ICHX, a Singapore-headquartered capital market infrastructure and technology company, which holds a capital markets services license for dealing in capital markets products and providing custodial services. It is also a recognized market operator within MAS’ FinTech Regulatory Sandbox.

“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 at 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.”

Headquartered in Seoul, Hanwha Asset Management offers a full range of financial investment products in equities, fixed income, alternative investments and multi-asset strategies across Korea, South East Asia, China, U.S. and beyond. It is a subsidiary of Hanwha Life and is the largest shareholder of Hanwha Investment & Securities.