DIGITAL securities startup iSTOX on Tuesday announced it has secured US$5 million in funding from Seoul-based Hanwha Asset Management.
iSTOX is developing a regulated platform for the issuance, settlement, custody and secondary trading of digitised securities. It was admitted into the Monetary Authority of Singapore's FinTech Regulatory Sandbox in May 2019 and expects to graduate in the first quarter of 2020.
Hanwha Asset Management offers financial investment products in equities, fixed income, alternative investments and multi-asset strategies across South Korea, South-east Asia, China, the US, and other markets. The South Korean firm is a subsidiary of Hanwha Life and the largest shareholder of Hanwha Investment & Securities.
iSTOX did not reveal further details about Hanwha's investment, but said it is similar to its recent partnerships with Thailand's Kiatnakin Phatra Financial Group and Japan's Tokai Tokyo Financial Holdings. The Tokai partnership would give the startup a gateway to accredited and institutional investors and issuers across Japan.
Singapore-based ICHX Tech operates the iSTOX platform. Key shareholders in iSTOX include the Singapore Exchange and Temasek Holdings' Heliconia Capital.