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UBS managing director Choo Oi Yee to join digital securities startup iSTOX

UBS managing director Choo Oi Yee to join digital securities startup iSTOX

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2 -min read
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CAPITAL markets platform iSTOX will bring on board UBS's Choo Oi Yee as its first chief commercial officer (CCO) in January 2020.

Ms Choo will be responsible for driving the startup's overall business growth by building its network of investors and issuers, iSTOX announced on Thursday.

Backed by the Singapore Exchange and Temasek's Heliconia Capital, iSTOX is developing a regulated platform for the issuance, settlement, custody and secondary trading of digitised securities. It is designed and operated by blockchain-based infrastructure company ICHX Tech.

iSTOX was admitted into the Monetary Authority of Singapore's (MAS) FinTech Regulatory Sandbox in May this year, and aims to become fully operational next year after graduating from the sandbox in early-2020.

Ms Choo's hire comes at a pivotal time for the startup – iSTOX is opening applications for its investor accounts and planning an issuer pipeline ahead of its sandbox graduation.

Ms Choo has over two decades of experience in the investment and banking industry. She is currently serving her notice period at UBS, where she is managing director and head of Singapore corporate client solutions, responsible for UBS Singapore's investment banking business.

ICHX founder and chief executive officer Danny Toe said: "We needed someone with Oi Yee's stature, reputation and experience for the CCO role."

He added that Ms Choo has deep experience with securities, issuance and trading at a senior level, "outstanding" relationships with major institutional investors, business leaders, family offices and others, and an instinctual understanding of the challenges and opportunities facing issuers and investors.

Last month, iSTOX also appointed former MAS deputy director Lim Mei Shern as its head of compliance.

The startup recently raised an undisclosed amount of Series A funds from Kiatnakin Phatra Financial Group (KKP), a Thai investment bank. iSTOX and KKP will collaborate on market education and outreach initiatives on digitised assets, said iSTOX co-founder and chief strategy officer Darius Liu.

iSTOX incorporates blockchain and smart contract technology in its platform infrastructure. However, it is not a cryptocurrency exchange as all issuances will be bought and sold using fiat currency.