iSTOX, the first regulated capital markets platform in any major financial center to support the one-stop issuance, custody, and trading of digitized securities, has secured US$5 million in funding from Japan-based Tokai Tokyo Financial Holdings (Tokai) via Singapore subsidiary, Tokai Tokyo Global Investments.
The partnership with the Japanese financial services firm gives iSTOX a strong strategic gateway to accredited and institutional investors and issuers across Japan through Tokai’s extensive network.
“Our partnership with Tokai is an important part of our overall goal of establishing the iSTOX platform as a central pillar of the emerging ecosystem for digitized securities,” says Danny Toe, founder and CEO of ICHX, iSTOX’s parent company.
With roots stretching back as far as 1908, Tokai offers investment and trading services to investors across 149 offices in Japan. Tokai holds consolidated net assets worth US$1.4 billion and US$39 billion worth of client assets under custody.
“The world of financial services is approaching a pivotal period of change and the emergence of transformative technologies like blockchain is among the chief causes of this,” says Tateaki Ishida, President and CEO of Tokai Tokyo Financial Holdings.
The Tokai partnership comes at a strategically important period for iSTOX and ICHX Tech; having just completed its first issuance and secondary market listing on its platform, the company is working towards graduating from the Monetary Authority of Singapore's FinTech Regulatory Sandbox and into full operation in Q1 of 2020.
In addition to its partnership with and investment from Tokai Tokyo in Japan, it recently struck a similar deal with Kiatnakin Phatra Financial Group, giving it strong access to the Thai market. Based in Singapore, iSTOX’s other key other shareholders include Singapore Exchange (SGX), and Heliconia, a Temasek Holdings subsidiary focusing on investment in fast growing companies.
The company is in the process of establishing similar links to other key markets across Asia.