SG-based Capital Markets Platform iSTOX Closes Series A Funding Round

Singapore-based iSTOX, a future-ready capital markets platform, announced today that it has raised an undisclosed amount in its Series A funding, ahead of the platform’s official launch in 2020.

In a statement, iSTOX said the funding round was led by Thailand’s Kiatnakin Phatra Financial Group (KKP), which is a merger of a commerce bank operated by Kiatnakin Bank and Phatra Capital’s capital market unit.

Established in 2017 by ICHT Tech Pte Ltd, the future-ready capital markets platform that operates on the blockchain, is licensed by the Monetary Authority of Singapore and is a recognised market operator in a regulatory sandbox.

iSTOX claims to be the first fully-regulated platform that offers secondary trading, custody, settlement, and issuance of digitised securities. It eliminates intermediaries and draws on blockchain and smart contract technology to lower cost, boost transparency, and provide more options to users.

It plans to launch its first issuance of digitised securities by the fourth quarter of this year.

With the close of its Series A funding round, iSTOX said it will work with Kiatnakin Phatra Financial Group, the lead investor, to make capital market trading more transparent, equitable, and open.

The investment, iSTOX said, is a boost to its goal of becoming a fully regulated capital markets platform for the 21st century.

Additionally, KKP and iSTOX will also work together on market education and outreach initiatives to further spread the benefits brought about by digitised assets, according to the startup’s co-founder and chief strategy officer Darius Liu.

Commenting on the investment, Kiatnakin Phatra Financial Group CEO Aphinant Klewpatinond said the partnership with iSTOX will allow the group to expand its services to clients from both an investment and fundraising perspective. Klewpatinond has been appointed director of ICHX following the investment.

iSTOX is backed by Heliconia Capital Management and Singapore Exchange.