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Blockchain-based Capital Markets Platform iSTOX Receives Approval from Singapore Regulator

iSTOX, a capital markets platform receives approval from the Monetary Authority of Singapore (MAS), a regulator, to be fully operational in the Asian country. The approval comes after iSTOX’s graduation from the financial regulator’s sandbox. And the platform’s newly obtained license lifts certain restrictions placed on it. This is according to Business Times’ report on February 3, 2020.

iSTOX Receives Approval From Singapore Financial Regulator

Per the report, iSTOX has received approval from MAS to be fully operational in the country. Also, the platform met the financial regulator’s requirements and as such, it moved from the sandbox it entered since May 1, 2019. At the time, iSTOX had noted that it expects to graduate from the program in the first quarter of 2020.

On the other hand, the approval allows the capital markets platform to operate in the country without previous restrictions. Accordingly, the limit on the size of issuances iSTOX could offer on its platform ends. Also, there are no longer restrictions on the number of investors it can onboard.

MAS Sandbox Provides a Supportive and Well-defined Environment

The MAS sandbox reportedly provides a supportive and well-defined environment. Financial institutions and fintech startups use it to experiment with new financial products or services. Furthermore, the sandbox comes with safeguards to manage the results of failure and maintain the soundness of the financial system.

Darius Liu, iSTOX’s chief operating officer while making comments said the capital markets may have experienced several changes and innovations over the years. However, there haven’t been significant changes in the underlying core infrastructure since the launch of electronic trading.

Sopnendu Mohanty, MAS’ chief fintech officer said:

“This has again demonstrated that proportional regulations through sandbox experimentation can foster innovation and bring new benefits to consumers and the financial industry.”

ICHX Tech designed iSTOX

Reportedly, ICHX Tech designed iSTOX, a blockchain-based infrastructure firm. ICHX Tech got approved and recognized by MAS as a market operator and a capital markets services licensee. iSTOX also takes advantage of blockchain and smart contract technology. As a consequence, issuances on its platform can be bought and sold with the use of fiat more efficiently.

In January 2020, iSTOX revealed that Hanwha, a South Korea-based asset management firm had invested $5 million in the company. Similarly, the platform received a $5 million investment from Japan’s Tokai Tokyo Financial Holdings. iSTOX has also partnered with Thailand’s Kiatnakin Phatra Financial Group, Singapore Exchange (SGX), and Heliconia, a subsidiary of Temasek Holdings.

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