CIMB Singapore Partners Security Token Offerings Platform
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The bank’s partnership with iSTOX will expand private capital markets access for its clients.
CIMB Singapore is partnering ICHX Tech to allow its clients in the Asean region to raise funds in a faster, more flexible and efficient way on its blockchain-enabled platform, a press release on Wednesday announced.
The firm operates Singapore-based platform iSTOX, which supports the issuance, custody and secondary trading of digitized securities using advanced smart contracts and distributed ledger technology to streamline the process.
We are pleased with this partnership to provide our clients with an alternative digital solution as digitization is one of the pillars that we are looking at to build aggressively within the bank in the next few years, Victor Lee, CEO of CIMB Bank Singapore, said in the statement.
Founded in 2017, iSTOX is backed by Singapore Exchange (SGX), Temasek Holdings subsidiary Heliconia, Japan’s Tokai Tokyo Financial Holdings, Thailand’s Kiatnakin Phatra, and South Korea’s Hanwha Asset Management.
Questions & Answers
Q.What is the primary benefit CIMB Singapore expects to gain from this partnership for its clients?
What is the primary benefit CIMB Singapore expects to gain from this partnership for its clients?
CIMB Singapore anticipates the partnership will expand access to private capital markets for its clients. It aims to enable them to raise funds faster, more flexibly, and more efficiently on iSTOX's blockchain-enabled platform.
Q.What role does iSTOX play in the private capital markets for CIMB Singapore's clients?
What role does iSTOX play in the private capital markets for CIMB Singapore's clients?
iSTOX operates a Singapore-based platform that supports the issuance, custody, and secondary trading of digitized securities. It uses smart contracts and distributed ledger technology to streamline these processes for clients.
Q.Which specific technology underpins iSTOX's platform for issuing and trading digitized securities?
Which specific technology underpins iSTOX's platform for issuing and trading digitized securities?
iSTOX's platform utilises advanced smart contracts and distributed ledger technology. These technologies are key to streamlining the process of issuing, safeguarding, and trading digitized securities for its users.
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