Fintech PR
iSTOX Graduates From MAS Regulatory Sandbox: Now A Fully Regulated DLT-Based Capital Markets Platform
Next-generation capital markets platform iSTOX passed a major milestone on 1 Feb 2020 when it graduated from the Monetary Authority of Singapore (MAS)’s Fintech Regulatory Sandbox.
ICHX Tech Pte Ltd (ICHX), the Singapore-based operator of the iSTOX platform, has been approved by MAS as a recognised market operator (RMO) and a capital markets services (CMS) licensee. This makes iSTOX the first capital markets platform using distributed ledger technology (DLT) to feature integrated issuance, custody and trading of digitised securities to be approved and licensed by a major regulator.
A Big Step Forward
“This is a big milestone both for iSTOX and for the financial industry as a whole,” said Danny Toe, Founder and CEO of ICHX. “We started this just over two years ago as a vision of how investing could be done better. Today we truly emerge as a 21st century financial institution.”
“While capital markets have seen many changes and innovations over the years, the underlying core infrastructure hasn’t really changed since the advent of electronic trading decades ago,” said iSTOX Chief Operating Officer Darius Liu. “We are proud to deliver an operational platform that can address market demand while meeting the robust regulatory standards and licensing conditions set by MAS.”
MAS Chief FinTech Officer Sopnendu Mohanty hailed iSTOX’s graduation as a success of the program: “We are delighted that the regulatory sandbox has enabled iSTOX to validate its technological innovation with actual customers in a safe manner,” he said. “This has again demonstrated that proportional regulations through sandbox experimentation can foster innovation and bring new benefits to consumers and the financial industry. We look forward to further our collaboration with innovators as we build a smart financial centre.”
Chew Sutat, Senior Managing Director and Head of Global Sales & Origination at Singapore Exchange (SGX), said, “Capital markets across the world are evolving at a rapid pace and those that embrace innovation and set new benchmarks will prove successful. Singapore has long been a world-class fintech hub, known for its innovative business environment. This recognition of iSTOX will further elevate Singapore’s capital markets position globally.”
Looking Ahead To 2020
Graduation from the MAS sandbox means the removal of restrictions for iSTOX, including limitations on the size of issuances that it can host and number of investors that can be onboarded.
“We are very excited to graduate from the sandbox as we are now fully operational and moving ahead at full speed,” said Chief Commercial Officer Choo Oi Yee. “In addition to opening registration for accredited and institutional investors, we’re working hard on a pipeline of exciting issuances across different asset classes.”
Drawing on the power of advanced smart contracts and DLT to streamline the issuance and trading process, iSTOX brings private capital markets into the 21st century. By allowing buyers and sellers to connect directly, iSTOX removes longstanding barriers that have prevented a far greater pool of investors from access to private market opportunity.
Compared with traditional trading venues, iSTOX is a more flexible, affordable and inclusive alternative, and offers investment options that were previously inaccessible.
Key investors of ICHX include Singapore Exchange (SGX), Asia’s leading international multi-asset exchange; Heliconia, a subsidiary of Temasek Holdings focused on investing in fast growing companies;
Japan’s Tokai Tokyo Financial Holdings (via subsidiary Tokai Tokyo Global Investments); Thailand’s Kiatnakin Phatra Financial Group; and South Korea’s Hanwha Asset Management.
Further strengthening its digitised security ecosystem, ICHX has also forged partnerships with law firms Allen & Overy, Allen & Gledhill, Rajah & Tann and Dentons Rodyk; with corporate finance advisors SAC Capital and RHT Capital; and with professional services firm PwC Singapore and audit firm Deloitte.
MILESTONES:
2018, SEPTEMBER: Singapore Exchange, Asia’s leading international multi-asset exchange and Heliconia, a subsidiary of Temasek Holdings focused on investing in fast growing companies, agree to join ICHX as investors.
2019, MAY: ICHX is accepted into the MAS Fintech Regulatory Sandbox.
2019, SEPTEMBER: Kiatnakin Phatra Financial Group, a prominent Thai investment bank and pioneering private wealth business, agrees to join ICHX as an investor.
2019, OCTOBER: Tokai Tokyo Financial Holdings (via subsidiary Tokai Tokyo Global Investments), a prominent Japanese financial services firm, agrees to join ICHX as an investor.
2019, NOVEMBER: ICHX completes the world’s first issuance, custody and trading of a regulated DLT-based security on a single integrated platform.
2020, JANUARY: Hanwha Asset Management, South Korea’s leading comprehensive asset management company, agrees to join ICHX as an investor.
2020, FEBRUARY: ICHX graduates from MAS’ sandbox as a regulated RMO. ICHX is also awarded a CMS licence to carry out dealing in capital markets products and to provide custodial services.
SOURCE iSTOX
Fintech PR
CCTV+: From Silk Road Gateway to Global Innovation Hub: Xi’an Advances Industrial Upgrades and International Cooperation
XI’AN, China, Nov. 2, 2024 /PRNewswire/ — Xi’an, an ancient capital and starting point of the Silk Road, is growing rapidly into a cosmopolis of technological innovation, industrial transformation and international cooperation. The city is becoming a global hub for innovation and economic cooperation and a destination that converges historical heritage with modern creativity. By leveraging initiatives in New Quality Productivity, the Internet of Things, high-tech industries, culture, and international business services, Xi’an showcases its dynamic blend of past and future.
Industrial Development: Technology and Innovation Drive Emerging Industry Clusters
Aiming to establish itself as an international hub with rapid scientific and technological innovation, Xi’an is now building a comprehensive national science center and a center for science and technology innovation.
The Silk Road Technology City is now home to more than 4,000 companies and has fostered two major industry clusters, in optoelectronics and automobiles, each worth tens of billions. Leading industry giants like BYD and Samsung have established themselves here, taking advantage of Xi’an’s robust policy support for innovation-led growth. LONGi, a world leader in solar technology, is actively building Shaanxi’s 100-billion-grade silicon-based solar PV industry innovation cluster, driving industry-wide growth through R&D and supply chain expansion; while BYD’s comprehensive new energy vehicle industry chain has also positioned Xi’an as a key base for new energy technology and electric vehicles.
Belt and Road Hub: Connecting Development Across Borders
As a central hub along the Belt and Road, Xi’an recently hosted the Belt and Road Forum for International Think Tank Cooperation, fostering collaboration and advancing connected, networked development through the trans-Eurasian transport corridor. With growing trade opportunities, Xi’an is also expanding its reach into international markets, particularly in Central Asia, exporting specialty agricultural products like kiwi fruit.
Through conventions and conferences, Xi’an has demonstrated its significant potential for international economic cooperation, establishing stronger ties in Central Asia and Belt and Road countries.
New Quality Productivity: Smart Technologies and Advanced Manufacturing Fuel Growth
New Quality Productivity is driving Xi’an’s high-quality development leveraging smart technologies and intelligent manufacturing. Local enterprises like SUNNYIT are promoting innovative applications of IoT technologies to tackle industry bottlenecks, Xi’an Chinastar M&C Limited is supporting real-time urban management with products including smart manhole covers and parking monitoring systems to support urban safety and municipal services.
Industrial robots and intelligent manufacturing are also accelerating Xi’an’s industry transformation. Xi’an Aerospace Automation’s 4,000-kilogram robot, designed for warehouse logistics, highlights the city’s advancements in high-load, high-precision applications.
High-Quality Development: Digital Technology Empowers Xi’an’s Smart City Ambitions
Xi’an is progressing in smart city development, enabling companies to utilize big data and AI for comprehensive traffic analysis, enhancing traffic management efficiency, and establishing a “transportation+” multi-scenario service system to improve travel experiences.
Xi’an looks to cooperate with more companies and research institutions in fields of environmental protection, water-related affairs, education, and urban management with the goal of promoting technological breakthroughs in areas such as intelligent video analysis and large-scale AI models, empowering city management and services through digital technologies and support the development and innovation of companies in the city.
Opening Up to the World: Xi’an Shares Its Story and Strengthens Business Environment
The newly established Xi’an International Communication Center shares Xi’an’s story in multiple languages, promoting Chinese culture and positioning Xi’an as a major platform for cultural exchange. Additionally, a legal service center in Xi’an Chanba International Port now offers comprehensive legal support, fostering a fair and just international business environment.
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View original content:https://www.prnewswire.co.uk/news-releases/cctv-from-silk-road-gateway-to-global-innovation-hub-xian-advances-industrial-upgrades-and-international-cooperation-302294686.html
Fintech PR
KuCoin Shines at The Gateway Event, Advocating for Blockchain Innovation Through TON
DUBAI, UAE, Nov. 2, 2024 /PRNewswire/ — KuCoin, a global leader in the cryptocurrency exchange arena, is thrilled to announce its active participation at this year’s premier TON community event, The Gateway. The annual conference, renowned for uniting key players in the TON ecosystem, aligns perfectly with KuCoin’s mission to democratize cryptocurrency and expand its reach across the globe.
Representing KuCoin at the event was Alicia, who took part in the insightful panel discussion on “Perspective Sectors on TON for VCs and Exchanges.” Her presence underscored the vibrant potential of the venture capital market within emerging blockchain technologies, particularly the TON ecosystem. Alicia’s discussion highlighted how TON’s seamless integration with Telegram presents unique opportunities for innovation and user engagement, resonating with KuCoin’s strategic initiatives to bridge social connectivity with financial transactions.
“TON’s integration with Telegram not only simplifies the user experience but also amplifies it, making it a gateway for millions to engage with Web3 technologies,” Alicia stated. She emphasized KuCoin’s commitment to leveraging this synergy to enhance secure, user-friendly trading experiences, thus furthering its mission of putting crypto in every pocket.
KuCoin’s participation in The Gateway event reinforces its dedication to fostering a secure, robust, and accessible trading environment, paving the way for a new era of crypto and blockchain integration.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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View original content:https://www.prnewswire.co.uk/news-releases/kucoin-shines-at-the-gateway-event-advocating-for-blockchain-innovation-through-ton-302294685.html
Fintech PR
UBS Asset Management launches its first tokenised Money Market Fund, available through DigiFT
SINGAPORE, Nov. 2, 2024 /PRNewswire/ — UBS Asset Management, launches its first tokenized investment fund “uMINT”, made available through authorized distribution partner, DigiFT.
With DigiFT, investors can subscribe to uMINT using their preferred custody wallet solution, gaining access to real-time redemption capabilities via DigiFT’s platform. uMINT, a Money Market investment underpinned by high quality money market instruments based on a conservative, risk-managed framework, is built on Ethereum distributed ledger technology and issued under UBS Tokenize, UBS’s in-house tokenization service, a full service offering for digital asset services, that seeks to open the door to the world of decentralized finance to a broader range of market participants.
“We’re honoured to be an authorized distribution partner for UBS Asset Management in launching their first tokenized money market fund. This is a significant milestone in the world of Web3, and a testament of our ability to transform capital markets. Not only does this partnership bridge traditional finance with digital and decentralized technologies, it also demonstrates our ability to deliver next-generation investment solutions on an open network – for a new generation of global investors,” said Henry Zhang, Founder & Chief Executive Officer of DigiFT.
As part of the partnership, DigiFT will provide infrastructure for managing and monitoring on-chain distribution activities and transactions for the new tokenized money market fund. Enabled by blockchain technology, DigiFT’s best-in-class, open infrastructure ensures all transactions are stored and recorded on an immutable ledger, providing real-time operational and audit visibility. Beyond streamlining administrative processes, DigiFT is able to leverage smart contracts and facilitate automated compliance and operational efficiencies, further allowing investors to invest and explore new financial Web3 use cases.
DigiFT is the first exchange deploying smart contract methods and processes, with an automatic market-making mechanism, to be recognized as a Recognised Market Operator (RMO) and awarded the Capital Markets Services (CMS) license by the Monetary Authority of Singapore.
Disclaimer: This article is not an advertisement making an offer or calling attention to an offer or intended offer
About DigiFT
DigiFT is the first exchange for on-chain real-world assets to be licensed by the Monetary Authority of Singapore. Find out more www.digift.sg
For media enquiries, please contact [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/ubs-asset-management-launches-its-first-tokenised-money-market-fund-available-through-digift-302294683.html
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