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CIMB Singapore Partners with ICHX Tech – iSTOX

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CIMB Singapore Partners with ICHX - iSTOX

This week, executives from CIMB Singapore announced a strategic partnership with the blockchain firm ICHX Tech. Importantly, CIMB Singapore seeks to expand STO operations in the ASEAN region utilizing ICHX’s technology. As such, the partnership allows CIMB Singapore clients to access private capital markets easier.

Notably, ICHX Tech is the parent company of iSTOX. The iSTOX platform offers a wide variety of security token functionalities. These features include the issuance, management, and custody of security tokens. Additionally, iSTOX belongs to an exclusive class of licensed and regulated secondary trading platforms. As such, the platform provides much-needed liquidity to the market.

Leverage iSTOX Tech

There is no doubt that CIMB Singapore seeks to leverage the experience and technology gained by iSTOX to further its own STO intentions. The bank could integrate advanced smart contracts and distributed ledger technology to streamline its current fundraising processes significantly. If succesful, CIMB Singapore clients could raise funds in a more secure, faster, and efficient way.

Discussing the partnership, Victor Lee, CEO of CIMB Bank Singapore stated that his firm was “pleased” with the developments. He also described how digitization is one of the pillars the firm seeks to “build aggressively within the bank in the next few years.” As such, partnering with ICHX Tech opens the doors for the bank to make good on its intentions.

ICHX Tech – iSTOX

ICHX continues to make headlines across the industry. Importantly, iSTOX was the first regulated capital markets platform, in any major financial center, to support the issuance, custody, and trading of digitized securities. The platform entered the market in 2017. Shortly thereafter, the Singapore Exchange (SGX) recognized the potential of the firm and invested in iSTOX.

iSTOX via Homepage

iSTOX via Homepage

Since that time, iSTOX managed to secure support from some of the most recognized names in the region. Specifically, the platform secured backing from Singapore Exchange (SGX), Temasek Holdings subsidiary Heliconia, Thailand’s Kiatnakin Phatra, Japan’s Tokai Tokyo Financial Holdings, and South Korea’s Hanwha Asset Management

In May 2019, ICHX Tech received another great honor after the MAS FinTech Sandbox welcomed iSTOX. The sandbox allowed iSTOX to develop in a secure and regulatory-friendly environment. Importantly, the firm Graduated from the sandbox this year with a new understanding of the market and a network that included some of the most influential groups in Asia. It’s this momentum that surely caught the attention of CIMB Singapore.

CIMB Singapore

CIMB Singapore is a subsidiary of CIMB Group Holdings Berhad (MYX: 1023). Consequently, the bank specializes in consumer banking, wholesale banking, comprising investment banking and corporate banking, and treasury & markets. Importantly, The CIMB Group Holdings Berhad only operates in high growth economies in the region. Currently, CIMB has core markets in Malaysia, Indonesia, Singapore, and Thailand. Impressively, the bank has over 1,080 branches across the region, with around 40,000 employees located in 18 countries.

CIMB – ICHX Tech Prepares

CIMB Singapore definitely did their research before they chose to go with ICHX Tech. The iSTOX platform has been a hot topic since it first entered the market. You can expect to see CIMB Singapore become a major player in the ASEAN STO sector following the completion of this integration.

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David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com

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