The Singapore-based fintech will make its first major venture abroad, to one of China's fastest-growing cities by population and economic output.
Capital markets platform iSTOX plans to set up a digital securities exchange in Chongqing to serve the Chinese market, under an agreement signed with the Chongqing Monetary Authority at the 3rd Chongqing-Singapore Financial Summit on Monday.
The new digital securities exchange is expected to bring innovative financial products to the city and attract technology companies to Chongqing by providing an international platform for raising funds, and allow Chinese investors to gain access to high-quality global investments and a chance to diversify their investments geographically, iSTOX said.
The two partners will also work together to establish a broader Chongqing-Singapore Financial Services Hub, which includes a potential tie-up between iSTOX and two Chongqing state-owned investment companies, according to the announcement.
Strong Growth
iSTOX, which graduated from the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox in February 2020, provides issuance, custody, and secondary trading of digitized securities on its blockchain-powered platform.
As it grows its base of issuers and investors, the company has built an experienced team, which includes former MAS deputy director Lim Mei Shen, who was hired in September 2019 as its chief compliance officer, and UBS managing director and head of Singapore corporate client solutions Choo Oi Yee as its chief commercial officer in January 2020.
The company is backed by the likes of Singapore Exchange, Temasek Holdings subsidiary Heliconia, ICH Group and Kiatnakin Phatra Financial Group.
