iSTOX, the digitised securities issuance, custody and trading platform, has graduated from the Monetary Authority of Singapore’s (MAS) FinTech Regulatory Sandbox and been approved as a recognised market operator (RMO) and a capital markets services (CMS) licensee.
iSTOX has officially emerged from the MAS Fintech Regulatory Sandbox! This makes iSTOX the first capital markets platform featuring one-stop issuance, custody and trading of digitised securities to be licensed by a major regulator. https://t.co/y8AHfn4pqY
— iSTOX (@istoxexchange) February 3, 2020
In successfully exiting the regulatory sandbox, iSTOX will have the limitations previously imposed by the MAS – such as the size of issuances it can host and the number of investors it can onboard – removed.
Operated by Singapore-based ICHX Tech Pte Ltd, the iSTOX platform has attracted international high profile investors of it’s own including South Korea’s Hanwha Asset Management, Thailand’s Kiatnakin Phatra Financial Group, Singapore Exchange, and Tokai Tokyo Financial Holdings.
iSTOX were identified as the first market operator to enter the MAS sandbox during a “Changing the World” speech by Ms Jacqueline Loh, the regulator’s Deputy Managing Director, at The World Federation of Exchanges General Assembly and Annual Meeting last October.
Chief Commercial Officer of iSTOX, Choo Oi Yee, advised the company was now fully operational and “In addition to opening registration for accredited institutional investors, we’re working hard on a pipeline of exciting issuances across different asset classes.”
Sopnendu Mohanty, MAS Chief FinTech Officer, believes time spent the regulatory sandbox “…has enabled iSTOX to validate its technological innovation with actual customers in a safe manner.”
Last month, the Payment Services Act (PSA) came into force which tightened anti-money laundering procedures and gives MAS the supervisory authority over all payment business within Singapore, including those associated with cryptocurrency.