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Singapore trading platform raises $50 mln in round led by Japanese state-backed firms

Reuters SG
·1-min read

SINGAPORE, Jan 21 (Reuters) - Trading platform iSTOX, backed by Singapore Exchange and other companies, is raising $50 million from a group of investors led by two Japanese state-backed firms in its first major financing round.

"With the new financing, iSTOX will expand its footprint both geographically and in terms of investment offerings," Oi Yee Choo, chief commercial officer of the Singapore-based regulated platform said in a statement on Thursday.

Japan Investment Corporation's venture capital arm and Development Bank of Japan agreed to come in as new investors, while existing backers such as Tokai Tokyo Financial Holdings and Singapore Exchange also joined the Series A funding.

iSTOX is among a few Singapore-based platforms dealing in private market securities, a growing market for investors.

The upstart trading platform offers issuance, custody and trading of digitized securities using distributed ledger technology. It aims to attract issuers and investors with instant trade settlement, lower costs and fractional ownership. (Reporting by Anshuman Daga, Editing by Sherry Jacob-Phillips)