The bank’s partnership with iSTOX will expand private capital markets access for its clients.
CIMB Singapore is partnering ICHX Tech to allow its clients in the Asean region to raise funds in a faster, more flexible and efficient way on its blockchain-enabled platform, a press release on Wednesday announced.
The firm operates Singapore-based platform iSTOX, which supports the issuance, custody and secondary trading of digitized securities using advanced smart contract and distributed ledger technology to streamline the process.
«We are pleased with this partnership to provide our clients with an alternative digital solution as digitization is one of the pillars that we are looking at to build aggressively within the bank in the next few years,» Victor Lee, CEO of CIMB Bank Singapore, said in the statement.
Founded in 2017, iSTOX is backed by Singapore Exchange (SGX), Temasek Holdings subsidiary Heliconia, Japan’s Tokai Tokyo Financial Holdings, Thailand’s Kiatnakin Phatra, and South Korea’s Hanwha Asset Management.