iSTOX raises $5mn in funding from Tokai Tokyo Financial Holdings

iStoxSingapore Exchange-backed security token platform iSTOX has secured $5 million in funding from Japan-based Tokai Tokyo Financial Holdings through its Singapore unit, Tokai Tokyo Global Investments.

The partnership with the Japanese financial services firm will give iSTOX a strong strategic gateway to accredited and institutional investors and issuers across Japan through Tokai’s extensive network, iSTOX said.

“Our partnership with Tokai is an important part of our overall goal of establishing the iSTOX platform as a central pillar of the emerging ecosystem for digitized securities,” said Danny Toe, Founder and CEO of ICHX, iSTOX’s parent company. “Japan is a very key market for us and we’re extremely happy to partner a well-respected and established institution like Tokai to bring more choice and opportunity to the Japanese financial ecosystem.”

Tokai offers investment and trading services to investors across 149 offices in Japan. It holds consolidated net assets worth $1.4 billion and $39 billion worth of client assets under custody, according to the official statement.

“The world of financial services is approaching a pivotal period of change and the emergence of transformative technologies like blockchain is among the chief causes of this,” said Tateaki Ishida, President & CEO of Tokai Tokyo Financial Holdings.

“We believe that forward-looking providers of financial services must embrace this change if they wish to truly serve their clients in the new century. For this reason, we are excited by our partnership with iSTOX and look forward to working with them to better serve the investing community.”

The partnership comes at a strategically important period for iSTOX and ICHX Tech, it added. It recently completed its first issuance and secondary market listing on its platform. The company is working towards graduating from the Monetary Authority of Singapore (MAS)’s FinTech Regulatory Sandbox and into full operation in the first quarter of 2020.

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