Singapore’s iSTOX Security Token Platform Will Join Central Bank’s FinTech Regulation Sandbox


iSTOX is Capital market security token platform, and it has recently been added to to the financial technology sandbox for regulations. A sandbox refers to a testing environment that promotes trial and error along with experimentation.

This sandbox has been initiated by the Monetary Authority of Singapore, which is the go-to Singaporean central bank.

The Monetary Authority of Singapore serves as both the go-to central bank of Singapore and a financial regulator. The MAS released its financial technology sandbox for regulation to help local projects. This sandbox will help them develop new products and services in a completely secure and productive environment.

The sandbox will be operating soon, and iSTOX is now going to face its very first group of interested investors. This is so that digital securities can be traded on the platform. The set date is somewhere Between The Fourth quarter of 2019.

By 2020 the iSTOX platform is expected to be fully functioning. The platform will be operating as a completely regulated and centralized market place. The platform aims to aid companies in raising funds via tokenized securities.

An announcement regarding the matter was made that stated that the iSTOX platform is designed to help finance entrepreneurs, conglomerates and asset owners through tokenized securities. These tokenized securities will help in receiving investments and d=financing for ventures.

A legal panel has also been asked for which included top law firms like Allen & Gledhill LLP, Baker McKenzie Wong & Leow, and Rajah & Tann. These law firms are to help suppliers with understanding the processes for supplying securities.

The iSTOX platform is a subsidiary of ICHX Tech. ICHX Tech is a blockchain based firm that has been continuously supported by the Singapore Exchange Limited and HCM.

The HCM or Heliconia Capital Management is a daughter company of Temasek Holdings. Temasek Holdings is an investment company and is a financial giant in Singapore since it is owned by the Singaporean government. Chew Sutat is the executive VP of the Singapore Exchange Limited.

On the other hand, Chua Kim Leng was the assistant managing director of the Monetary Authority of Singapore. Both of these influential figures are involved with the iSTOX platform.

In 2018 the MAS made some significant strides to incorporate cryptocurrencies like EThereum and Bitcoin under its authority.

Sopnendu Mohanty is the CFO of MAS, and he is pushing blockchain adoption. He is one of the few that have seen the immense potential of the blockchain technology and want to use it to improve international transactions.

By using the blockchain system, international transactions will become quick and efficient in no time. The MAS is more motivated to do this after having a first-hand experience of the technology along with the Bank of Canada.

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