Singapore Exchange-backed security token platform iSTOX raised an undisclosed amount of Series A funding from one of the largest Thai investment banks, Kiatnakin Phatra Financial Group (KKP).
While declining to reveal financial terms of the deal, the firm said KKP is the only investor in the latest funding round.
Proceeds from the raise will be used to grow the user base of qualified investors, issue tokens with a range of securities such as stocks, bonds and structured products, and expand in Asia.
The platform is owned by ICHX Tech, a fintech infrastructure company with blockchain and smart contract technology, that was funded by Singapore Exchange (SGX) and Heliconia Capital Management, a subsidiary of the state-owned investment behemoth Temasek Holdings.
In May, iSTOX was admitted into a fintech regulatory sandbox set up by the Monetary Authority of Singapore (MAS), the Singaporean central bank.