Singapore’s top non-life insurance company begins trading on Asia’s leading digital exchange AltaX

Digital Products

  • The initial transaction is part of the Income Insurance Share Liquidity Program launched in January 2024 by Alta and PhillipCapital for Income Insurance shareholders.
  • Shares of Income Insurance with a net asset value of S$3.2 billion listed on AltaX[1](US$2.35 billion) will be the largest listing of a private company on a private market digital stock exchange.

Singapore, May 3, 2024 – (ACN Newswire) –AltaAsia’s leading private market digital stock exchange, and Philip Securities Pte. Ltd. (PSPL)Singapore’s largest retail broker today announced the first transaction of its first tranche of shares from Singapore. INCOME INSURANCE LIMITED. (Income Insurance) Shareholder.

The transaction was part of the Income Insurance Equity Liquidity Program that Alta launched in January of this year through Alta’s trading arm AltaX and PSPL. The program provides liquidity solutions to approximately 16,000 shareholders holding shares worth S$840 million (US$619 million).

An additional period for Income Insurance shareholders to sell their shares to PSPL will follow this initial period and is expected to begin later this year.

This liquidity program allows all shareholders of Income Insurance to contact PSPL to sell their shares. PSPL will sell these shares on AltaX, where they will be available for trading by investors.

Investors will be able to seamlessly trade these stocks on AltaX, leveraging the digital exchange’s market participants, including an active global community of traders and market makers.

Kelvin Lee, Chief Executive Officer of Alta, said: “Today’s first transaction in Income Insurance marks an important milestone in the evolution of private market liquidity. Shareholders who have primarily held Income Insurance stock for decades now have a means to monetize their investment. , a possibility that simply did not exist before this liquidity program began.”

“Platforms like Alta are reshaping the trajectory of private companies, providing a means to extend their status while accessing diverse funding sources. We have witnessed an overwhelming influx of inquiries from leading private companies in the world. This surge is not only in driving value creation, but also in promoting financial inclusivity across the global economy. “This also highlights the profound impact of technology-driven interactions,” Kelvin added.

Mr Luke Lim, Managing Director of Phillip Securities, added: “We are proud to partner with Alta to pioneer the Income Insurance Share Liquidity Program. This partnership not only highlights our dedication to delivering value to our clients, but also supports the industry. Through this partnership, Philip Securities will enable Income Insurance shareholders to seamlessly monetize their investments, while AltaX will enable institutional investors and accredited investors to seamlessly monetize their investments. We are providing investors with unprecedented access to Income Insurance stocks and many other alternative assets, and working with Alta to shape the future of alternative investment trading.”

Since its founding, Alta has aimed to solve the problem of illiquidity in private markets by providing buyers and sellers with a secure exchange for trading private equity. In addition to Income Insurance, stocks and funds from companies such as SpaceX, Open AI, Epic Games, Discord, Bytedance, and Hamilton Lane are listed and traded on AltaX.

To date, Alta has completed US$700 million worth of transactions and enabled investments in over 100 unique companies. Alta’s trading volume showed significant year-on-year growth, with order volume increasing by over 300% from his USD 32 billion in 2022 to his USD 141 billion in 2023.

[1] Net asset value as of 2022

About Alta

As a leading licensed digital stock exchange for alternative investments in Asia, we are supported by the Singapore Exchange’s most active securities brokers and bookrunners, Phillip Securities, Prime Partners and Nomura Holdings (Japan). We are building critical capital markets infrastructure.

Empowering private markets: Through our digital exchange, we enable the tokenization and digital storage of alternative assets. This end-to-end solution simplifies and speeds up trading of smaller blocks of assets, ultimately facilitating private market access and liquidity. We believe that access to capital markets is critical in every economy, and we recognize that our role in building this critical infrastructure goes beyond simply facilitating trade. It paves the way for entrepreneurship, job creation, financial inclusion and economic resilience, fostering a bright future for emerging markets and economies.

Innovative financial ecosystem: Our journey has progressed from comprehensive product securities trading and distribution, including stocks, private credit, funds, and asset-backed securities representing real-world assets such as whiskey and wine, to encompassing fund management and digital custody. I have transitioned.

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About Phillip Capital

Since its founding in 1975, Philip Capital has grown into a diversified Asian financial company with a global presence, providing a full range of high-quality, innovative solutions to individuals and high-net-worth individuals, family offices, corporates and institutional clients. We provide services.

Currently, Philip Capital is headquartered in Singapore and has offices in 15 countries including Australia, Cambodia, China (and Hong Kong SAR), India, Indonesia, Japan, Malaysia, Singapore, Spain, Thailand, Turkey, the United Kingdom, and the UAE. We operate in financial hubs. , he serves more than 1 million customers in the United States and Vietnam, and his total assets under management exceed USD 35 billion.

Notes to editors
For media inquiries, please contact us below.
Alta’s Precious Communications
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Topic: Press Release Overview
sauce: Alta

Sectors: Exchanges & Software, Daily Finance, Funds & Stocks
From Asian Corporate News Network

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