Alta, PhillipCapital Unveil Innovative Exchange Liquidity Programfor Income Insurance Shares

  • Alta, through its digital securities exchange, and in partnership with PhillipCapital, unveils the Income Insurance Share Liquidity Program, a unique liquidity solution for Income Insurance 
  • The listing on Alta Exchange allows institutional and accredited investors the opportunity to invest in one of the leading composite insurers in Singapore that is not currently listed on any public 
  • The partnership harnesses PhillipCapital’s extensive network of offices in Singapore and Alta’s unique exchange member model to connect Income Insurance to a global network of

 

SINGAPORE, 12 JANUARY 2024 Alta, the leading digital securities exchange for alternative assets in Southeast Asia, is excited to announce a partnership with PhillipCapital to introduce the Income Insurance Share Liquidity Program, a distinctive liquidity program for shares of Income Insurance Limited (“Income Insurance”), one of the leading composite insurers in Singapore. This is the largest listing of a non-listed company on a private securities exchange for institutional and accredited investors to trade and own the shares of a non-publicly listed company.

Alta’s exchange arm, AltaX, together with Phillip Securities Pte Ltd, a subsidiary of PhillipCapital and member firm of AltaX, have built a unique solution to facilitate the sale of unlisted Income Insurance shares through financial markets. The Income Insurance Share Liquidity Program will leverage PhillipCapital’s expansive investor network to provide straightforward, guided procedures to monetise Income Insurance shares. With the nationwide coverage and footprint of PhillipCapital Investor Centres throughout Singapore, selling shares of Income Insurance becomes a seamless and user-friendly experience.

Shares of Income Insurance listed on AltaX will be available for trading by AltaX’s extended network of global institutional and accredited investors. This member-driven exchange model provides an avenue for member brokerages and their investors to invest and trade the shares of an established insurance provider in Singapore and in the broader ASEAN region. These shares can be tokenised on AltaX’s blockchain-powered exchange, and introduces a new dimension to trading for these investors, representing a significant leap forward in the way digital assets are traditionally owned by investors globally.

“Monetisation of shares for unlisted companies is usually tedious and time-consuming. We have been continuously innovating and improving this process for the past few years and I am glad we were finally able to partner with PhillipCapital to launch an ongoing liquidity solution for public non-listed companies like Income Insurance, and to make the trading of those shares available to institutional and accredited investors. At Alta, we are committed to building essential capital market infrastructure that facilitates access and liquidity for private companies which are the backbone of our economies. We recognise that our role in building critical private market infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for all,” said Kelvin Lee, Chief Executive Officer, Alta.

Investors are increasingly demanding for innovative and adaptable solutions to invest and trade in private markets, particularly as companies opt to remain privately held for extended periods. This has made the anticipation of a liquidity event for employees and investors of private firms a prolonged process. However, by combining the swiftness of fintech with the reliability of established financial institutions, Alta and PhillipCapital’s transformative approach is revolutionising the dynamics of private equity liquidity.

Earlier this month, Alta bolstered the reach of its exchange arm by welcoming new member firms, including Evolve Capital Advisory Pte Ltd (“Evolve”) in Singapore, Hong Kong brokerage firm Quam Securities as well as asset management firms Rockpool and Cachet, both based in Hong Kong. Onboarding new member firms not only broadened the scope of Alta’s investment opportunities but also integrated new networks of investors from across the globe. In 2023, the exchange witnessed substantial activity, with bid and ask orders accumulating to an impressive sum exceeding US$195 billion. This brings the total member firms trading on AltaX to 8. In comparison, the NYSE began trading with 27 member firms.

Luke Lim, Managing Director, Phillip Securities added, “We have a long-standing relationship with Alta and we are excited to collaborate with them to develop a liquidity solution that combines our extensive suite of investor solutions with Alta’s next-generation digital exchange. The partnership empowers our clients to seize opportunities and respond to changing market conditions with unprecedented ease. This is in line with our shared vision of revolutionising capital markets and marks a significant step forward in achieving this goal.”

Jerry Chua, CEO and Managing Partner at Evolve, expressed enthusiasm, stating, “We are thrilled to present a liquidity solution for the shareholders of one of Singapore’s most esteemed, reliable, and forward-thinking companies. This marks a new era where private exchanges mature and are poised to offer solutions for a broader spectrum of private companies.” Evolve, a Boutique Investment Bank is set to provide market-making services on Alta Exchange. This initiative is aimed at boosting the liquidity of private market trades.

Founded in 1970 to address a societal demand for insurance in Singapore, Income Insurance has evolved from an insurance cooperative to a public non-listed company since September 2022. It stands as a prominent composite insurer in the country, providing a range of insurance products, including life, health, and general insurance. Notably, the company remains unlisted on any public exchange.

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About Alta

Alta, formerly known as Fundnel, is Southeast Asia’s largest digital securities exchange for alternative investments. Alta gives investors direct access to invest and trade in a wide range of curated alternative assets, from direct investment into early to late-stage private companies, PE/VC funds, asset-backed securities of luxury assets, real estate and more.

As licensed financial institutions, Alta’s group of subsidiaries brings private capital markets, fund management, and exchange businesses under one roof. Through its blockchain-powered exchange, Alta is also able to support tokenisation, digital custody, and trading of alternative assets.

Today, while more investors are looking to increase their allocation to alternative assets, the high costs of investing and illiquidity of private markets can often give many investors pause. Alta makes it easier and more efficient than ever for investors to trade tokenised alternative assets at smaller, fractionalised blocks, thereby enhancing liquidity in the private markets, and bringing alternative assets to all.

Since 2016, Alta has completed over 1,500 transactions valued in excess of US$600 million and has created access for investors to invest in over US$22 billion worth of mandated opportunities globally.

Alta is headquartered in Singapore and operates several offices across Southeast Asia. For more information, visit https://alta.exchange/

About PhillipCapital

Since inception in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence, offering a full range of quality and innovative services to retail and high net worth individuals, family offices, as well as corporate and institutional customers.

Today, PhillipCapital headquartered in Singapore, operates in the financial hubs of 15 countries, including offices in Australia, Cambodia, China (and Hong Kong SAR), India, Indonesia, Japan, Malaysia, Singapore, Spain, Thailand, Turkey, UK, UAE, USA and Vietnam, serving over 1 Million clients with Assets Under Management of total more than USD 35 Billion.

NOTE TO EDITORS

For media inquiries, please contact:

Deeksha Kakkar
Marketing Communications Specialist, Alta
deeksha.kakkar@alta.exchange

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