Alta and PhillipCapital to unveil exchange liquidity programme for Income Insurance shares
MALAYSIA: 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 of 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. Luke Lim, managing director of 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, chief executive officer 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 marketmaking services on Alta Exchange. This initiative is aimed at boosting the liquidity of private market trades.