Alta and PhilipCapital have established a liquidity program for Income Insurance shares.

 

Gapteks.com - It is noteworthy for being the biggest share listing on a private securities exchange of a non-publicly traded corporation.

An important step forward in the share trading for the main composite insurer has been announced by Alta and PhillipCapital: the commencement of the Income Insurance Share Liquidity Program.

The initiative is noteworthy because it offers institutional and accredited investors the biggest listing of shares of a non-publicly traded corporation on a private securities exchange.

To develop a platform for the selling of unlisted Income Insurance shares, the exchange arm of Alta, known as AltaX, has partnered with Phillip Securities Pte Ltd, a subsidiary of PhillipCapital and an AltaX member company.

Through the use of PhillipCapital's wide investor network, the Income Insurance Share Liquidity Program seeks to streamline the process of monetizing Income Insurance shares. Because of PhillipCapital's extensive network of Investor Centers throughout Singapore, the program provides an easy-to-use and efficient way to sell shares of Income Insurance.

Shares of Income Insurance will be listed on AltaX, enabling its wide network of accredited and worldwide institutional investors to trade them. Through member brokerages and their investors, this exchange model makes it easier for investors to purchase and trade shares from a reputable insurance provider in Singapore and the ASEAN area.

The ability to tokenize these shares on AltaX's blockchain-based exchange marks a major leap in the ownership of digital assets by international investors and provides a new way to trade.

Rockpool and Cachet, asset management companies located in Hong Kong, Quam Securities, a Singaporean company, and Evolve Capital Advisory Pte Ltd are among the new member businesses that Alta has added to its exchange arm. With the inclusion of these new members, Alta has expanded its investment portfolio and established new connections with international investor networks.

Significant trading activity was seen on AltaX in 2023, with total bid and ask orders exceeding US$195 billion. As a result of this growth, AltaX now has eight member businesses overall, as opposed to the New York Stock Exchange's initial membership of 27.

According to Kevin Lee, CEO of Alta, "monetization of shares for unlisted companies is usually tedious and time-consuming." "We are happy that, after years of innovation and improvement, we were able to work with PhillipCapital to launch an ongoing liquidity solution for publicly traded non-listed companies like Income Insurance and open up trading of those shares to accredited and institutional 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,” Lee stated. "We acknowledge that our responsibility in constructing essential private market infrastructure extends beyond enabling transactions; it opens doors for financial inclusion, entrepreneurship, job growth, and economic resilience, ultimately promoting a more promising future for everybody."

"Promoting Ethical Culture and Conduct in Insurance Intermediaries (General)" is the title of the fourth document published by the Insurance Culture and Conduct Steering Committee, which is available elsewhere in the nation.

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Source: insurancebusinessmag.com