Alta, a prominent digital securities exchange specializing in alternative assets in Southeast Asia, has unveiled a groundbreaking collaboration with PhillipCapital to introduce the Income Insurance Share Liquidity Program. This innovative program is designed for shares of Income Insurance Limited, a leading composite insurer in Singapore.
This partnership marks a significant milestone as the largest listing of a non-publicly traded company on a private securities exchange, catering to institutional and accredited investors seeking to trade and own shares of a non-listed entity.
Alta’s exchange arm, AltaX, and Phillip Securities Pte Ltd, a subsidiary of PhillipCapital and a member firm of AltaX, have collaborated to develop a unique solution facilitating the sale of unlisted Income Insurance shares through financial markets. The Income Insurance Share Liquidity Program leverages PhillipCapital’s extensive investor network to offer a straightforward and guided process for monetizing Income Insurance shares. The program takes advantage of PhillipCapital’s nationwide presence and footprint with Investor Centres throughout Singapore, providing a seamless and user-friendly experience for selling shares of Income Insurance.
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 offers a platform for member brokerages and their investors to invest and trade shares in an established insurance provider not only in Singapore but also in the broader ASEAN region. These shares can be tokenized on AltaX’s blockchain-powered exchange, introducing a new dimension to trading for investors and marking a significant advancement in the ownership of digital assets.
Kelvin Lee, CEO of Alta, highlighted the commitment to building essential capital market infrastructure that enhances access and liquidity for private companies, playing a crucial role in supporting entrepreneurship, job creation, financial inclusion, and economic resilience.
Amid the growing demand for innovative solutions in private markets, Alta and PhillipCapital’s transformative approach aims to revolutionize private equity liquidity, providing a swift and reliable option for employees and investors of private firms anticipating a liquidity event.
Alta’s recent expansion included the welcoming of new member firms, such as Evolve Capital Advisory, Quam Securities, Rockpool, and Cachet. In 2023, the exchange experienced significant activity, with bid and ask orders totaling over US$195 billion, reflecting the platform’s growing influence.
Luke Lim, Managing Director at Phillip Securities, expressed excitement about the collaboration, highlighting the combined strengths of fintech speed and established financial institutions. The partnership aligns with their shared vision of revolutionizing capital markets.
Jerry Chua, CEO and Managing Partner at Evolve, conveyed enthusiasm for presenting a liquidity solution for Income Insurance shareholders, marking a new era for private exchanges and their ability to offer solutions for a broader spectrum of private companies. Evolve is set to provide market-making services on Alta Exchange to boost the liquidity of private market trades.
Founded in 1970, Income Insurance has evolved into a public non-listed company since September 2022, offering a range of insurance products in Singapore. This collaboration reflects the growing importance of private exchanges and their role in providing liquidity solutions for esteemed companies in the private sector.
