Alta has announced a collaboration with PhillipCapital to launch the Income Insurance Share Liquidity Program, marking a significant development in the trading of shares for the major composite insurer.
The program is notable for being the largest listing of a non-publicly listed company's shares on a private securities exchange, catering to institutional and accredited investors.
The exchange arm of Alta, known as AltaX, has joined forces with Phillip Securities Pte Ltd, a subsidiary of PhillipCapital and a member firm of AltaX, to create a platform for the sale of unlisted Income Insurance shares.
The Income Insurance Share Liquidity Program aims to simplify the process of monetising Income Insurance shares by utilising PhillipCapital’s extensive investor network. With PhillipCapital’s widespread presence in Singapore through its Investor Centres, the program offers a streamlined and accessible method for selling Income Insurance shares.
AltaX will list shares of Income Insurance, making them available for trading by its expansive network of global institutional and accredited investors. This exchange model facilitates investment and trading of shares from an established insurance provider in Singapore and the ASEAN region through member brokerages and their investors.
The ability to tokenise these shares on AltaX's blockchain-based exchange introduces a new approach to trading, highlighting a significant advancement in the ownership of digital assets by global investors.
Recently, Alta expanded its exchange arm by incorporating new member firms, including Evolve Capital Advisory Pte Ltd in Singapore, Quam Securities in Hong Kong, and Hong Kong-based asset management firms Rockpool and Cachet. The addition of these new members not only broadens Alta’s investment portfolio but also connects new networks of global investors.
In 2023, AltaX experienced significant trading activity, with accumulated bid and ask orders surpassing US$195 billion. This expansion brings the total number of member firms on AltaX to eight, compared to the New York Stock Exchange, which started with 27 member firms.
“Monetisation of shares for unlisted companies is usually tedious and time-consuming,” said Kevin Lee, CEO of Alta. “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,” Lee said. “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.”
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