Income Insurance Limited, a general insurer in Singapore, has initiated its first trading activities on AltaX, a prominent digital securities exchange in Asia.
This event marks a crucial development facilitated by a joint initiative between Alta, a key player in Asia’s private markets, and Phillip Securities Pte Ltd (PSPL), the top retail brokerage in Singapore.
According to AsiaOne’s report, the trading began as part of the newly launched Income Insurance Share Liquidity Program by Alta through its trading arm AltaX, in collaboration with PSPL, which started in January.
Designed to offer liquidity options, the program encompasses nearly 16,000 shareholders, whose holdings are valued at approximately S$840 million (US$619 million).
Further trading sessions are expected to occur later this year, providing additional opportunities for shareholders. The program permits Income Insurance shareholders to approach PSPL for selling their shares, which are then listed on AltaX for broader investor access.
“[The] inaugural trade for Income Insurance marks a significant milestone in the evolution of private market liquidity. Shareholders, who have predominantly held Income Insurance shares for decades, now have a means to monetise their investments – a possibility that simply did not exist prior to the launch of this liquidity program,” said Alta CEO Kelvin Lee, as reported by AsiaOne.
Lee said that digital platforms like Alta enable private firms to maintain their independence longer and access a wider range of capital sources.
“Since the program’s inception in January, we’ve witnessed an overwhelming influx of inquiries from major unlisted entities worldwide. This surge underscores the profound impact of our technology-driven exchange, not only in fostering value creation but also in promoting financial inclusivity across the global economy,” he said.
