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TOKENIZATION SOLUTIONS
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[Webinar] Tokenization of Variable Capital Companies (Project e-VCC) - Findings and the road ahead.
Linh Tran

In January 2020, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) introduced the Variable Capital Company (VCC) structure, a game-changer for attracting investment funds. The VCC is a new corporate entity structure under which multiple funds or collective investment schemes (whether open-end or closed-end) may be gathered under the umbrella of a single corporate entity and yet remain ring-fenced from each other.

InvestaX had the honor to be awarded the PoC grant to implement the first tokenization of the VCC fund structure. Collaborating with industry giants, including UBS, StateStreet, CMS, PWC, and the Tezos Foundation, we launched the first-ever e-VCC project funded by MAS, exploring the tokenization of Singapore VCC to revolutionize investment funds.

Key outcomes of the e-VCC project include:

  • Establishing lifecycle and workflow processes to enhance efficiencies for stakeholders (fund managers, fund administrators, and investors) using an e-VCC.
  • Identifying key considerations for the potential tradability of e-VCC securities on platforms like InvestaX.
  • Exploring the issuance of VCC fund shares directly on public or private blockchains.
  • Comparing the benefits of a blockchain-native security token design (one-tier) versus a tokenized security design (two-tier).

Key Topics Covered

  • 1. e-VCC from a fund manager's perspective
  • 2. e-VCC from a fund administrator's perspective 
  • 3. Regulatory and tax considerations when launching an e-VCC
  • 4. Blockchain solutions and tech requirements for an e-VCC
  • 5. Panel discussion / Q&A
  • 6. Real use case of e-VCC

e-VCC project contributors/presenters

  • PwC Singapore - Armin Choskey - APAC Asset and Wealth Management Market Research Centre Leader)
  • UBS - Hugo van Kattendijke, Managing Director - Wealth Management, Head Financial Intermediaries APAC
  • State Street - Irfan Ahmad - Product Lead, APAC – State Street Digital 
  • CMS - Matthew Nortcliff - Partner, Head of Funds and Indirect Real Assets, Asia; PwC Singapore Tax
  • PwC Singapore - Tan Hui Cheng - Partner, Tax 
  • Tezos - Jacob Pouncey, Research and Adoption Manager
  • STACS - Nigel Lam, Senior Manager, Product & Strategic Partnerships

Watch the webinar recording below.

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You can download the e-VCC report for more insights into the e-VCC project and reach out to us at support@investax.io for more information on how to set up an e-VCC fund.

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DISCLAIMER

This webinar is for general information only and is not intended to constitute any investment, legal, accounting, tax or other advice of any kind from InvestaX or any of the Panelist. While every care has been taken in preparing this webinar, no representation, warranty or other assurance of any kind is made with respect to the accuracy, completeness or suitability of any information in the webinar for any purpose, including any data obtained from third party sources.  Under no circumstance shall we have liability to you for any loss or damage of any kind incurred as a result of the use or reliance on any information provided in this webinar.  This webinar may not be modified, reproduced, copied, distributed, in whole or in part and no commercial use or benefit may be derived from this webinar without the prior written permission of InvestaX.

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Real-world asset (RWA) tokens are digital representations of real-world assets like equity or debt in real estate and private equity. Utilizing blockchain and smart contracts, they revolutionize investments by enhancing transparency, security, and efficiency. This innovation simplifies financial transactions and expands the range of financial instruments and structures.
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Important Notice: “InvestaX.io is operated by IC SG Pte. Ltd. (“InvestaX” or “IC SG”), a Singapore private limited company (Company Registration No. 201300459N). IC SG holds a Capital Markets Services license No. CMS100635 (“CMSL”) to deal in securities by the Monetary Authority of Singapore (the “Authority"), which allows IC SG to facilitate the primary offer and issuance of securities and act as an intermediary between issuers and investors. In addition, IC SG is licensed by the Authority as a recognised market operator to operate an organised market in respect of securities and units in collective investment schemes, the property of which consists only of capital markets products. (the “Organized Market”).The Organized Market allows investors to purchase securities from, and sell securities to other investors.
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