Stories from the front line.
Charn Issara Development Public Company Limited and Fraction to digitize and fractionalize first property
On March 6th, Charn Issara Development Public Company Limited – a leading property developer listed on the Stock Exchange of Thailand – will trial the process of “IPOing” its first property on the Fraction Platform as part of our pilot project and closed loop beta testing.
Based on the proprietary legal structure designed by Fraction and our legal team at International Legal Counsellors Thailand (ILCT), Charn Issara will follow a process of first getting through our KYC/AML protocol, a designed due diligence check on the property to be listed, a “pre-IPO bookbuild” process, and then through to transferring its title deed of a condominium unit onto our Trust Structure where the title deed will be digitized and fractionalized.
The fractionalized ownership of this condo unit will then be listed on the beta version of the Fraction Platform and to be traded as part of our closed loop beta testing live on our Exchange.
Fraction Completes Seed Round of Funding
Fraction has completed its first round of external funding aimed at arming the business with strong partnerships for the roll out phase of its platform.
The round was backed by some of the most influential business operators in the Asian region including Singha Venture Capital, Skystar Capital and key management of the EMTEK Group, and PlanB Media Public Company Limited. The ex-CEO of Paysbuy, Thailand’s first payment gateway, also participated in the round and will play a key role in the development of our wallet & payments business.
The business is now well capitalized for its next phase of growth.