Symphony, the Web3 division of Singapore-based brokerage and wealth management group PhillipCapital, is expanding into Central Asia with Kazakhstan as its first overseas market, betting that tokenization and digital assets can address demand for cross-border investment products.
The company’s Kazakhstan unit has received license approval from the Astana Financial Services Authority (AFSA) to operate as an intermediary for digital assets and arrange transactions involving tokenized securities. The authorization is subject to final permissions before the business can begin serving clients.
The AFSA regulates activities within the Astana International Financial Centre (AIFC), a financial hub in Kazakhstan’s capital that operates under a legal framework based on English common law.
Symphony’s immediate objective is to establish its Kazakhstan operations and use the country as a base for offering regulated digital-asset and tokenized investment services across Central Asia.
Kazakhstan emerges as a strategic digital-asset market
Symphony CEO Seh Huan Kiat said his view of Kazakhstan changed significantly after his first visit to Astana two years ago. He was particularly struck by the widespread use of digital payments and the seriousness with which local regulators and financial institutions were approaching digital assets and tokenization.
Although Singapore, Dubai and Hong Kong are established digital-asset centers, Symphony sees potentially stronger practical applications for tokenization in markets where investors face greater obstacles when transferring funds internationally or accessing foreign investment products.
The company selected Kazakhstan partly because PhillipCapital already has business relationships in the country and other parts of Central Asia. Symphony believes those existing connections could help it build distribution and develop financial products suited to regional demand.
The AIFC has also identified opportunities to deepen financial ties between Singapore and Kazakhstan in areas including fintech, digital assets, tokenization, capital markets and financial infrastructure. Such cooperation could provide international companies with access to Central Asian markets while bringing foreign expertise, investment and new financial services to the region.
The AFSA, AIFC Authority and Monetary Authority of Singapore have maintained cooperation on fintech since 2018, when the three organizations signed an agreement aimed at strengthening ties between Singapore and Kazakhstan.
Stablecoins could provide a gateway to tokenized funds
Symphony was established in 2024 to separate PhillipCapital’s digital-asset operations from its traditional financial business. While the company initially concentrated on cryptocurrencies, it later expanded its focus toward applying blockchain technology to conventional investment products.
Money-market funds are among the assets being considered. These funds generally invest in short-term debt instruments and provide returns on cash. Tokenization could allow investors holding stablecoins to gain exposure to such products without first converting their digital assets through the traditional banking system.
Central Asia could be particularly suited to this model because of the region’s substantial use of USDT in remittance activity. Symphony believes regulated tokenized money-market funds could give stablecoin holders an opportunity to earn investment returns instead of leaving their digital assets unused.
The proposed model could connect stablecoin liquidity with regulated traditional investments, potentially allowing users to move from digital assets into yield-generating products with greater efficiency.
Phillip Securities, working with Symphony as its technology partner, launched a tokenized money-market fund in 2025. The underlying fund has more than $800 million in assets under management.
The structure also includes market-making on a licensed digital-asset exchange, allowing investors to access secondary-market liquidity rather than relying solely on the traditional fund redemption process, which can take several days.
Broader tokenization opportunities
Symphony is also examining additional real-world assets that could potentially be tokenized through its Kazakhstan operation or PhillipCapital’s distribution network. Kazakhstan’s resource-rich economy could provide opportunities involving real estate, financial instruments, metals, minerals and other commodities.
However, the company intends to focus on practical applications rather than tokenizing assets simply because blockchain technology makes it possible. Symphony sees limited advantages in tokenizing assets such as conventional equities when existing financial markets already provide relatively rapid settlement.
Over time, the firm aims to give digital-asset investors access to PhillipCapital’s broader range of investment products across global markets.
For now, however, Symphony’s priority remains establishing a stable operating platform in Kazakhstan and building a strong customer base before expanding into additional tokenized assets and investment services.
The Kazakhstan expansion could ultimately serve as a regional distribution hub for PhillipCapital’s digital investment products, linking Central Asian investors with regulated global markets through blockchain-based infrastructure.
