Published June 20, 2017
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Date: June 20, 2017
Categories: Markets Exchanges, riskregulation, Transaction Banking
Keywords: CoAssets, MAS, Capital Markets Services
CoAssets Limited, a crowdfunding platform specialising in facilitating funding for real estate and small to medium-sized enterprises, announces that its wholly owned subsidiary, CoAssets Pte Ltd, has received the Capital Markets Services (CMS) Licence, issued by the Monetary Authority of Singapore (MAS).
“This news is particularly meaningful as we celebrate our 4th anniversary, and we cannot be more delighted to secure the CMS Licence by MAS,” said Mr Getty Goh, CEO and Co-Founder of CoAssets. “Since MAS announced in June 2016 that crowdfunding must be licensed, the CoAssets team has been working hard behind the scenes to apply for the CMS Licence in Singapore, while expanding our presence in China and Hong Kong. It is not an easy licence to get as the Singapore Authorities are very thorough in the vetting process."
Singapore is a key market and one of the major revenue contributor to the CoAssets Group.
The CMS licence will now allow the company to start re-engaging its 55,000-plus users in Singapore, and further cement the company’s reputation as the first-listed crowdfunding platform in Asia.
Together with its proprietary CoAssets Risk Assessment Model (CRAM), CoAssets will ensure that all crowdfunding projects on its platform complies with the regulations and standards required by the CMS Licence. This will provide members with greater assurance in terms of transparency, governance and compliance. Furthermore, it will set the standards for the company’s operations, and become a strategic edge for CoAssets as it continues to expand regionally.
In addition to securing the regulatory licence, CoAssets is also looking to launch its new website and mobile app next month.
“One of our key priorities is to focus on bringing a variety of projects through the CoAssets platform to all our members, and making our website and mobile apps more user friendly,” Getty added. “The approval of the CMS Licence came at an opportune time as we refresh our platform to aim for higher standards and better meet the evolving needs and preferences of our members. Most importantly, as a truly home-grown Singapore company, with management and about half of our group's current headcount based in Singapore, we hope to be able to be successful enough to help Singapore make a mark in the highly competitive regional fintech scene."
Re-disseminated by The Asian Banker