Singapore-based CoAssets has received the Capital Market Services (CMS) licence from the Monetary Authority of Singapore (MAS). This official regulatory approval implies that the platform can host crowdfunding projects in Singapore.
Founded in 2013, the group facilitates crowdfunding for real estate and small to medium-sized enterprises seeking to raise between $100,000 and $5 million. In June 2016, MAS had announced that crowdfunding platforms that deal with debt and equity need to have a licence to operate. Getty Goh, CEO and Co-Founder, CoAssets, in a statement, says,
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.
Getty adds that prior to this announcement Singapore market was a major revenue contributor to the CoAssets Group. However, now, with the approval, they want to re-start their Singapore-revenue stream and begin “re-engaging” more than 55,000 users in the Island nation. Getty also mentions that together with their proprietary CoAssets Risk Management Model (CRAM), CoAssets will ensure that all crowdfunding projects on their platform comply with the regulations and standards required by the CMS licence. He adds,
This will set the standards for our operations and become our strategic edge as we compete regionally.
Apart from this licence, CoAssets revealed it is working to launch a new website and mobile app next month. Goh, states,
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.
Currently operating in Singapore, China, Australia, Malaysia, Indonesia, and Hong Kong, the crowdfunding platform listed on ASX in September last year. Getty says they had listed on ASX to give their members greater assurance in terms of transparency, governance and compliance. As per the figures stated in the release, more than $33 million have been raised on its platform till date.