Singapore-based crowdfunding platform Crowdo has received its full Capital Market Services (CMS) licence from the Monetary Authority of Singapore (MAS) for securities crowdfunding (SCF) to deliver both peer-to-peer (P2P lending) and equity crowdfunding.
It had obtained a provisional licence in April this year.
The licence makes Crowdo the first and only regional operator that can undertake licensed P2P in Southeast Asia. It is also the first among to have multi-jurisdiction licensing in the region, the firm noted.
The Securities Commission Malaysia is currently in the midst of operationalising P2P financing for small and medium businesses by 2017. It has called for submissions from those interested in launching P2P financing platforms and had reportedly received about 100 submissions.
Crowdo is one of the leading securities crowdfunding platforms in the region, with several successful fundraising deals in Malaysia and growing traction of its Indonesian platform.
Crowdo’s platforms in Malaysia and Indonesia were started just a few months of each other.
On the Indonesian lending platform, it has processed more than 600 loans with zero defaults.
Crowdo believes these achievements solidify its position as a professional player in the space with strong credentials to support the launch of the Singapore platform.
Crowdo chief executive officer and co-founder Leo Shimada commented that the company has innovated and re-invented itself to be always one step ahead of all our competitors, since inception.
“The license granted to us by MAS effectively makes us the first and only operator in Southeast Asia that can undertake P2P lending under a full license. We are here to stay and to play our part in making Singapore a truly exciting global fintech hub,” it said.
The addition of the CMS license in Singapore further reflects Crowdo’s adherence to regulations in the markets it operates in.
In June 2015, it was approved as a Recognised Market Operator for ECF platform by Securities Commission Malaysia.