Asia Digest: Crowdo offers surpass financial targets; CoAssets secures MAS license

In updates from the crowdfunding space, two of Crowdo’s ECF offers have surpassed their capital raising targets while CoAssets has secured a capital markets license from the Monetary Authority of Singapore.

Crowdo offers surpass fundraising target

Malaysia-based regional fintech startup Crowdo reported that two of its Equity Crowdfunding (ECF) offers – MNP Auctioneers (MNP) and Goody Technologies – surpassed their funding targets.

MNP closed its ECF offer with 118 per cent target achievement or $82,593 (354,000 RM). It is a pioneer Malaysian E-LIVE auction solution provider that is endorsed by Bank Negara Malaysia. Its auction-related services cover pre-sales to marketing.

Goody Technologies, meanwhile, is a local Chinese lifestyle website, which has already raised $69,994 (300,000 RM) or 200 per cent of its target even though it has yet to reach its deadline on Saturday (June 24).

Besides its ECF offerings, Crowdo also provides peer-to-business lending and other financing solutions. The fintech firm was established in 2013 and now claims to have more than 34,000 members globally with operations in Malaysia, Singapore and Indonesia.

Crowdo co-founder and CEO Leo Shimada said the ECF market has successfully gone through its proof of concept stage and is now ready to scale.

Crowdo currently has two other ECF offers in exclusive or preview mode, the Shogun2u (S2U), and Bake2Play. The former offers food and grocery delivery to more than 50,000 members in the Klang Valley, while the latter is a onestop solution centre for everyday hunger games.

CoAssets secures CMS license from MAS

Singapore-based and ASX-listed crowdfinance platform CoAssets has received its capital markets services (CMS) licence from the Monetary Authority of Singapore (MAS).

The platform targets small and medium-sized enterprises (SMEs) and property developers looking to raise between S$100,000 and S$5 million in funds. In June 2016, the MAS announced that crowdfunding platforms dealing with debt and equity required a licence to operate.

CoAssets submitted its application in December 2016. With the firm securing the license, it can re-engage with its 55,000 users in Singapore.

Chief executive and co-founder Getty Goh said, “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 (mainland) China and Hong Kong. It is not an easy licence to get as the Singapore authorities are very thorough in the vetting process.”

According to Goh, a new website and mobile apps are under development and will be launched in July.

Also Read:

SGX partners Crowdo & PwC Venture Hub; Marvelstone launches robo-advisors

Malaysia: Crowdo launches ECF platform. Local startup, Wedding.com.my first to preview on platform

Crowdo gets licence to operate equity crowdfunding, P2B lending in Singapore

Crowdo gets licence to operate equity crowdfunding, P2B lending in Singapore

Singapore: CoAssets HK acquisition; DeClout opens incubator

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.