FundedHere has become Singapore’s first fully licensed equity and debt based crowdfunding platform in Singapore, following receiving their Capital Market Services (CMS) license from the Money Authority of Singapore (MAS). FundedHere is set to go live next month, allowing accredited investors to choose between 10 start ups. Two other equity crowdfunding platforms in Singapore, Capbridge and Crowdo, expect to receive full CMS licenses from the MAS in the near future.
19 Mar 2016: The Hong Kong Financial Services Development Council (FCSC) released a report on equity crowdfunding on Friday, which proposes options to support its introduction in the city state. Potential approaches range from full legislative action to maintaining the status quo, or, a middle option through introducing regulatory initiatives. In announcing the report Council Chair, Mrs Laura M Cha, stated that “Equity crowdfunding is a major area of Fintech activities, one which not only breaks new ground in financing, but is also an innovative kind of community participation. The FCSC believes an appropriate avenue should be created to allow and regulate it.”
17 Mar 2016: The report on the first Asia Pacific benchmark survey of alternative finance was released yesterday. It reveals that the Asia Pacific alternative finance sector was worth $102.8 billion in 2015. China dominates the figures, accounting for 99% of this figure. The comprehensive report also shows high growth in a number of countries, such as New Zealand, Australia, Japan, Korea, Singapore and India. The report is the first academic study of the sector and was conducted by a joint venture between Cambridge University, Tsinghua University and the University of Sydney.