Three crowdfunding platforms have come together in a strategic alliance to boost market dominance in Southeast Asia. CoAssets, FundedByMe, and New Union each based in Singapore, specialize in different aspects of Crowdfunding. CoAssets is targeting the real estate vertical. New Union is a debt based funding portal. And FundedByMe is an international investment platform that has combined all aspects of crowdfunding. The alliance states that combine platforms have recorded over S $200 million dollars raised through international campaigns to date and “have exciting plans to accelerate this growth in the coming months”.
With the crowdfunding industry in Southeast Asia still relatively young, the alliance sees great potential in developing the region, beginning with market education, and later moving towards building the industry as a credible, trustworthy environment to grow. Crowdfunding’s exponential growth in Asia shows that there is indeed a great opportunity to initiate advancements in this space.
“We hope to shed positive light on the crowdfunding industry and attract stakeholders to help us further grow the crowdfunding scene in Southeast Asia,” says Getty Goh, founder and CEO of CoAssets.
According to a spokesperson, by forming an alliance the members aim to provide both an alternative financing scheme for SMEs and entrepreneurs, while simultaneously providing another platform of investment to interested parties.
“Through this alliance, we are able to pool together our networks, bringing together the biggest and most influential players in each industry, with both international reach, and local expertise. It is truly exciting to begin working with such capable and likeminded partners in the industry,” says Daniel Daboczy, Founder and CEO of FundedByMe.
With strong goals to ramp up the crowdfunding scene in Southeast Asia and to firmly establish crowdfunding as the next big thing in finance, the alliance has lined up a combined project for Q3 2015, and is also looking towards joint conferences in the next few months.
“This alliance represents the emerging wave of financial services that will meet crucial business needs. We are extremely excited to bring a new avenue to connect drivers of business, and allow them access to funds that weren’t previously available to them,” says Eddie Lee, Managing Director of New Union Singapore.
Crowdfunding has quickly evolved across Asia but in different ways. Singapore Exchange announced this past January their intent to assist in the evolution of equity crowdfunding in the country.