Singapore-based crowdfunding platform Crowdo received its full Capital Market Services (CMS) license from the Monetary Authority of Singapore (MAS) for securities crowdfunding (SCF) to deliver P2P lending and equity crowdfunding, according to the platform’s blog, reportedly making Crowdo the first and only regional operator that can undertake licensed P2P in Southeast Asia. The platform received its provisional license last April.
“Since its inception, Crowdo has innovated and re-invented itself to be always one step ahead of all our competitors,” commented Crowdo CEO and Co-founder Leo Shimada. “The license granted to us by MAS effectively makes us the first and only operator in South-East 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.”
Crowdo’s platforms in Malaysia and Indonesia were started within a short time period from each other just a few months ago. Since then, the Malaysian platform has gone on to help facilitate both the largest ECF offer in the region and the first ECF offer lead by a VC Fund, while the Indonesian platform has processed more than 600 loans with zero defaults, touted the platform. The addition of the CMS license in Singapore just months after it was approved as a Recognised Market Operator (Equity Crowdfunding Platform) by Securities Commission Malaysia (SC) last year may make Crowdo the only operator to achieve multi-jurisdiction licensing in South East Asia.
“No other operator can claim our track record and our multi-market presence. Singapore is our home market, Malaysia is our showcase and our business in Indonesia is our growth engine,” added Shimada. “We are rolling out a host of offers on our platforms in the coming months. There is no greater time to be in the fintech space and no greater time to be in the region. We have a front-row seat to all the amazing innovation that is happening here and we are in a prime position to help in the fundraising efforts of the region’s high growth potential companies.”
Crowdo counts close to 23,000 members, noting its double digits quarterly growth, and notes that its influence extends beyond Singapore, Malaysia and Indonesia, having helped businesses across six continents raise funding from more than 70 countries.