CoAssets Signs MOU with Fintech Pte Ltd as it Expands into Hong Kong

CoAssets (ASX: CA8), a crowdfunding platform specializing in facilitating funding for real estate and SMEs, has signed a non‐binding Memorandum of Understanding (MOU) to invest in Fintech Pte Ltd, a Hong Kong-based Fintech company. Following due-diligence, the two companies expect to formally announce an investment in April.

Fintech Pte Ltd, a subsidiary of Brighten Management Limited, owns Piggiebank, an online platform that provides users with a variety of investment products. CoAssets reports that Piggiebank has raised more than S$ 8 million (HKD 44 million) over the past 12 months and is said to have an indicative valuation of S$ 20 million.

Getty Goh, CEO and co-founder of CoAssets, said they were very excited about the opportunity presented by Fintech Pte Ltd. Goh described his company’s move as an important step in growing CoAssets beyond their current markets.

“Piggiebank has a good track record and working relationship with some of the Hong Kong top financial institutions – including family offices and a listed company; and we hope to tap into their expertise to curate and source attractive deals from around the region. This is particularly critical for our business as we start to convert more Chinese users,” said Goh.

CoAssets said internationalization is key to their growth. Since its listing in Australia last year, CoAssets has been expanding its footprint in the region. The company currently has a presence in Singapore, China, and Australia, and are in the process of applying for its Capital Market Services License (CMSL) from the Monetary Authority of Singapore (MAS). This move is also in line with the recommendations by Singapore’s Committee of the Future Economy (CFE) to deepen and diversify Singapore’s international connections.

“We expect that this investment into Fintech Pte Ltd will put us on the right path to grow our revenue in the coming months,” Getty added.

Julian So, Chief Development Officer of Brighten Management Limited and co‐founder of Brighten Management Pte Ltd., set high expectations for the collaboration between the two companies.

“Through this partnership, we are able to bring CoAssets, an established crowdfunding platform, on board to grow Piggiebank to the next level,” stated So. “We are very impressed by what they did in China, Singapore, and Australia, and would like them to replicate their success for us in the Hong Kong market. By having a credible technology partner like CoAssets, this will free us up to do what we do best – sourcing for attractive deals. From Fintech and Brighten’s perspective, we see this as a way for us to modernize a ‘brick‐and‐mortar’ business to make it significantly more scalable,” he added.

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