Crowd Genie, a small business lending platform, has received regulatory approval from the Monetary Authority of Singapore (MAS). Crowd Genie was granted a Capital Markets Services (CMS) license from MAS, an important development for the peer to peer lending platform. Crowd Genie has been in operation since mid-2016.
Crowd Genie’s mission is to build an alternative finance platform that makes the process of capital raising simpler, faster, and cheaper. The P2P lender matches accredited investors to securities in SMEs. Investors are typically looking to increase returns while SMEs have an alternative to bank financing. It is one of the first P2P lenders to receive the CMS license from MAS.
“We have been working hard in the last year to ensure that our back office processes are robust enough to meet MAS’ guidelines. We are glad that our efforts have been reflected in getting the approval from MAS, and demonstrates the coming of age of Fintech in Singapore,” said Crowd Genie’s CEO Akshay Mehra. “Singapore regulators are trendsetters in the region, and highly respected, getting the license sets us up to focus on scaling up rapidly.”