Singapore-based FundTier announced on Thursday it has received a Capital Market Services (CMS) license from the Monetary Authority of Singapore (MAS). Co-founder of the funding portal Max Ho revealed to the Business Times that with the new license it will be able to reach out to investors who typically deal with traditional banking products but may not have access to SME loans.
“We are aware of the limitations SMEs may face when they try to get a bank loan. The purpose of FundTier is to address the funding gap for some of these underserved SMEs which have promising business growth plans, but could not get the necessary funding from conventional financiers.”
Lee then added:
“At the same time, we have an existing pool of investors who are looking for unconventional investment tools. Many of them are drawn to funding SMEs due to its fast turnaround and reasonable rate of returns.”
FundTier is currently scheduled to launch in early January 2018.