CoAssets gets regulatory approval to run crowdfunding in Singapore, will launch new app and site

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This development comes as CoAssets enters its 4th year of operations

CoAssets

Singapore-based crowdfunding platform CoAssets, founded four years ago, is now legally allowed to host crowdfunding projects in Singapore.

Today, it has received the Capital Markets Services (CMS) Licence, issued by the Monetary Authority of Singapore (MAS).

CoAssets said it will now start “re-engaging” its over 55,000 users on the platform. The company will ensure that all crowdfunding projects on its platform complies with the regulations and standards required by the CMS Licence.

Besides the new license, CoAssets said it is planning to launch a new website and mobile app next month.

“This news is particularly meaningful as we celebrate our 4th anniversary…since MAS announced in June 2016 that crowdfunding must be licensed, the CoAssets team has been working hard behind the scenes to apply for the CMS Licence in Singapore,” said Getty Goh, CEO and Co-Founder of CoAssets, in an official press release.

Also Read: MyCash is an e-marketplace for unbanked migrants in Malaysia; raises US$304K in crowdfunding led by Cradle Fund

“One of our key priorities is to focus on bringing a variety of projects through the CoAssets platform to all our members, and making our website and mobile apps more user friendly,” said Goh.

Since its listing in Australia’s ASX in September last year, CoAssets has been expanding its footprint in the region. The company currently has presence in Singapore, China, Australia, Malaysia, Indonesia and Hong Kong.

In Australia, CoAssets has developed co-sponsorship events with the Property Council of Australia to promote real estate and SME crowdfunding.

To date, over S$45 million (US$33 million) of funding has been raised on CoAssets’ platform.

In January this year, CoAssets made a US$145,000 strategic investment in Fujian-based crowdfunding startup Da Xian Bing, for 10 per cent of the company.

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Source: e27