The new authorization allows the equity crowdfunding platform to offer also peer-to-business lending solutions.
Singapore-based crowdfunding platform Crowdo today received its provisional Capital Market Services (CMS) License from the Monetary Authority of Singapore (MAS). The CMS licence will allow Crowdo to offer both equity crowdfunding and peer-to-business lending solutions in Singapore.
Officially launched in 2013 by Reona (Leo) Shimada and Nicola Castelnuovo, Crowdo claims to be the first equity crowdfunding platform to have launched in South East Asia with fully operational platforms in three markets – Singapore (where it is headquartered), Malaysia and Indonesia. Crowdo’s management team consists of FinTech professionals with over 30 years of combined experience in the finance, technology and innovation sectors, spent working at global corporations and financial institutions.
Crowdo’s CEO and Co-Founder Leo Shimada offered comment:
“We are now gearing up for a full launch in our home market of Singapore and will offer both Equity Crowdfunding (ECF) and P2B Lending solutions. The acquisition of the CMS license here should give confidence to our Investor members and Issuer clients that we are supervised by regulators and operate at the highest level of professional standards.”
In early March 2016, Crowdo launched its first equity crowdfunding campaign in Malaysia. Its first issuer, The Parenthood, successfully closed the largest crowdfunding offer to date in the region – raising approximately S$0.9 million – surpassing its target by 250%. A second offer by wedding.com.my, a website where people can search for inspiration for their wedding, is expected to launch soon.
On these milestones, Mr Shimada added:
“We have successfully facilitated a record breaking ECF fundraise which has exceeded 0.9 million Singapore Dollars. This is a great testament to the massive potential of alternative financing and a strong sign of Crowdo's credentials and capabilities as a leading operator in the space. […] The addition of the CMS license in Singapore so soon after we were approved as a Recognised Market Operator by the Securities Commission Malaysia (SC) last year would make Crowdo the only operator to achieve multi-jurisdiction licensing in SE. Asia.”
As for the future, Crowdo has set its sights on boosting its operations in each of the three markets that the platform already operates in, and on launching into new countries within the region. Shimada concluded:
"We are currently fundraising for growth capital to extend our leadership position in the multiple markets we target. There is intense investor interest primarily due to the fact that that they recognize Crowdo as a distinctive and credible regional player which can operate professionally in a regulated environment."