Singapore crowdfunding platform CoAssets gets capital markets services licence

SINGAPORE - Singapore-based CoAssets, a crowdfunding platform announced on Tuesday (June 20) that it has received its capital markets services (CMS) licence from the Monetary Authority of Singapore (MAS).

The platform targets small and medium-sized enterprises and property developers looking to raise between $100,000 and $5 million in funds.

In June last year (2016), MAS announced that, under new rules, crowdfunding platforms that deal with debt and equity had to get a licence to operate.

CoAssets submitted its application last December (2016).

The firm said that, with the licence in hand, it would be able to once more engage its 55,000 users in Singapore. It had focused on its short-term loan and events businesses in the meantime.

Chief executive and co-founder Getty Goh said in a statement: "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, while expanding our presence in (mainland) China and Hong Kong. It is not an easy licence to get as the Singapore authorities are very thorough in the vetting process."

A new website and mobile apps are in the pipeline, he added. They will be launched in July.