SINGAPORE: An equity-based and lending crowdfunding platform on Monday (Mar 21) commenced operations in Singapore, following its receipt of a Capital Markets Services licence from the Monetary Authority of Singapore (MAS).
FundedHere said it will connect start-ups in Southeast Asia and China with accredited investors in Singapore, with investment amounts starting from S$5,000.
Under Singapore law, accredited investors must have at least S$2 million in net personal assets, excluding the primary residence. Alternatively, they must have an annual income of at least S$300,000.
FundedHere said it has reviewed more than 100 start-ups, mostly from Singapore. Of these, about 10 have the potential to be crowdfunded. It also hopes to register at least 1,000 accredited investors by the end of this year.
Crowdfunding is a multi-billion dollar industry in the West. The concept has also taken off in Asia, although most platforms in the region tend to be reward-based, whereby donors receive a gift or a prototype in exchange for donations.