Funding Societies gets regulatory nod for retail p2p lending

Singapore

FUNDING Societies has clinched in-principle approval to offer peer-to-peer (p2p) lending to retail investors in Singapore, and expects to offer again its p2p loans to these non-accredited investors by the first quarter of 2017.

It said on Monday that it will soon hold a capital market services licence in Singapore after it meets certain criteria set by the Monetary Authority of Singapore (MAS). These include a mandatory security deposit, and proof of financial resources to meet the base capital requirement, Funding Societies' co-founder Kelvin Teo told The Business Times.