Funding Societies sees overheating in crowdfunding
Co-founder reckons there will be "negative competition", with a lot more platforms than good firms.
EVEN as regulations soon come into force for Singapore's crowdfunding scene, there are fears among a few that the floodgates have been flung open too soon for new players to enter this nascent segment.
Crowdfunding platform Funding Societies sees more "negative competition" ahead, said its co-founder Kelvin Teo in an interview with The Business Times, warning that the market remains opaque and that platforms can window-dress loan defaults to the disadvantage of yield-hungry investors.
"Our goal is always to make sure that the reputation of the industry is kept intact," said Mr Teo, whose platform has matched investors to S$8.7 million worth of loans since it started a year ago.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
Stablecoin issuer Tether invests US$200 million in brain-computer interface company
Yahoo to lay off staff in Singapore as it shifts to content curation
US: Wall St opens higher on megacap strength, Fed verdict awaited
IReit Global occupancy rate grows to 91.5% in Q1
Yen surges against US dollar on suspected intervention