FundedX to refrain from operating until authorisation obtained

CROWDFUNDING platform FundedHere said on Thursday night that its newly launched platform FundedX will refrain from operating until it has received the relevant authorisation, upon discovering that the business model is not licensed under FundedHere's current licence.

On Thursday morning, FundedHere had originally clarified that FundedX is not a "private stock exchange" as it initially claimed.

FundedX, which was unveiled on Tuesday, had previously been described by FundedHere as a "new private stock exchange to facilitate the trading of shares of high-growth startups and privately held companies in South-east Asia". In a media statement on Thursday morning, FundedHere clarified that "the platform is merely one where buyers and sellers can register their interests to buy or sell a particular company stock at the pre-determined price set by FundedX".

However, FundedHere then retracted its clarification on Thursday night, saying that it "has discovered that it is factually incorrect to state that the business model that FundedX intends to engage in is licensed under FundedHere's capital markets services licence".

"FundedX will be required to be an approved exchange or a recognised market operator in order to do so. FundedX will refrain from operating until it has received the relevant authorisation to do so," it added.