Securities Commission Malaysia Announces 8 New Licenses for Crowdfunding and P2P Lendingby Vincent Fong May 17, 2019
Securities Commission Malaysia today announced 3 new licenses for equity crowdfunding and 5 for P2P lending. This new batch sees names that are familiar to those in the startup scene and some new names.
The new equity crowdfunding players are; 1337 Ventures, Ethis Ventures and MyStartr. Whereas on the P2P lending front the new players are; CapitalBay, Capsphere Services, Crowdsense, MicroLEAP and Money Save Capital.
They received their letter of registration from Datuk Syed Albar, Chairman, Securities Commission Malaysia and was witnessessed by Finance Minister YB Lim Guan Eng.
“The SC will continue to facilitate development of innovative digital solutions which democratise access to investments while broadening financing options available for all Malaysian.” said Datuk Syed Zaid Albar.
Datuk Syed Albar also expressed that the new licensees is intended to cater to various new sub segments like insurance premium financing, shariah compliant financing and creative arts.
With the addition of the new ECF and P2P financing players, which will operationalise by the end of the year, there are now 21 market based financing platform operators registered in Malaysia.
As at the end of March 2019, the ECF and P2P financing market has provided close to RM 350 Million of alternative financing for nearly 900 Malaysian MSMEs.