pitchIN Secures In-Principle Approval for Secondary Market From the SCby Fintech News Malaysia March 24, 2022 0 comments
Malaysian equity crowdfunding platform (ECF) pitchIN announced that it has received in-principle approval for Secondary Market from the Securities Commission Malaysia (SC).
The company is targeting to launch the pitchIN Secondary Market in the first half of 2022.
Just yesterday the SC had also announced that pitchIN was one of the two registered Initial Exchange Offering (IEO) operators.
Chan Wei Chi, who will head pitchIN’s IEO operations, said that pitchIN aims to contribute to the creation of a vibrant digital assets ecosystem in Malaysia that is open, innovative and interoperable.
pitchIN added that it has been preparing for some time now to grow beyond ECF into a fintech player with multiple offerings.
The company has made moves to strengthen its capacities in technology, compliance, legal and financial analysis to prepare for this.
pitchIN has also raised RM10.5 million from an ECF campaign as well as VC investors.
Over the past six years, pitchIN’s ECF platform have assisted over 130 fast growing Malaysian companies to raise over RM230 million.
Sam Shafie, CEO of pitchIN said,
“We believe that IEO and the pitchIN Secondary Market will enable pitchIN to offer more fundraising options as well as add liquidity options for investors.
The Secondary Market and upcoming IEO are just the first on our roadmap. We look forward to launching even more services soon, not just in Malaysia but also regionally.”
Kashminder Singh, Chief Strategy Officer of pitchIN said,
“Many companies who raised funds previously on pitchIN are doing well. We have already seen the first IPO among our issuers with a few more on the way.
The pitchIN Secondary Market will add another exit option to existing ECF investors as well as new investors who want to take up equity in these growing companies. ”