Crowdlender Secures MAS License
Crowdlending platform New Union said it received a full capital market services license from the Singapore regulator, adding that it had already lined up a robust deal pipeline.
New Union provides business financing for small-medium enterprises (SMEs) in Singapore, China, Taiwan, Cambodia and the Philippines, making it one of the first and largest debt-based crowd-funding platforms in Singapore.
Since its inception in 2013, New Union has raised S$2.6 billion for businesses in Asia-Pacific (S$127.5 million excluding China). The stamp of approval by the Monetary Authority of Singapore (MAS) will lend the company additional credibility, said Eddie Lee, co-founder and CEO of New Union.
Strong Local Demand
For the past 18 months, the crowdlender turned away loan requests from SMEs. New Union focused on obtaining the capital market service license instead.
Local demand for alternative financing in Southeast Asia is strong. New Union’s maiden deal for an interior design firm was received with an overwhelming response and snapped up within 7 minutes.
