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| Source: Crowdonomic. Crowdonomic was one of just a few operators approved as a Registered Electronic Facility (Equity Crowdfunding Platform) by Malaysia's Securities Commission. From left: Nicola Castelnuovo, Co-founder and Chief Commercial Officer of Crowdonomic; Datuk Ranjit Ajit Singh, Chairman, Securities Commission Malaysia and Leo Shimada, Co-Founder and Chief Executive Officer of Crowdonomic. |
Crowdonomic, one of the largest crowdfunding platforms in Southeast Asia, was today named by Securities Commission Malaysia (SC) as a registered electronic facility to pioneer and build the equity crowdfunding platform in Malaysia. The company was one of only a few conventional operators to be approved as a Registered Electronic Facility (Equity Crowdfunding Platform) by SC Chairman Datuk Ranjit Ajit Singh on the first day of SC’s Synergy & Crowdfunding Forum (SCxSC) 2015.
“The registration is the high point of our continued constructive engagement with regulators to help shape competitive crowdfunding policies and build fully compliant and professional businesses in the markets we operate in,” said Leo Shimada, Co-Founder and Chief Executive Officer of Crowdonomic.
Together with the registration of electronic facilities, SC is introducing guidelines and rules to enhance investor protection, establish clear disclosure rules, and clarify fundraising rules for businesses seeking financing. The framework is unique as it will allow businesses to raise up to RM3 million within a 12-month span, and also allow investment funds to raise unlimited amounts off the platform.
Shimada also said the rise of equity crowdfunding signifies the birth of a new asset class. “Equity crowdfunding is revolutionary, as it allows businesses, for the first time, to leverage the full power of social media and technology to efficiently raise capital. This is particularly important as Malaysians are known* to be among the most active on social media on a global scale,” Shimada explained.
To maximise the impact of equity crowdfunding in Malaysia, Crowdonomic is working on forming an alliance of top-tier players across the corporate, venture capital, financial institution and entrepreneurial ecosystem. “We are keen to explore opportunities with everyone interested in the potential of equity crowdfunding. When it comes to equity crowdfunding, we are not content to just copy the Western model. Instead, we will be proactively paving the way to shape a unique Malaysian model,” Shimada said.
*TNS’ Connective Life 2014 study
“The registration is the high point of our continued constructive engagement with regulators to help shape competitive crowdfunding policies and build fully compliant and professional businesses in the markets we operate in,” said Leo Shimada, Co-Founder and Chief Executive Officer of Crowdonomic.
Together with the registration of electronic facilities, SC is introducing guidelines and rules to enhance investor protection, establish clear disclosure rules, and clarify fundraising rules for businesses seeking financing. The framework is unique as it will allow businesses to raise up to RM3 million within a 12-month span, and also allow investment funds to raise unlimited amounts off the platform.
Shimada also said the rise of equity crowdfunding signifies the birth of a new asset class. “Equity crowdfunding is revolutionary, as it allows businesses, for the first time, to leverage the full power of social media and technology to efficiently raise capital. This is particularly important as Malaysians are known* to be among the most active on social media on a global scale,” Shimada explained.
To maximise the impact of equity crowdfunding in Malaysia, Crowdonomic is working on forming an alliance of top-tier players across the corporate, venture capital, financial institution and entrepreneurial ecosystem. “We are keen to explore opportunities with everyone interested in the potential of equity crowdfunding. When it comes to equity crowdfunding, we are not content to just copy the Western model. Instead, we will be proactively paving the way to shape a unique Malaysian model,” Shimada said.
*TNS’ Connective Life 2014 study
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