Getty Goh, CEO, CoAssets said, "Given our proven track record with real estate crowdfunding, and the growing demand for business loans in Singapore, we decided to extend our platform to the SME sector. We are an alternative source of capital for property developers and SMEs, both in Singapore and abroad, and look forward in facilitating their search for competitively priced capital in a timely fashion."
In addition to its advances in the Singapore market, the company is looking to expand the reach of its business crowdfunding arm into Australia, via its wholly owned subsidiary. The company recently became a Corporate Authorized Representative of the Melbourne Securities Corporation, allowing CoAssets to target the Australian business and real estate crowdfunding market. With the start of operations in Australia, CoAssets will solidify its regional expansion with presence in five key markets: Singapore, China, Indonesia, Australia and Malaysia.
Goh said that recent financial results are encouraging and set the stage for the company's transition onto the Australian main board this year. "As flagged in November 2015, CoAssets sees its Australian operations as a key driver of future growth. The company will now be operating its leading crowdfunding platform in five countries, targeting a combined population of 1.5 billion+, and an addressable market estimated to be US$100 billion annually. The Australian Government has set a big focus on financial innovation, including crowdfunding, and given our success throughout the region, the time is right for us to expand our offering in Australia," Goh said.
"The timing of the Australian platform launch coincides with another key milestone, as the registered user base recently passed 44,000. We also recently announced our results from the first six months and we are pleased to note that at S$1.9 million, revenue has jumped by more than 367% from a year ago."
CoAssets further announced that Singapore's Ex-Chief Artillery Officer, Colonel Lawrence Lim, will be their Chief Operating Officer (COO) from 4 May 2016. As COO, Colonel Lim will drive CoAssets' day-to-day operations, while Goh further implements the company's operational strategy.
"Leveraging on my past work experiences, I see myself contributing effectively to CoAssets' growth. CoAssets is the leader in the crowdfunding business and financial technology space, and there is a lot that I can learn by working with the amazing people in this company," Lim said.
Colonel Lim has Masters degrees in several fields, including an MBA from the Massachusetts Institute of Technology. He has also served as Commander Personnel Command, as well as Head Joint Operations Planning and Head Control of Operations Group for the Singapore Armed Forces. He has extensive experience in human resource matters and managing large-scale complex operations. He was also the organising chairman for the opening and closing ceremonies of the 28th South East Asian (SEA) Games which were held in Singapore.
Colonel Lim commented: "I have worked with Getty before and what ultimately made me join CoAssets is the fact that as a company, they are breaking new grounds in the crowdfunding and financial technology space. What makes it interesting is that CoAssets is creating a new industry with focus not just on Singapore but also the region as well."
"Leveraging on my past work experiences, I see myself contributing effectively to CoAssets' growth. CoAssets is the leader in the crowdfunding business and financial technology space, and there is a lot that I can learn by working with the amazing people in this company," Lim said.
To date, CoAssets has brokered deals worth more than S$44 million in total.
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