The Singapore Fintech Association (SFA) has announced the creation of a Marketplace Lending committee and website. This is in response to the rapid growth in the sector, according to the SFA. The subcommittee will be dedicated to ensuring the local online lending industry is a trusted, credible and viable mode of financing for businesses in Singapore.
The core Committee members are as follows:
- Eddie Lee, Group CEO New Union – Crowdlended more than SGD2.6 billion across Asia Pac and present across 5 cities (Singapore, Philippines, Cambodia, China and Taiwan).
- Kelvin Teo, CEO Funding Societies – Invested by Sequoia Capital and Softbank.
- Vikas Nahata, Co-Founder Validus Capital
- Charis Liau, CEO Minterest – All 3 co-founders are ex-bankers.
- Nicola Castelnuovo, Co-Founder & Group CEO Crowdo – First lending platform in Singapore to be licensed.
The SFA says that in 2016 Southeast Asia’s alternative finance market reached a record US$215.94 million, a growth of 362% compared with 2015. Data for 2016 showed that Singapore’s alternative finance market size was valued at US$163.75 million, more than double the entire value from 2013-2015. This upward trend is reflected internationally.
The core committee is representative of senior “crowdlenders” in Singapore: All of these online lenders are licensed by the Monetary Authority of Singapore of the Capital Market Service License. Their initial tasks are to design and promote best practices, industry guidelines and codes of conduct in a collaborative and open manner. This is to encourage transparency between market participants.
Eddie Lee, head of Marketplace Lending committee, CEO New Union
“Our shared purpose is to support the common interests of the industry. We are looking to nurture and build relationship among crowdlenders, financial institutions, regulators and other stakeholders.”
Chia Hock Lai, President SFA, said the with the growing lending marketplace in Southeast Asia there was a clear need for a consolidated and cohesive voice to lead the way among the community.
“Through this committee, we aim to enable Singaporean businesses to access the necessary financing options.”
To find out more about Marketplace Lending committee or the SFA, visit https://singaporefintech.org/ marketplace-lending/
About the Singapore FinTech Association
The Singapore FinTech Association (SFA) is a cross-industry, non-profit organization designed to facilitate collaboration between all market participants and stakeholders in the FinTech ecosystem. It has over 125 members, who represent the full range of stakeholders in the FinTech industry, from early stage innovative companies to large financial players and service providers. The SFA also partners with institutions and other associations, from Singapore and globally, to cooperate on initiatives relating to the FinTech industry.