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SME lender Funding Societies expands to Thailand, Garage

FUNDING Societies, a digital financing platform for small and medium enterprises (SME) in South-east Asia, has launched in Thailand – its fourth market in its six years of operations.

The platform will operate under a debt-crowdfunding licence given by Thailand’s Securities and Exchange Commission (SEC), the SME lender said on Tuesday in a press statement.

The expansion comes after more than a year of working with Thai regulators and planning for market entry, it added.

Funding Societies said it is prepared to provide Thai SMEs with full access to its short-term customisable financing solutions, funded by retail and institutional investors.

Its crowdfunding solutions will offer a new avenue for Thailand’s retail investors to diversify their portfolio from other asset classes. Investors can expect investment opportunities with interest rates of 8-13 per cent per annum.

Funding Societies’ expansion to Thailand will also allow

Three non-bank e-wallet players to offer PayNow, Banking & Finance

Mon, Feb 08, 2021 – 12:50 PM

E-WALLET players Grab Financial Group, Liquid Group and Singtel Dash will now also offer PayNow services – marking the first time the peer-to-peer fund transfer service is made available to non-banks.

A new PayNow proxy called the Virtual Payment Address (VPA) has been created to facilitate fund transfer between bank accounts and these e-wallets, as well as across the e-wallets. This new proxy allows individuals to link their mobile number with an e-wallet offered by non-bank financial institutions (NFIs), while keeping their existing PayNow registration that is linked to a bank account.

VPAs will be created using the users’ mobile numbers and the type of e-wallet.

Later on in 2021, users will also be able to use these NFI e-wallets to make payments to merchants by scanning their PayNow-SGQR labels, the Association of Banks in Singapore (ABS) said in a media announcement on

Siam Validus is first foreign fintech firm to get Thai debenture crowdfunding licence, ASEAN Business

Singapore

CROWDFUNDING platform Siam Validus, a joint venture between Validus and SCG Distribution, is the first foreign fintech firm to be granted a debenture crowdfunding licence by the Securities and Exchange Commission of Thailand (SEC).

The licence will allow Siam Validus to…

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Crypto farm’s power tussle with landlord over electricity use ends up in Singapore court, Banking & Finance

Singapore

THE buzz behind crypto currencies has charged up a lawsuit in Singapore. A crypto mining firm has claimed that its landlord’s interference with the electricity supply led to trading losses in crypto currencies, with the suit throwing up the question of how such losses can be…

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Siam Validus is first foreign fintech firm to get Thai debenture crowdfunding licence, ASEAN Business

CROWDFUNDING platform Siam Validus, a joint venture between Validus and SCG Distribution, is the first foreign fintech firm to be granted a debenture crowdfunding licence by the Securities and Exchange Commission of Thailand (SEC).

The licence will allow Siam Validus to support small and medium-sized enterprises (SMEs) via debt crowdfunding, which is a form of peer-to-peer lending through an approved online funding portal.

Unlike equity crowdfunding, investors do not gain shares in the company and fundraisers must repay the loans with interest.

“Many SMEs in Thailand are often unable to access financing to meet cash flow needs, and are unable to shorten their cash flow cycles to capitalise on opportunities,” said Wareemon Niyomthai, chief executive officer of Siam Validus.

“We are working closely with our corporate partner to support their vendors and dealers, and with Siam Validus’ unique ability to effectively leverage technology and data, we are confident we will

DBS boosts sustainable finance target to S$50b by 2024, Banking & Finance

Thu, Feb 04, 2021 – 9:51 AM


UPDATED Thu, Feb 04, 2021 – 10:44 AM

DBS has raised its sustainable finance target for 2024 to S$50 billion, which is well over twice of the lender’s previous S$20 billion target for the same year.

The move stems from more companies seeking to advance their corporate sustainability agenda through sustainable financing, said DBS in a media statement issued on Thursday.

“We thought our earlier target of S$20 billion for renewable and other green financing would be a stretch and were greatly heartened at the level of customer interest in moving from business-as-usual mode to adopting sustainability in their strategies,” said Tan Su Shan, DBS’s group head of institutional banking.

Ms Tan notes that many companies have doubled down on their environmental, social and governance (ESG) commitments since the Covid-19 pandemic, with a marked increase in the number of corporate interest in