Fundaztic.com (Fundaztic) has started operating as the seventh peer-to-peer (P2P) financing platform in Singapore.
Fundaztic, majority-owned by Peoplender Sdn Bhd from Malaysia, was first awarded the license by the Monetary Authority of Singapore on Jan 18 2021. It was then given six months to get its systems ready before the public launch.
Peoplender Sdn Bhd is also behind for Fundaztic in Malaysia, which is one of the six operators in the country to be registered as Recognised Market Operator (RMO) for P2P by the Securities Commission of Malaysia.
The platform claims to be the market leader in this space, with a close to 50% market share in terms of access to funding for micro, small and medium enterprises (MSME).
“We are extremely excited that despite the challenges of the pandemic that we are able to launch the platform within the timeframe provided by the MAS and that the timing is very strategic as the country moves towards post-pandemic economic recovery,” says Betty Sim, executive director with Fundaztic SG, which manages the platform in Singapore.
Liew Yew Wen, the company’s CEO, believes that the current economic fallout from the pandemic is when MSMEs are in greater need of funding.
Retail investors can chip in with as little as $100 while the borrowers, the businesses, can raise up to $200,000 via the platform.
According to Sim, the process of applying for and receiving approval-in-principle can be done in just ten minutes.
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Liew acknowledges that Fundaztic, coming six years after the debut of P2P platforms here, is a “latecomer” to the scene.
“We are confident to make a significant difference as we would be focusing on segments and products that are new to the industry be it in terms of size, funding tenure and even processes,” he says.
