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.
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.
To date, CoAssets has brokered deals worth more than S$44 million in total.