Crowdfunding getting popular in Singapore

by Jonathan Adams

The slowing economy has opened up new opportunities for businesses seeking alternative sources of funding for their ventures, as traditional avenues of financing dry up. Crowdfunding, or the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically through the Internet, has gained momentum.

Crowdfunding company FundedHere, which received its licence in Singapore in March last year, has grown its investor base and expanded its reach. Last week, the platform announced its expansion to Malaysia and Indonesia.

In June last year, the Monetary Authority of Singapore (MAS) made it easier for start-ups and small and medium-sized enterprises to access securities-based crowdfunding. However, the process of gaining trust and credibility was not without teething problems.

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