In conjunction with the Synergy and Crowd funding forum by Securities Commission’s (SCxSC) on 11 June 2015, Propellar CrowdPlus Sdn Bhd, a portfolio company of the Netrove group was selected as a registered equity crowdfunding (ECF) platform operator in Malaysia by the Securities Commission Malaysia (“SC”). A MOU with MDeC was also signed on the same day as part of collaboration initiatives on the education and promotion of ECF in Malaysia.
Netrove’s Chairman, Mr Teh, commented, “We are delighted that Propellar CrowdPlus was selected as one of the 6 license holders by SC and further validates our unique proposition of being a VC-backed platform operator i.e. the “Crowd+” model which brings into play various features of VC investment and risk management into pure play equity crowdfunding. We are equally proud that Malaysia is the first country in ASEAN to legislate on this asset class and was also quick to process and give out licences. We believe that the availability of ECF platforms will be a game changer in the investment environment in Malaysia specifically and ASEAN generally, providing opportunities to retail investors to participate in Malaysia domiciled startups wherever they may be from which was an asset class previously not available to them. The MOU with MDeC is a significant step towards collaboration with local partners in the funding eco-system as espoused by our PC+ model. We look forward to exciting times in this space!”
