The Securities Commission of Malaysia (SC) has approved six registered Equity Crowdfunding (ECF) platforms today to give small business and entrepreneurs greater access to capital.
The six platforms are Alix Global, Crowdonomic, Eureeca, pitchIN and Propellar Crowd+.
The six platforms are expected to commence operation by year end.
SC Chairman Datuk Ranjit Ajit Singh said the establishment of ECF was a component of SC’s strategy to democratise finance.
“Over the years, Malaysia has developed a diversified and well established RM2.8 trillion capital market, helping business to grow as well as financing long-term investment in the economy,” he added.
Ranjit Singh pointed out that small and medium enterprises (SME) and startup must also be able to obtain market-based financing in order for the capital markets to be inclusive.
“Hence, it is timely to further widen access through innovation in financial technologies,” he said.
Ranjit Singh said this while delivering his opening remarks at the Synergy and Crowdfunding Forum (SCxSC) here today.
To recall, the SC was first introduced the concept of ECF as a channel for fundraising to wider Malaysian public at SCxSC forum last year.
A call for registration to become ECF operators was released in February 2015. SC has received 27 applications from diverse group of interested parties, both foreign and domestic.
Apart from that, the forum today also witnessed the signing of a Memorandum of Understanding between MDeC and three ECF platform operators namely Crowdonomic, pitchIN and Propellar Crowd+ to conduct programmes in funnelling ICT companies to ECF platforms.
(Source: http://www.theedgemarkets.com/my/article/sc-approves-six-ecf-platforms, 11 June 2015)
