The Singapore Fintech Association announces the launch of the Marketplace Lending committee in response to the rapid growth in the sector. Minterest is proud to be 1 of the founder members of this committee.
The SFA subcommittee in dedicated to ensuring the local crowdlending industry is a trusted, credited and viable mode mode of financing for businesses in Singapore.
In 2016, Southeast Asia’s alternative finance market reached a record US$215.94 million, a growth of 362% compared to 2015. Data for 2016 showed that Singapore’s alternative finance market size was valued at US$163.75 million, more than double the entire value from 2013-2015. This upward trend is reflected internationally.
The global lending market valued at US$3.5 billion in 2013, expecting to reach US$1 trillion by 2050, according to Statista, a market research company.
The core committee is representative of senior crowdlenders in Singapore: Crowdo, Funding Societies, Minterest, New Union and Validus Capital. All of them are licensed by the Monetary Authority of Singapore of the Capital Market Service License.
Their initial tasks are to design and promote the best practices, industry guidelines and codes of conduct in a collaborative and open manner. This is to encourage transparency between market participants.
Eddie Lee, head of Marketplace Lending Committee, CEO New Union
“Our shared purpose is to support the common interests of the industry. We are looking to nurture and build relationship among crowdlenders, financial institutions, regulators and other stakeholders.”
The committee launch was celebrated via an industry event on Wednesday evening, with the return of the Fintech Titans debate series and a lively panel discussion. Topics under debate included the current lending landscape in Singapore, with insights shared from 5 lending founders.
Chia Hock Lai, President SFA
“With a growing lending marketplace in Southeast Asia, we felt there was a need for a consolidated and cohesive voice to lead the way among the community. Through this committee, we aim to enable Singaporean businesses to access to necessary financing options.”
This article was contributed by Fintech News Singapore