Coassets Expands Into Hong Kong’s Fintech Spaceby Fintech News Hong Kong March 21, 2017
CoAssets a crowdfunding platform specialising in facilitating funding for real estate and small to medium‐sized enterprises, is pleased to announce that it has signed a non‐binding Memorandum of Understanding (MOU) to invest in Fintech Pte Ltd, a Hong Kong Fintech company.
Fintech Pte Ltd, a subsidiary of Brighten Management Limited, owns Piggiebank, an online platform that provides users with investment products. Piggiebank has raised more than S$8m (~HKD44million) over 12 months, and has an indicative valuation of S$20m.
“We are very excited to invest in Fintech Pte Ltd. This partnership is an important step to growing CoAssets beyond our current markets,” said Getty Goh, CEO and Co‐founder of CoAssets.
“Piggiebank has a good track record and working relationship with some of the Hong Kong top financial institutions (including family offices and a listed company); and we hope to tap on their expertise to curate and source for attractive deals from around the region. This is particularly critical for our business as we start to convert more Chinese users.”
Internationalisation as a key growth strategy
Since its listing in Australia in September last year, CoAssets has been expanding its footprint in the region. The company currently has presence in Singapore, China, and Australia, and are in the process of applying for its Capital Market Services License (CMSL) from the Monetary Authority of Singapore (MAS). This move is also in line with the recommendations mooted by Singapore’s Committee of the Future Economy (CFE) to deepen and diversify Singapore’s international connections.
“We expect that this investment into Fintech Pte Ltd will put us on the right path to grow our revenue in the coming months,” Getty added.
“We believe that this will be a very good collaboration between CoAssets and Fintech Pte Ltd. Through this partnership, we are able to bring CoAssets, an established crowdfunding platform, on board to grow Piggiebank to the next level,” commented Mr Julian So, Chief Development Officer of Brighten Management Limited and Co‐Founder of Brighten Management Pte Ltd.
“We are very impressed by what they did in China, Singapore and Australia, and would like them to replicate their success for us in the Hong Kong market. By having a credible technology partner like CoAssets, this will free us up to do what we do best – sourcing for attractive deals. From Fintech and Brighten’s perspective, we see this as a way for us to modernise a ‘brick‐and‐mortar’ business to make it significantly more scalable,” Julian added.
Both companies are presently conducting due diligence and aim to conclude the investment by Apr 2017.
Featured picture via Unsplash