Moneysave chief executive officer Vincent Soh says investors are yielding average returns of 13.96 per cent per annum with an average tenure of 2.3 months. Most notes were subscribed in less than 12 hours.
KUALA LUMPUR: MoneySave has crowdfunded its 100th investment note on November 27 with a total of RM7.68 million invested since its launch seven months ago. Moneysave is a peer-to-peer crowdfunding platform registered with the Securities Commission. “Investors are yielding average returns of 13.96 per cent per annum with an average tenure of 2.3 months. Most notes were subscribed in less than 12 hours,” Moneysave chief executive officer Vincent Soh said in a statement. With its “world’s first risk reduction” incentives, MoneySave said it had been able to maintain a zero per cent default rate for the last 100 investment notes that it had hosted and disbursed.
“Typically investors yield was between 7.50 per cent and 16 per cent per annum with tenure of investments between one to four months only. Our credit team led has been extremely careful in approving the deals as we target to maintain the lowest default rate in the industry i.e. zero per cent!” quipped its chief credit officer Eddy Lam, who has more than 35 years of credit and risk management experience with Hong Leong Bank Bhd, Standard Chartered Bank, DBS Bank, RHB Bank Bhd and Malayan Banking Bhd.
MoneySave said it focused on the digital e-commerce supply chain and also the suppliers and contractors of the government, ministries, agencies and government-linked companies as well as companies such Telekom Malaysia Bhd, Tenaga Nasional Bhd, Sime Darby Bhd, Maybank, Petronas, Axiata Group Bhd, Maxis Bhd, Public Bank Bhd and other Bursa Malaysia’s top 100 companies.
“We are here to complement the various government initiatives such as under Malaysia’s Prihatin Rakyat Economic Stimulus Package, Bank Simpanan Nasional, Tekun Niaga Financing Scheme, Soft Loans for SMEs, Penjana SME Financing, SME Bank, Mara, Special Relief Facility by Bank Negara Malaysia, Credit Guarantee Corporation, Syarikat Jaminan Pembiayaan Perniagaan and SME Corporation,” Soh said