The Standard (P13) 2016-03-08
Crowdfunding platform set up
Asset manager Bridgeway and local lender Konew Credit Corp are launching a crowdfunding platform that requires a minimum investment of HK$100,000.
Borrowing platform MoneySQ will start operations from next month, offering personal loans from HK$5,000 tc HK$100,000. Investors will be guaranteed a return of up to 5.5 percent annually — about the same as the local prime rate.
Only professional investors can become shareholders of the platform. That means individuals with liquid assets of more than HK$8 million and companies possessing a portfolio of HK$40 million or more.
There are more than 138,000 individuals in the SAR who may qualify as professional investors, according the World Wealth Report 2015 by Capgemini and RBC Wealth Manage-ment. Their idle assets — cash or cash equivalents — amount to about HK$1.27 trillion.
MoneySQ founder Steven Lee Kun-tai said the aim of the platform is to make 10,000 individual loans within 12 months.