Share This Post

More News

Crowd Genie to Hold ICO token sale

Crowd Genie becomes the first licensed P2P lending platform to build an end-to-end regional lending platform solution

Focus would be:

  1. We are licensed platform looking to build a comprehensive lending platform that will span KYC to exchange
  2. Unlike a lot of ICOs – this is one of the few which have an operating business and a track record of cash flows
  3. Strong team with people from Banking, technology, cryptocurrency backgrounds with significant experience
  4. Token holders will be able to invest into the listings on the platform (provided they meet the lender KYC requirements) and get their returns in either Fiat or CGCOINs

(Should start with focus on ICO or the context on blockchain (as opposed to SME which would be generic to P2P itself, but not to blockchain) could revolutionize lending by 1. Ensure ownership of assets can be maintained using the blockchain 2. Allow tokenization or fractionalization of large assets into smaller chunks)

Although comprising more than 90% of Singapore’s enterprises and contributes around half of the national gross domestic product (GDP)[1], small and medium enterprises (SMEs) are often underserved when it comes to obtaining capital for their budding businesses.

Seeing that certain traditional financial services were rigid and could not serve certain client profiles, entrepreneurs Akshay Mehra and Bikash Saha founded Crowd Genie to develop an alternative funding medium for young SMEs who get turned away by banks. – too generic to P2P, and not to blockchain based P2P.

With this objective, Growd Genie aims to provide easier capital access for Singaporean small and medium enterprises (SMEs) looking to grow their young businesses with the right investors via a P2P marketplace lending platform.

“We are looking a building a blockchain based lending exchange for the Asian market that could dramatically improve the flow of capital, while continuing to be compliance with the regulations. We believe think that the efficiencies of blockchain fits very well with our target of the underbanked population of SMEs in Singapore and in the region more broadly.”

One of only four P2P lending platforms to be awarded a Capital Market Services (CMS) License by the Monetary Authority of Singapore (MAS), Crowd Genie is looking to hold the first ICO token sale of its CGCOIN currency, through a related entity CGSPV Pte. Ltd.

Through the sale, Crowd Genie hopes to raise ETH100,000 (USD31.69 million) to develop a Pan-Asian tokenised lending platform that facilitates easier flows of funds between lenders and borrowers more efficient and cheaper.

With the token, holders can invest in businesses listed on Crowd Genie’s platform, which is based off Ethereum blockchain technology. Here, they can potentially get higher returns (usually 12% or higher) than from typical yields of banks. On the platform, CGCOIN holders can also invest at ease as Crowd Genie carefully verifies the listings of SMEs, which are only registered Singaporean businesses.

Through Crowd Genie, Mehra also wants help young SMEs build their credit histories in real-time by incentivising on-time payments by adding CGCOIN “Credits” to their wallets. The more CGCOINs earned this way, the higher the borrower’s reputation; thereby increasing the chances of lower interest rates and receiving higher investments from more lenders.

Crowd Genie is Know Your Client (KYC)-compliant and is licensed with Singapore regulator (MAS). Lenders using the Crowd Genie platform will be able to receive their capital and interest payments in Fiat or in CGCOIN tokens..

Building on the projected success of its ICO, Crowd Genie will first prioritise optimising its service for its Singapore clients. The greater aim, however, is to tap into the underbanked populations of regional developing markets. thereby making the P2P platform a leading token-based lending hub in the Asia-Pacific.

For Mehra, Crowd Genie is “Driven by the fact that we want to target the underbanked population. We feel that the underbanked have all the right credentials to be given loans or have some kinds of financial products, but are still underserved.”

– ENDS –

About Crowd Genie

Crowd Genie is a Singapore-based P2P lending platform which brings together borrowers (registered SMEs) with lenders (capital providers) under a single ecosystem. Founded in 2016 the platform facilitates blockchain-based transactions via the use of Crowd Genie’s very own CGCOIN cryptocurrency. It is one of the few licensed P2P lending platforms in Singapore to be granted a “Dealing in Securities” license by Monetary Authority of Singapore (MAS).

Crowd Genie was established with the clear goal of creating a more accessible lending marketplace over traditional finance institutions. The platform was initiated by Akshay Mehra and Bikash Saha – who collectively hold around 40 years of experience in enterprise and banking – and are backed by a team of seasoned advisors and consultants who have backgrounds in capital markets, technology and marketing.

The website: ICO website where the Whitepaper can be downloaded: www.genieico.net

Company website: www.crowd-genie.com

Share This Post