DAVAO CITY — CrowdPlus.asia will be formally launched as the first crowdfunding platform for the Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA) on May 11, when information and communication technology (ICT) leaders meet in Brunei.
Samuel R. Matunog, president of the ICT-Davao group who has been appointed chair of the BIMP-EAGA’s 2016 ICT CEO Forum next week, said the crowdfunding platform will provide wider financing opportunities for the region’s entrepreneurs, particularly the technology start-ups.
CrowdPlus.asia, registered in Malaysia and already present in parts of the Association of Southeast Asian Nations (ASEAN), is an equity crowdfunding platform backed by Netrove Ventures Group, a regional tech-based venture capital firm and Propellar Corp. Ltd, an equity crowdfunding operator based out of Hong Kong.
“[This means] instead of waiting for banks to fund us, we look for alternative ways of raising funds through the crowd platform,” Mr. Matunog said during Wednesday’s Habi at Kape forum at the Abreeza Mall.
Mr. Matunog said the organization will also tackle the legality and regulation of crowdfunding, which still varies from country to country.
In Malaysia, for example, equity crowdfunding was made legal in July 2015 with legislation to amend the Capital Markets and Services Acts.
On the other hand, the Philippines has no regulation yet despite the presence of many such sites in the country, according to Mr. Matunog.
“They are not regulated. The problem is both sides: the company trying to source funds and the investor.. You have, at the same time, to make sure that the ‘investee’ is a legitimate company [while] the entrepreneur is sure that the funds are there [from the investors],” he said.
Mr. Matunog said he is hopeful that regulation for this new sector will be put in place under the next government administration.
“If this platform is regulated, more investors will come in,” he said, citing policies on investment limits and possible tax incentives.
Apart from crowdfunding, other topics for discussion during the ICT CEO Forum include concerns of business start-ups in BIMP-EAGA, electronic commerce in relation to the ICT Rural Outreach Project, open data for business opportunities, and other innovations.
Source:
http://www.bworldonline.com/content.php?section=Economy&title=bimp-eaga-crowdfunding-platform-to-be-launched-may-11&id=127075
http://www.crowdsourcing.org/article/bimp-eaga-crowdfunding-platform-to-be-launched-may-11/60773
