Getty Goh, CEO of CoAssets Ltd. “Peer-to-peer lending, through CAPL, offers the regular man on the street a simple way to get on board and tap into different markets,” he added. Aggrieved investors have since filed police reports against CoAssets' co-founders Getty Goh (who was the former group CEO) and Seh Huan Kiat, and have grouped together on social media channels such as Telegram to pursue legal action. Before founding CoAssets Pte Ltd Mr Goh founded Ascendant … Looking back, I can understand the frustration you felt towards the company. But it was revealed that the emeralds were worth only about US$15,000 in an independent valuation by Sunfits. Former chief operating officer Lawrence Lim has gone public to urge affected investors to file police reports. The CoAssets Group is pleased to announce that we have appointed Mr Denka Wee as CoAssets Group Chairman and CEO. In CoAssets' latest annual report, the company's revenue fell by 250 per cent for the year to June 30, 2020, with US$13.3 million in asset impairments. IT is likely to be a long-drawn affair for CoAssets' promissory noteholders to claw back their investments - if they were to get back any at all, said industry watchers. Dear Anonymous Former Employee, This is Getty and I’m the CoAssets Group CEO and Co-Founder. Curtain falls on CoAssets crowdfund platform, but no systemic risk seen in P2P lending. Getty Goh is the Executive Chairman and Chief Executive Officer of CoAssets Ltd. Singapore. In Sep-2016, just after CoAssets listed on ASX, CoAssets shares price drop all the way from AUD 0.40 (IPO price) to AUD 0.21! However, investors who were counting on this guarantee found their hopes dashed, when DWG voided the agreement, citing "suspicious activity" after a review of documents. All Cashback Credit Cards Comparison. CoAssets shuts down after missing funds controversy . January 11, 2021. Co-Founder & Exec Chairman at Coassets Ltd. All Credit Cards Comparison. Share gift link below with your friends and family. As a matter of policy, the financial regulator does not disclose its dealings with regulated financial institutions, said a spokesperson. Aggrieved investors have since filed police reports against CoAssets' co-founders Getty Goh (who was the former group CEO) and Seh Huan Kiat, and have grouped together on … West Perth, WA 6005 We are still a young company and all feedback (whether good or bad) are important to help make CoAssets a better work environment for our team. The Company offers an application that provides a wide range of credible and profitable investments, as well as curated and robustly-structured alternative products online. 1139 Hay Street With an average minimum investment of $5,000, investors can back an array of projects in industries. Background: CoAssets was a peer-to-peer lending platform founded by Getty Goh and Huan Kiat Seh in 2013. On talks of a potential merger with DWG, Mr Goh had convinced investors to stay onboard and extend the payment deadlines for many of the promissory notes that were set to mature in 2020, claiming that the notes were contractually guaranteed by DWG and Mr Wee. Getty Goh, with his co-founder Dr. Seh Huan Kiat, started CoAssets, a crowdfunding platform that connects borrowers and lenders across Asia of quanta below $5 million. While it was posted about 2 years ago, i still feel that it warrants a reply from me. Putting a spin on real estate investment for Singapore investors – An interview with CoAssets, Getty Goh “It’s all about reach,” says CoAssets’ co-founder and CEO, Getty Goh. In early 2020, CoAssets had told investors that it had 17 kg of emeralds worth US$6 million that could be used as collateral. No. ST FILE PHOTO . CoAssets Limited is the digitally-enabled alternative wealth platform. Singapore-based crowd funding platform CoAssets, now operating as CA Funding, is in the process of winding down. It’s a sweet … He also alleged that CoAssets did not inform investors that the companies in its portfolio had trouble repaying the loans and continued to raise funds. Aggrieved investors have since filed police reports against CoAssets' co-founders Getty Goh (who was the former group CEO) and Seh Huan Kiat, and have grouped together on social media channels such as Telegram to pursue legal action. CoAssets first started out as a crowdfunding site for real estate in 2013, but later embarked on a different business model where it set up subsidiaries and issued loans known as promissory notes to investors. The company has a two-way approach, which involves helping business owners raise money and giving investors the opportunity to support their desired projects for eventual returns. All done! MAS added that it is aware that police reports have been lodged against CoAssets. The company also appointed Denka Zhenke Wee and Mark Chew as independent nonexecutive director and executive director on its board, respectively, effective April 7. Select from premium Classes Adult of the highest quality. But a log-in is still required for our PDFs. He had stepped down as chairman and group CEO earlier this year, but remains CEO of the MAS-licensed CA Funding. Aggrieved investors have since filed police reports against CoAssets co-founders Getty Goh, who was the former group chief executive officer, and Seh Huan Kiat, and have grouped together on social media channels such as Telegram to pursue legal action. As these promissory notes are higher risk, they are usually offered only to corporate or sophisticated investors. All Miles Credit Cards Comparison Indeed the company was going though a difficult patch in 2017. Promissory notes are debt instruments that allow companies to obtain financing from sources other than a bank. Hundreds of CoAssets' retail investors were left reeling in early December when it came to light that the Singapore-based alternative lending platform had transferred US$30 million (S$39.9 million) of its borrowings to a little-known debt recovery firm Sunfits, according to a Tech in Asia report. By registering, you agree to our T&C and Privacy Policy. Investors have also filed police reports against CoAssets' co-founders Getty Goh (pictured) and Seh Huan Kiat, and have grouped together to explore legal options. CoAssets Limited (CA8) is a public company engaged in online funding, corporate lending and financial technology advisory business through its digitally enabled investor platform. CoAssets was previously listed on the Australian Securities Exchange in 2016, but later applied to delist in April 2020, citing a low number of shareholders and low trading volume. When asked what plans are in place for investors, CA Funding's CEO Getty Goh declined to comment. He has a proven track record as a thought leader and entrepreneur with experience in opening new sectors, growing CoAssets from a start-up to a listed company in just two years. When queried by The Business Times if the Commercial Affairs Department was handling the matter, the police only confirmed that reports were … GETTY GOH: Prior to CoAssets, I started Ascendant Assets, a real estate research and investment consultancy. Getty Goh Te-Win Mr Goh is the Chief Executive Officer and co-founder of CoAssets Pte Ltd. I thought to myself: why can’t I do this online where the reach is greater? Getty Goh has been the CEO of CoAssets Limited (ASX:CA8) since 2015. CoAssets was launched about two years ago as Southeast Asia’s first real-estate crowdfunding website, and now has more than 7,500 registered members. Sunfits wrote in a note to investors that it could not collect on the debt as there is no "visibility" on any of the assets. Simply Wall St. November 12, 2019, 2:06 PM. Dear Anonymous Employee, This is Getty and I’m the CoAssets Group CEO and Co-Founder. He holds both a Bachelor in Building Science and a Masters of Real Estate from National University of Singapore. Bitter wait for CoAssets noteholders as investments turn sour. Find contact's direct phone number, email address, work history, and more. The earlier plan was for DWG to absorb CoAssets and help investors with an exit, wrote Mr Goh. This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. Getty Goh is CEO/Mng Dir/Co-Founder at CoAssets Ltd. See Getty Goh's compensation, career history, education, & memberships. Goh will continue to serve as the company's CEO and managing director. However, the deal failed to take off, with differing accounts on what transpired. It also clarified that it does not regulate the group, but only the specific entity that is licensed with MAS. We made investments in properties and small-scale development projects in the region. We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. January 8, 2021. Find the perfect Classes Adult stock photos and editorial news pictures from Getty Images. In a Facebook statement that was later taken down, Mr Getty Goh had denied blame for the fiasco. He places the blame on Getty Goh, the ex-group CEO of CoAssets. In an e-mail statement to Tech in Asia, DWG claims that it had discovered "irregularities, misinformation, and suspicious transactions" when it looked into CoAssets. SINGAPORE (THE BUSINESS TIMES) - The Monetary Authority of Singapore (MAS) will review and take necessary action if CoAssets' licensed subsidiary - now known as CA Funding - has breached regulations. Aggrieved investors have since filed police reports against CoAssets co-founders Getty Goh, who was the former group chief executive officer, and Seh Huan Kiat, and have … ZUU online caught up with CoAssets cofounder and CEO, Getty Goh, to find out how it all started and what led to the company’s dramatic transformation. The debt-based investment platform has grown its registered investor base to more than 60,000 members across the island since it was set up in 2013 by entrepreneur, Getty Goh, and Dr. Seh Huan Kiat, who were on a mission to make highyield investments more accessible to … Aggrieved investors have since filed police reports against CoAssets' co-founders Getty Goh (who was the former group CEO) and Seh Huan Kiat, and have grouped together on social media channels such as Telegram to pursue legal action. CoAssets brings real estate developers, businesses and investors together, with in excess of S$43 million worth of transactions taking … Speaking with developers I met, I realised there was a funding gap in the market for projects between one and five million. Both Sunfits and DWG are also considering legal action, according to Tech in Asia. Until we resolve the issues, subscribers need not log in to access ST Digital articles. SPH Digital News / Copyright © 2021 Singapore Press Holdings Ltd. Co. Regn. “Do note that CAFPL is a wholly owned subsidiary of CoAssets Limited and only CAFPL is regulated by MAS. Australia. Getty Goh, CoAssets Founder, presented that the investment was for CoAssets listing on the ASX (Australian Securities Exchange, ticker CA8), for 125,000 shares at AUD 0.40 each. Aggrieved investors have since filed police reports against CoAssets co-founders Getty Goh, who was the former group chief executive officer, and Seh Huan Kiat, and have grouped together on social media channels such as Telegram to pursue legal action. Getty Goh, co-founder and former CEO has moved into a new role as Chief Corporate Officer. He holds both a Bachelor in Building Science and a Masters of Real Estate from National University of Singapore. CoAssets serves retail investors and high-net-worth individuals. The gift link for this subscriber-only article has expired. Wee first joined CoAssets as a non-executive chairman on April 7, 2020. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The chairmanship and group CEO posts were taken over by Denka Wee, director of real estate brokerage firm DWG. In a Facebook statement that was later taken down, Mr Goh had denied blame for the fiasco. Do you know more about this story? Read 3 articles daily and stand to win ST rewards, including the ST News Tablet worth $398. All rights reserved. This came as Covid-19 was the final nail on the coffin, hitting the alternative lending industry hard and drying up funding. To understand CoAssets, it is essential to know the man behind the business. Office J, Level 2 He is now acting as the CEO of CoAssets. You have reached your limit of subscriber-only articles this month. Soured Deal With DWG But, there appeared to be a light at the end of the tunnel for CoAssets and investors. They can read the article in full after signing up for a free account. Get unlimited access to all stories at $0.99/month for the first 3 months. 198402868E. If you have invested in the ... Reports also said that lawsuits are now being filed against the CoAsset’s co-founders Getty Goh and Seh Huan Kiat. Several affected investors expressed their frustration on social media, alleging that they were told that the promissory notes were backed with collateral and personal guarantees. Singapore-based CoAssets Ltd. said April 7 that Getty Goh will step down as chairman of its board. But, it is important to note that Getty Goh resigned as the Group Chairman on 8 Apr 2020 and as Group CEO on 1 Jul 2020. Mr Wee resigned as its chairman in December. The Business Times. Find out what are some of the lessons and near misses. In a separate e-mail sent on Dec 28, it was revealed that CA Funding is "currently non-operational and insolvent", with loan recovery "extremely challenging". It had earlier disclosed in end-2019 that it was being inspected by MAS, but it is unclear if any action was taken in the end. This is a dated reply to your 2017 post. Contact us anonymously through this link. 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