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PETALING JAYA (Sept 25): EdgeProp Sdn Bhd (EdgeProp) has been registered by the Securities Commission Malaysia (SC) as the first recognised market operator to establish and operate a property crowdfunding (PCF) platform in Malaysia, following the revision of the SC’s Guidelines on Recognised Markets in May 2019.
In a statement today, the SC said EdgeProp was granted an approval in principle in September 2019. PCF is an initiative announced in Budget 2019 to provide an alternative financing avenue for first-time homebuyers through a property crowdfunding scheme.
Property crowdfunding offers the same potential as that of equity crowdfunding and peer-to-peer financing platforms in providing an alternative source of financing but is specifically tailored for first-time homebuyers. At the same time, it will provide investors access to a new investment option, said the SC.
“The SC would like to caution that it is an offence under the securities laws to operate a PCF platform without authorisation from the SC. Any persons found to be in breach may be liable to a fine not exceeding RM10 million or imprisonment for a term not exceeding ten years or both,” it added.
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