Find out what are some of the lessons and near misses. CoAssets serves retail investors and high-net-worth individuals. 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. He also declined to reveal the number of investors and the total value involved. 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. It also clarified that it does not regulate the group, but only the specific entity that is licensed with MAS. As a matter of policy, the financial regulator does not disclose its dealings with regulated financial institutions, said a spokesperson. CoAssets Limited (CA8) is a public company engaged in online funding, corporate lending and financial technology advisory business through its digitally enabled investor platform. All Miles Credit Cards Comparison 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. Do you know more about this story? 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. January 8, 2021. 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. He holds both a Bachelor in Building Science and a Masters of Real Estate from National University of Singapore. Singapore-based CoAssets Ltd. said April 7 that Getty Goh will step down as chairman of its board. 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. 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". This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. It’s a sweet … Soured Deal With DWG But, there appeared to be a light at the end of the tunnel for CoAssets and investors. But it was revealed that the emeralds were worth only about US$15,000 in an independent valuation by Sunfits. 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. We made investments in properties and small-scale development projects in the region. ST FILE PHOTO . 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. The company also appointed Denka Zhenke Wee and Mark Chew as independent nonexecutive director and executive director on its board, respectively, effective April 7. Share gift link below with your friends and family. 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. 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 … 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. CoAssets shuts down after missing funds controversy . “Do note that CAFPL is a wholly owned subsidiary of CoAssets Limited and only CAFPL is regulated by MAS. Indeed the company was going though a difficult patch in 2017. The CoAssets Group is pleased to announce that we have appointed Mr Denka Wee as CoAssets Group Chairman and CEO. Speaking with developers I met, I realised there was a funding gap in the market for projects between one and five million. 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