High-ranking civil servant joins CoAssets as COO as the company grows aggressively

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  • Appointment of Col. Lawrence Lim Teng Chye, Singapore’s Ex-Chief of Artillery, to join CoAssets as Chief Operating Officer
  • CoAssets, via its Australian subsidiary, will commence business and real estate crowdfunding in June quarter
  • Australian retail and sophisticated investors will be able to access debt-based investment opportunities through the platform, solidifying CoAssets’ regional expansion
  • CoAssets achieved revenue of S$1,972,017 in 2016H1, a 367% increase from the prior period of S$422,228
  • CoAssets platform exceeds 44,000 registered users
  • Company announces intention to list on the Australian Main Board

SINGAPORE, 15 MARCH 2016 | Homegrown crowd funding company CoAssets Pte Ltd is pleased to inform shareholders that Singapore’s Ex-Chief Artillery Officer, COL Lawrence Lim, will join as their Chief Operating Officer (COO) with effect from 4 May 2016. CoAssets Pte Ltd is listed on the National Stock Exchange of Australia to form CoAssets Limited (“CoAssets” or the “Company”) (NSX code: CAX), and the Company is thrilled to have secured the services of such a high caliber COO. COL Lim holds Masters degrees in several fields, including an MBA from the Massachusetts Institute of Technology. He has also served as Commander Personnel Command, as well as Head Joint Operations Planning and Head Control of Operations Group for the Singapore Armed Forces. COL Lim has had extensive experience in HR matters and managing large-scale complex operations. He was also the organizing chairman for the Opening and Closing Ceremonies of the 28th South East Asian (SEA) Games that was held in Singapore, and was credited for the successful conduct of the event. Mr Lim’s role will be to drive CoAssets’ day-to-day operations, while CEO Getty Goh further implements the Company’s operational strategy.

Aggressive Growth: Moving into Australia and the Business Crowdfunding Space

The COO appointment comes at a time when the Company is expanding rapidly across multiple jurisdictions. The Company has also extended its thriving crowdfunding platform into the SME sector. To date, CoAssets has done deals amounting to more than S$44million. Through the Company’s unique Lead Generation platform model, which allows registered users to view, research, and ultimately invest in real estate or SME projects, Singaporean SMEs can now immediately connect with investors, bridging a funding gap that had existed in the business funding sector.

In addition to its advances in the Singapore market, the Company is looking to expand the reach of its business crowdfunding arm into Australia, via its wholly owned subsidiary. The Company has recently become a Corporate Authorized Representative of the Melbourne Securities Corporation Ltd, allowing CoAssets to target the burgeoning Australian business and real estate crowdfunding market. With the start of operations in Australia, CoAssets will solidify its regional expansion with presence in five key markets: Singapore, China, Indonesia, Australia and Malaysia.

Incoming Chief Operating Officer of CoAssets COL Lawrence Lim commented:

“I have worked with Getty before and what ultimately made me join CoAssets is the fact that as a company, they are breaking new grounds in the crowdfunding and financial technology space. What makes it interesting is that CoAssets is creating a new industry with focus not just on Singapore but also the region as well.

Leveraging on my past work experiences, I see myself contributing effectively to CoAssets’ growth. CoAssets is the leader in the crowdfunding business and financial technology space, and there is a lot that I can learn by working with the amazing people in this company.”

Mr Getty Goh, commenting on the move into SME business crowdfunding and the Australian operations stated:

“Given our proven track record with real estate crowdfunding, and the growing demand for business loans in Singapore, we decided to extend our platform to the SME sector. We are an alternative source of capital for property developers and SMEs, both in Singapore and abroad, and look forward in facilitating their search for competitively priced capital in a timely fashion.

As flagged in November 2015, CoAssets sees its Australian operations as a key driver of future growth. The Company will now be operating its leading crowdfunding platform in 5 countries, targeting a combined population of 1.5bn+, and an addressable market estimated to be US$100bn annually. The Australian Government has set a big focus on financial innovation, including crowdfunding, and given our success throughout the region, the time is right for us to expand our offering in Australia.”

The timing of the Australian platform launch coincides with another key milestone, as the registered user base recently passed 44,000. We also recently announced our results from the first 6 months and we are pleased to note that at S$1.9m, revenue has jumped by more than 367% from a year ago. Successful marketing activities, coupled with the Company’s EPIC events and Crowdfunders magazine has ensured that the demand for capital via CoAssets matches the demand for yield from investors. We are encouraged by the results and this will set the stage for our transition onto the Australian main board sometime this year.”


About CoAssets.com (NSX Code: CAX)

CoAssets (www.coassets.com) is South-East Asia’s leading crowdfunding platform that is listed on the National Stock Exchange of Australia. It is not licensed and/or regulated by the Monetary Authority of Singapore. Officially launched in Singapore in July 2013, it currently has more than 40,000 registered users. In terms of value, the deals currently in CoAssets’ pipeline is worth more than S$120million (US$85 million), and the amount successfully funded stands at more than S$43 million (US$30 million). The company won the Red Herring Top 100 Asia Award for 2014, as well as OPP Gold Award for Excellence and currently has offices in Australia, Malaysia and Singapore.

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