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Manila Bulletin devider Business devider SEC grants 2 more crowdfunding licenses

SEC grants 2 more crowdfunding licenses

Published Feb 28, 2022 03:31 pm

The Securities and Exchange Commission has approved the applications of SeedIn Technology and Eastern Securities for registration as crowdfunding intermediaries.

The Commission granted both firms a permanent license each in lieu of a one-year provisional license, although their operations will be subject to frequent monitoring by the SEC.

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SeedIn is a debt-based crowdfunding platform that facilitates lending by all types of investors, including retail investors, accredited investors, and institutional investors to Philippine-based SME borrowers.

The company’s platform matches debt issuers with its registered investors, who must have a registered bank account with a licensed Philippine financial institution.

Investors may also lend money through SeedIn Technology’s platform using funds from an overseas bank account, subject to compliance with all relevant laws, including foreign exchange requirements.

SeedIn Technology is majority-owned by Singapore-based SeedIn Technology Holding Pte. Ltd., which primarily offers management consultancy services.

Meanwhile, Eastern Securities, a duly registered stock brokerage, will be operating Round One Platform – which will be the first equity-based crowdfunding platform licensed in the Philippines.

Through the platform, issuer-users can initiate and conduct fundraising campaign activities, while investor-users can commit investible funds to those campaigns.

Potential issuers through Round One must provide Eastern Securities with the details of the offering, including share price, total fundraising target, and total equity offered, among others.

The grant of the permanent license to crowdfunding intermediaries and funding portals is part of the Commission’s efforts to promote crowdfunding as a safe and sustainable investment option for Filipino investors and to provide more fundraising options for the country’s SMEs.

Lending-based and equity-based crowdfunding activities involve the offer of securities in the form of debentures or shares, subjecting them to securities regulation in many jurisdictions.

In the Philippines, The Securities Regulation Code provides that securities shall not be sold or offered for sale or distribution, without a registration statement duly filed and approved by the SEC.

However, crowdfunding securities may be exempted from registration, provided that the issuer, intermediary, and investors comply with SEC Memorandum Circular No. 14, Series of 2019, or the Rules and Regulations Governing Crowdfunding.

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