Wednesday, 17 July 2024
CoAssets recalibrates its business plans to focus on high growth areas
CoAssets Limited, a crowdfunding platform specialising in facilitating funding for real estate and small to medium‐sized enterprises, today announces its plans to move its crowdfunding operationsto Eastern Australia, placing more emphasis on Sydney and Melbourne. In line with the move, the company is also taking the opportunity to review its Australia growth plan, and to sharpen its crowdfunding business.
REAFFIRMS COMMITMENT TO GROWTH IN AUSTRALIA
“Australia is a key market for us and we are committed to growing our crowdfunding services there. The recent board and management changes are part of a holistic planned transition as we realign our business focus to high growth areas,” said Mr Getty Goh, CEO and Co‐Founder of CoAssets. “While Perth is a good market to get started, we think that it is time for us to move our operations to Eastern Australia.”
In addition to the relocation, the company is also reviewing its Australian crowdfunding business model. CoAssets Australia is currently operating under a relief provided by ASIC Class Order 02/273 ‘Business Introduction or Matching Services’, and that is due to expire on 1 April 2017. The company is working with the relevant authorities to develop a more robust crowdfunding model, and have decided to temporarily put its Corporate Authorized Representative (CAR) arrangement on hold.
“As part of our review, we are also exploring the possibility of doing a joint venture with an Australian company and are in the process of talking to several potential partners. All these initiatives are part of the company’s growth plan, and we are confident these improvements will help CoAssets achieve its profit targetsin the near‐ to mid‐term,” Getty added.
Re-disseminated by The Asian Banker
