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Tired of your bank saying no to you? Whether it is for business expansion or working capital requirements, small & medium sized companies (“SMEs”) face challenges in bridging the financing gap. Fortunately, there is a great way for these companies to raise funds effectively to meet their business needs. “However, not many companies are aware of marketplace funding,” begins Charis Liau, co-founder and CEO of Minterest. The majority of SMEs today are still struggling to access finance effectively. The key obstacles are the “one size fits all” and “no-go industry sectors” approaches taken by traditional finance providers as well as lack of financial track record of SMEs. These barriers have resulted in the emergence of a huge credit gap–banks, with high cost structures and strict regulatory compliance requirements, are unable to serve the needs of these corporate effectively. Driven by the zeal to empower both borrowers and investors, Singapore-based Minterest has built a user friendly online funding platform with a proprietary workflow and credit scoring algorithm (“MintGrade”) enabling the quick and efficient processing of loan requests. “Our ultimate aim is to fill the credit gap by on-boarding the creditworthy borrowers and providing investors with well-structured, risk-mitigated investments,” enthused Charis.
Minterest along with four members of the Singapore FinTech Association founded a marketplace lending sub-committee with a vision to create industry standards and spread awareness about marketplace financing through education and publicity.
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