A Singaporean peer-to-peer lender is under investigation for alleged regulatory breaches.
The Monetary Authority of Singapore (MAS) and police issued a joint statement yesterday (2 February) that said companies in the CoAssets Group are being investigated following complaints from the public suspecting misconduct.
CA Funding, which is the regulated entity within the CoAssets Group, announced last month that it was closing and investors would be repaid while it worked on its business cessation plan.
Its website now says it is under maintenance.
The MAS had already ordered CA Funding to stop issuing new loans and taking on new investors in March 2020 amid concerns about credit assessment, loan transparency and conflicts of interest.
“CA Funding informed MAS in December 2020 that it had failed to comply with the minimum base capital and intended to cease operations,” a MAS statement said.
“All customer money has since been returned to investors.
“MAS is closely monitoring CA Funding’s implementation of its cessation plan, to ensure that investors are treated fairly.”