- 01 Nov 2017
- 15 Dec 2017
- $15,000,000 USD
About the project
Crowd Genie Financial Services Pte Ltd. is incorporated in Singapore. It runs a peer-to-peer marketplace lending platform that brings together Borrowers that are Small and Medium sized enterprises (SMEs) in Singapore, and lenders.
The website is password protected before the ICO. Interested voters can get access with the following password: “curtains” (without the quotes, in lowercase)
Crowd Genie is one of the few licensed platforms in Singapore. It has been granted a “Dealing in Securities” license by Monetary Authority of Singapore (MAS) in March 2017.
CGCOIN is a token released by CGSPV Pte. Ltd. that is a company registered in Singapore as a related company of Crowd Genie Financial Services Pte. Ltd.(CGFS). CGSPV will exclusively invest in loans on www.crowd-genie.com and re-purchase the tokens from the market.
We aim to build a Pan-Asia hub built on smart contracts to make the flow of funds from Lenders to Borrowers more efficient and cheaper.
There are a few significant advantages that Crowd Genie has that set it apart from some of the other organizations offering tokens.
Cash flow generating, operational company: Crowd Genie runs the platform, www.crowd-genie.com, in Singapore. It has been operational for more than 18 months, with loans been given out, and a track record of repayments.
The fact that it is cash flow generating puts us in a unique position of having real-world market data and understanding, and not just a start-up’s theoretical view of the market.
Regulated in Singapore: Crowd Genie has spent a lot of resources to ensure that our internal processes, due diligence processes and credit assessments are 100% compliant with Singapore regulators.
Compliance with Singapore regulations ensures that Crowd Genie will always maintain a high level of professional conduct. Ensuring that everything that we plan is done without taking “shortcuts” that might not pass muster with the authorities.
Technically feasible: All the elements of the vision of Crowd Genie ecosystem are technically possible with all the tools, like blockchain, connected identity verification and distributed exchanges, been developed.
Our aim is to offer our early token buyers the ability to participate in building a unique end-to-end Asian asset management platform that is feasible, and not that requires any technologies to be invented to become feasible.
Token buyback with a clearly identified cash flow source: CGSPV, the entity releasing the tokens, is committing to use 80% of its annual profits to buyback tokens from the market exchange, beginning January 2019 itself.
As there is a cash flow from investments in Crowd Genie loans, the funds for token buybacks are clearly identified, and not dependent on any future fund raising or unknown/ un-validated revenue source.
Deep token integration: CGCOIN will be integrated across the ecosystem over the next 2-3 years. This ensures that these have a value beyond just for value appreciation.
The tokens will provide significant, and valuable, incentives to the ecosystem participants to buy and use these. For instance, borrowers will get discount and better interest rates based on the amount of tokens they have.
Grow loan book; develop token-based platform
Internal transaction usage
Integrate Digital identity and use of tokens across internal eco-system
Asset exchange operational
Fractionalize assets and start asset exchange
Full integration of tokens
Embed tokens in services for transactions
Wan Wai Leong