Can a non-Singaporean invest with Singaporean P2P platforms?



  • I'm Malaysian, but I thought I should diversify my p2p portfolio within sg as well. Is that possible? And on which platforms?

    Anyone has had any experience

    [post update:

    (Thanks @maybewei and @pot-folio)

    Funding Societies SG:
    Yes, SG bank account not needed

    Validus Capital:
    Yes, SG bank account needed (More on setting one up here) Also, they require you to possess an accredited investor status, as well as minimum SGD50K on the platform.

    MoolahSense:
    Yes, SG bank account needed

    Minterest:
    Yes

    Capital Match:
    Yes
    ]



  • Funding Societies SG:
    Yes, SG bank account not needed

    Validus Capital:
    Yes, SG bank account needed (More on setting one up here) Also, they require you to possess an accredited investor status, as well as minimum SGD50K on the platform.

    MoolahSense:
    Yes, SG bank account needed

    This is what I've gathered so far.



  • I've been looking to do that exactly too.. Seems like both FS and Minterest seem more friendly in this aspect.

    Contacted Minterest, hope this helps

    0_1530866642028_04d60df8-a804-462c-9676-842059f54162-image.png

    Our platform investors are not restricted by nationality or residency (apart from US residents and citizens).

    Prior to be confirmed as an investor on the platform, the person would have to provide identification documents and proof of residential address for “know-your-customer” checks. Once this is cleared, the person will be admitted as a “member” on the platform where investments can then be made.



  • wow thanks @maybewei and @pot-folio! really appreciated.

    I also reached out to Capital Match.

    0_1530869233725_bb2bd75b-50b8-40f3-92c7-285a2119a714-image.png

    don't mind my alias lol. anyway Capital Match is friendly too.



  • @chekmeng said in Can a non-Singaporean invest with Singaporean P2P platforms?:

    I'm Malaysian, but I thought I should diversify my p2p portfolio within sg as well. Is that possible? And on which platforms?

    Anyone has had any experience

    [post update:

    (Thanks @maybewei and @pot-folio)

    Funding Societies SG:
    Yes, SG bank account not needed

    Validus Capital:
    Yes, SG bank account needed (More on setting one up here) Also, they require you to possess an accredited investor status, as well as minimum SGD50K on the platform.

    MoolahSense:
    Yes, SG bank account needed

    Minterest:
    Yes

    Capital Match:
    Yes
    ]

    Are you sure that minterest requires you to have a Singapore bank a/c?
    I am a Malaysian and in the process of signing up with Minterest, and nowhere can I see this requirement.
    Please let us know where it is stated.



  • @rajpuga Hey! When I contacted them they didn't say that an SG account was needed.



  • Any Malaysian already investing with Minterest?
    I have signed up but having 2nd thoughts on making my 1st investment, due to the hassle & fees related to depositing and withdrawing. I understand it can be substantial.

    Would appreciate some inputs on this.

    Tq



  • @rajpuga I'm considering too. Saw your other post in https://crowdfundtalks.com/topic/173/p2p-lending-platforms-in-singapore/93, managed to get answers from them yet?



  • @maybewei
    Yes, the Minterest investors in this forum are all Singaporeans, so can't give answers we are seeking as Malaysians.



  • For Capital Match, they charge a $20 fee for non-SG bank accounts, as opposed to the $5 charged for SG accounts. Also if you are a non-Singapore tax resident they would withhold 22% of the net interest as a withholding tax payable to IRAS. Thanks @Milos for your input as well!



  • Thanks guys for your help so far!



  • @rajpuga Minterest:

    For withdrawals, investor will need to submit the withdrawal request through the platform. It is an easy process and we can guide you through in future.

    Presently, Minterest does not charge any fee for withdrawals. However you will need to bear the bank overseas remittance charges for remitting funds back into Malaysia.



  • @chekmeng non singapore tax residents, upon opening a p2p account with a singapore entity may be construed to hold a singapore financial account, which may be subject to Common Reporting Standard; i.e. your as a foreign tax resident, may have your details be reported to your local tax authorities (IRBM). Best to check with the p2p / tax advisor on this aspect if you want to be 100% sure.


 

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