Crowd Genie is Singapore-based P2P lending platform for small businesses, which has been operational since January 2016. The portal brings together borrowers (registered SMEs) and lenders (capital providers) under a single ecosystem to make borrowing faster, cheaper, and simpler. The company has a proven track record since commencing operations and is operating with a 22% ROI to date. They are now looking to expand their services to create the first Asia-wide blockchain lending exchange. Consequently, Crowd Genie Financial Services Pte Ltd. has launched the token sale of its CGCOIN currency, through its related entity CGSPV Pte. Ltd.
10 Days to ICO
As a first step, the company is offering its digital tokens, called CGcoins to the public. The pre-ICO for the company’s CGcoin is currently on, and is scheduled to end in 10 days. Subsequently, the company’s ICO would run from January 8th, 2018, until February 28th, 2018. The CGCOIN token rate is equal to 0.0025 ETH. The pre-ICO allows a minimum purchase of 400 CGcoins (equivalent to 1 ETH) and is offering a 50% bonus. The ICO would slash this bonus down to 25%.
Through its ICO, the company is seeking to raise 100,000 ETH to scale up its operations, with the objective of developing an end-to-end Pan-Asian tokenized lending platform that facilitates cheaper and easier flow of funds between lenders and borrowers.
Making Asset Fractionalization Possible
CGCOIN token holders will be able to invest in businesses listed on Crowd Genie’s platform. There, holders can use their CGCOINs to invest in assets of businesses that can be fractionalized into smaller portions, while getting higher-than-bank returns. All of this will be enabled by using the blockchain to keep track of ownership and investments. Thus, holders of the CGcoins tokens can get potentially higher returns than typical bank yields and with monthly interest and principal repayment that can be withdrawn in Fiat or CGCOIN tokens.
The ultimate vision of Crowd Genie is to create an Asian Digital Passport, thereby enabling P2P lending. And finally, to build an Asia-wide asset exchange (see chart above). Long-term plans for the company include having digital passports in place until December 2018, and building the asset exchange in February 2019.
The team consists of:
- Akshay Mehra – CEO/Founder
- Bikash Saha- Director/ Co-founder
- Phillip Tan – Chief Corporate Strategist
- Samuel Leong – Chief Development Strategist
- Wai Leong Wan – V.P. Operations
Akshay Mehra and Bikash Saha collectively have around 40 years of experience in enterprise and banking. In the words of Akshay Mehra, “we believe think that the efficiencies of blockchain fit very well with our target of the underbanked population of SMEs in Singapore and in the region more broadly.”
FinTech experts including Tom Wills, Eric Smith, Ravi Madhira, and Ryan Lye, among others, are on the advisory panel of the company.
What Sets Crowd Genie Apart?
- It is a crowd platform focused on lending to SMEs (small/medium sized enterprises)
- It is one of the very few licensed P2P lending platforms in Singapore to be granted a “Dealing in Securities” license by the Monetary Authority of Singapore (MAS)
- It is the first platform in Singapore to introduce a provision fund – GenieShield – to protect Lenders from delayed payments and defaults
- It is the only platform where directors co-invest in every investment
- All loans would be backed by the personal guarantee of the borrowing company’s director(s)
It intends to help SMEs build their credit histories by incentivizing on-time payments and real-time data sharing, by adding CGCOIN credits to borrowers with strong credit profiles.