CA Funding

Details

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  JianHao Soo

  Level 5. Genius

  Updated 3w ago

  Purchased

  CA Funding

  [Customer Support] I had dealt with both CA Funding Pte Ltd and Coasset International Pte Ltd. To be very clear to the other investors, please note that only CA Funding Pte Ltd is regulated by MAS. As such, only MAS can have regulatory forces on CA Funding Pte Ltd. [Borrowing Experience] I had a very bad borrowing experience with the transparency of the management. To begin with, I believe they are the only P2P platforms here that offers PN to the investors. When I signed up with Coasset, I was of the impression that they are a MAS regulated firm. Half-truth. Only CA Funding Pte Ltd is and the others is not. Once you sign up with Coassets, they will engage their engagement manager to start cross-selling you other entities PN which are not clearly define to you that they are MAS regulated or not (please note that they are not). The confusion that (many) of the investors may get is that Coasset uses the same email domain which may be confusing to consumers as we will have the impression that they regulated by the SAME co. but they are not. When you "lift the corporate viel", you will realise that it is the SAME people managing and operating these entities. As such, they may have to act in a certain manner when they are "regulated" by MAS but do not expect the same standard when you have default in other PNs. I have spoken to MAS on this regards and that it is MAS has mentioned that it is important for the MAS Rep to uphold the same standards throughout different entities that they are operating. Having said that, I believe that at the point of sign up, the risk was not clearly shared with me. When I asked them if the loan was secured, I was shared that the loan was used as working capital for the other projects within the Group and the Group hold few million worth of properties. In the event of default, they will liquidate the assets. However, right not, they are forcing the investor to push back the timeline till September 2021. This is clearly a misrepresentation. If the company has issues operating and wishes to delay, they should call for a judicial management and not asking the investors if they can push back the timeline when we clearly said no. I have spoken to the team since July 2020 till now, but the reply was wishy washy and that the management is looking into this. 4 months and the management is still looking into it? This clearly shows how lack of transparency the company is operating in and how it values the existing investors. What's worst, I have heard that they are still actively engaging new investors to fund the project. So the moment you put your money in and if there is a default, you can expect the same type of response by them. Updates: I realized that Coasset is not a subscriber with FIDREC. Hence, in the event of a dispute, FIDREC will be unable to assist you. (even if you invest with CA Funding Pte Ltd, which holds a Capital Market License) I have tried to contact Coasset via their Complaint Hotline and was directed to their staff Le Le. I requested her to direct my inquiry to the management for me to discuss this situation. She claimed that there is no one in the office and that they will call me back. (which I know that she lied because my friend was at their office to sight to some of the Coasset documents at that hour). Of course, they did not call me back. This shows the level of integrity and honesty that you will be dealing with. ​​​

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  JianHao Soo

  2w ago

  I see, but because the entities that we are dealing with is not MAS regulated (which wasn't communicated to us in the first place). I will check out on the FA act to see if it is applicable to them. Thanks Chris!

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  Yip

  2w ago

  They first introduced themselves as the entity that is MAS regulated and were listed in the Australian stock exchange and all the nice things. After which they then sold their PN (which is under another non MAS regulated entity) under the pretense that they are regulated. This was not communicated to me and I have been all these while having the impression that they are actually regulated by MAS. This is basically a scam in my opinion.

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  Derrick

  Level 3. Wonderkid

  Updated on 27 Oct 2020

  Purchased

  CA Funding

  [Debt Recovery] [Others] [Customer Support] I invested S$50,000 in CoAssets IPO shares, which became nothing! I also read here that investors in CoAssets promissory notes also not able to get back the principle upon the maturity. I already made a police report. Sometime in Jul-2016, I invested SGD 50,000 with CoAssets, after attending several of their previews and EPIC (Expo for Property, Investing and Crowdfunding) Conference at Marriott Tang Plaza Hotel. I passed my cheque to CoAssets at their former office at Suntec Tower One. Getty Goh, CoAssets Founder, presented that the investment was for CoAssets listing on the ASX (Australian Securities Exchange, ticker CA8), for 125,000 shares at AUD 0.40 each. In Sep-2016, just after CoAssets listed on ASX, CoAssets shares price drop all the way from AUD 0.40 (IPO price) to AUD 0.21! Getty explained that it was due to Expara Group (Singapore), the IT partner of CoAssets, immediately sold their CoAssets shares! During CoAssets first AGM the next year, investors were shocked to discover that the AUD 0.40 offer was actually the 4th or 5th tier, and their 1st tier was AUD 0.15. Had we knew this, we would not have invested. Sometime in Jun-2020, CoAssets CA8 was delisted from ASX under suspicious conditions, and CoAssets said the share price before delisting was AUD 0.065. In Jul-2020, CoAssets started emailing investors with swap offers to convert their shares at the IPO price, into down payments for properties in foreign country (Thailand - Park Origin Thong Lor, Niche Mono). I tried contacting Getty to get back my money, but to no avail. - Dear Getty, I have also feedback to you and Shannice at least 5 times that your terms of settlement 4d(i), (ii), (iii) are unacceptable, as I can't be responsible for other investors which I don't even know. I just wanted one simple transaction, without other contract terms. 4d. The Transaction is conditional upon you keeping this offer and the Transaction (including the terms of the Transaction and the existence of the Transaction) strictly private and confidential. Should any other investor approach us or the potential buyer for a similar transaction, any other party make reference to this Transaction, or we otherwise discover that you have disclosed details of the Transaction in breach of your obligation, then: (i) If there are any amounts yet unpaid by the potential buyer, the potential buyer will not be required to pay you any amounts yet unpaid. Notwithstanding this, you will be required to transfer all your CoAssets Limited share to the potential buyer immediately. (ii) You shall be required to pay CoAssets Limited liquidated damages of S$300 per investor that approaches us for a similar transaction, or other party who approaches us for a transaction by making reference to this Transaction. This is a genuine pre-estimate of the costs, losses and other expenses that CoAssets will have to incur to deal with each such investor or other party. (iii) In addition, you shall indemnify and hold CoAssets harmless against all costs, claims, liabilities, expenses and other losses that CoAssets may suffer or incur arising out of or in relation to any claim by any party relating to such party’s shareholding in CoAssets Limited or other investment with CoAssets.

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  Spking Lee

  30 Oct 2020

  Hi Derrick, I'm sorry to hear about this horrifying experience you have with CoAssets. Thank you for sharing with us in the community so we'll aware of the situation with the company.

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  Derrick

  3w ago

  I already made a Police Report. CoAssets trying to convert other investors' monies into down payments in foreign properties (e.g. in Thailand), going deeper into the hole. The way they did things, I think CoAssets already planned this all along since 2016, since CoAssets IPO! More details in my other posts.

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  Mark Soh

  Level 3. Wonderkid

  Updated on 13 Sep 2020

  Purchased

  CA Funding

  Invested in 2 deals so far, and cash out on 1. Among all p2p platforms i used, they are the best in building and maintaining client relationships. Attended 2 of their events 1 of which is their 5th annivesary. Overall vy satistify with them.

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  Dionysius Ang

  Level 5. Genius

  Updated on 01 Aug 2020

  Purchased

  CA Funding

  I have had an okay-ish experience with Coasset (but I will need to clarify that I have only invested once into the platform. What I like about it is the customer service that they provide. Their employees have a personal touch who makes their customers feel special. Furthermore, they have boasted quite a bit about the 0% default rate in 2019, which bolstered my confidence with them. What I didn't like is the number of investment opportunities that are available on the platform. Furthermore, the minimum investment amount is a lot higher compared to other platforms.

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  Royal Uncle

  Level 3. Wonderkid

  Updated on 10 Jul 2020

  Purchased

  CA Funding

  I used to recommend friend and people to CoAssets, and I invested on their Promissory notes. However, recently I took a hit on the interest payment and not able to get back the principle upon the maturity. Not sure what can I do, besides hope and waiting.

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  Royal Uncle

  25 Oct 2020

  (Answer to Mark and more details on my experience) CoAssets stopped and defaulted all the scheduled interest payment since May-2020. Also, no single cent return on upon maturity. If you still have some money in your CoAssets account which previously paid from their interest payment, you can try to withdraw. I doubt you able to withdraw any. For those promissory notes matured till now, CoAssests did not pay back a single cents, what they offered was to propose to extend all the payment till end-2021. Of cause, this make NO sense to accept. However, regardless how many times I trying to request my money back, I just did not get it, besides receiving their mail that they are working on the resolution. This was happened month after month, so it is either we wait or taking legal action or preparing to lost all our investment. Dear Getty, Feel free to comment, I still hope you can turn the situation around to return our investment as promise and gain back our confident on CoAssets.

  

  Getty Goh

  26 Oct 2020

  Dear Royal Uncle Thanks for your message. CoAssets is currently under going a M&A. There is a new management in charge that is financially much stronger. They are currently working through the details and they will be reverting to you shortly on the status of your PN. I believe you will be hearing from them soon. GG

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