CA Funding P2P Lending

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  Foo Chee Yong

  Level 5

  29 Dec 2020

  Purchased

  CA Funding P2P Lending

  [UPDATE - 29 Dec 2020] I wish I can give zero or negative star to Coassets. It has been crazy for the last few months as many ridiculous stuffs have happened. Just in Dec 2020 alone, Denka Wee has stepped down as executive chairman and Group CEO of Coassets and for the worst, the annulment of CG/PG provided by Denka and DWG. Take note that this CG/PG was provided earlier (refer to my earlier review) in May 2020 to give all the investors the assurance to extend all the investment payout until Sep 2021. Besides that, the main subsidiaries under Coassets (which all my PNs are tied to) are sold to an unknown company called Sunfits Investments - FYI, the corporate website (sfinvt dot com) looks fishy and we have no idea where is the office or the details of the management team. It also mentioned that Sunfits Investments will not be liable for any agreement and/or communication of CoAssets Limited prior to its purchase of the entities. This has triggered hundreds of investors to file police reports and have been referred to the Commercial Affairs Department. Without surprise, on Dec 28, here's the reply from Sunfits Investments: "Collections for the five entities remains zero. We do not foresee any collections in the near future." Until now, there is no official webinar from Coassets/DWG/Sunfits to explain these whole chain of events (e.g. why promised CG/PG can be revoked, why sell the entities to a debt collector company instead of engage them, why all the collaterals cannot be recovered etc.) to the investors and just sending one way communication emails from the "Relations Team". Coassets used to be a listed company in ASX and currently still holding Capital Markets Services (CMS) Licence from MAS. I am extremely disappointed with Coassets and I really hope that this review can get the attention from MAS, the media, and the public. Attached the news reported in TechInAsia on 29 Dec 2020: techinasia dot com/millions-lost-police-reports-filed-plight-coassets-hapless-investors The only thing I am grateful is that Seedly has served as the platform to group all the affected investors and we are working together to get our money back. -------------------------------------- I have been investing with Coasset since 2018 and have participated in few investments - crowdfunding project and mainly corporate lending (a.k.a promissory note). [Customer Support] Tagged with a AWM (Alternative Wealth Manager) after I have done the KYC (Know Your Customer) assessment. Over the years, my AWM has changed twice and so far the experience has been positive. I can reach out to them anytime via Whatsapp and they are very responsive and helpful. They will occasionally send some marketing info like new investments, seminars or customer bonding events to keep me updated. [Lending Experience] There is no default on my loans, and I was able to withdrawal the capital/interest once the investments have matured. However, based on the recent communication, due to COVID-19 situation, they are requesting to extend my promissory notes (PN) that are due between May and December 2020 to 1st September 2021 at an interest rate of 12% per annum. As a security, they also obtained personal and corporate guarantees from Denka, Mr Dennis Wee and DWG to assure of an increased chance of receiving payment. I hope it goes well. [Risk Assessment] All the investments I participated are backed with either physical assets or corporate guarantee under subsidiaries of CoAsset Ltd. The tenure of most of their investments is 1-1.5 years to minimise the risk. [Others] Many of their investments are not listed in the platform and only be known via your AWM. I wish they can make it more transparent.

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  Yip

  10 Dec 2020

  Level 3

  Hi Chee Yong, just checking if your PN has being repaid? If you would like a collective action, kindly reach me at [email protected]. Thanks

  

  Foo Chee Yong

  12 Dec 2020

  Level 5

  Hi Yip, not yet but recently there is an update from the company regarding the recovery of the entities' receivables.

  What are your thoughts?

  
  

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  Brandon Chin

  Level 4

  28 Dec 2020

  Purchased

  CA Funding P2P Lending

  [Debt Recovery] Just received update from Sunfits Investments Management that it proves challenging in recovering debts from BML and COAssets. 10K gone because of that.

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  Kenny Tan

  Level 5

  24 Dec 2020

  Purchased

  CA Funding P2P Lending

  [Lending Experience] Terrible experience with CoAssets after COVID19 pandemic. All investments went haywire and investors were not able to receive their investments upon maturity. This is understandable as the pandemic has disrupted many companies globally. But it is the lack of transparency and proper communication that disappoints me. They left investors hanging without clear direction what will happen to our investments. [Risk Assessment] Obvious that their risk assessment was poorly done that resulted in huge losses. Probably overexposed in certain sectors/countries. [Others] Coassets/CA Funding is as good as gone. Sold off the business and the entire management tried to wash their hands off this entire scheme.

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  Ezekiel C.

  Level 6

  19 Dec 2020

  Purchased

  CA Funding P2P Lending

  I have been investing with CoAssets since 2019 when there was a promissory note offering. I immediately put in a low 5 digit sum with an ROI of 9%. [Customer Support] Very friendly and helpful RM Sara who always assist to answer my queries. Update on 19 Dec 2020: Turned silent after joining DWG??? [Lending Experience] So far, CoAssets has not been able to raise enough money to return the capital to investors on their maturing loans so they have offered to extend my loan which was maturing in Jun 2020 to Sep 2021 at a higher interest rate of 12%. Not sure if it is sustainable going forward and the current economic climate where more and more businesses are defaulting on their loans or going bankrupt. Update on 19 Dec 2020: my promissory note has been sold to another company SunFits Investments and I can’t get any information on it. [Risk Assessment] I understand from Sara that the CFO is very meticulous when it comes to approving loans. They go through a rigorous process of loan approval so I am heartened to hear that. Update on 19 Dec 2020: the whole company suffered losses in the millions and also delisted from ASX. What is happening??? [Portfolio Diversification] Probably due to the rigorous process of loan approvals, hence the limited investment options as reliable opportunities do not come easily. Updated on 19 Dec 2020: diversified? I’m not so sure now, cos the promissory note is being handed over to another company to recover the debts... [Debt Recovery] Choy! So far no default, hopefully, it may never happen. If it does, then this review will definitely get longer cos I will then have to come back here to type my thoughts on it, just like for Funding Societies. Updated on 19 Dec 2020: I hope the Commercial Affairs Department launch an investigation soon so that I can recover my life savings from them. I have a family, my wife and son, and a daughter coming soon. Please help... [User Friendliness] The app can be a bit more user friendly as the menu in the options do not really make sense after you click on it and it takes you somewhere you didn't expect. There is a mixed meaning in the words used in the menu. Go download the app and take a look at it yourself. Updated on 19 Dec 2020: website under maintenance 🤷‍♂️ [Others] I stumbled upon their Glassdoor review to see how is the company's management like. Was quite shocked to see the negative reviews, especially from the period in 2016 - 2017 when the company wasn't doing so well where the default rate went as high as 26% and they had to close an overseas office. Hopefully, the management has improved and the staff are better treated now, cos I want my money back!!! :) updated on 19 Dec 2020: the ex CEO is apparently enjoying himself on a beach with beers from the numerous Facebook posts I see!

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  JianHao Soo

  Level 7

  19 Nov 2020

  Purchased

  CA Funding P2P Lending

  [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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  Dylan

  11 Dec 2020

  Level 5

  Please join this group so that we can discuss next steps together. https://t.me/joinchat/G4b2jRl4wX9w2RuYfWbsKw

  

  Brandon Chin

  28 Dec 2020

  Level 4

  I'm also an affected investor. Please add me to the list as well. Thanks. [email protected]

  What are your thoughts?

  
  

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