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CA Funding P2P Lending

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Summary

CA Funding Reviews 2021

CA Funding, or CAFPL, is a p2p lending platform previously known as CoAssets.

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Summary

CA Funding Reviews 2021

CA Funding, or CAFPL, is a p2p lending platform previously known as CoAssets.

CA Funding P2P Lending

0%
INVESTOR FEES
$1000 per campaign
MINIMUM INVESTMENT
0%
DEFAULT RATE (2020)

CA Funding P2P Lending

0%

INVESTOR FEES

$1000 per campaign

MINIMUM INVESTMENT

0%

DEFAULT RATE (2020)

Reviews (67)

4.4

67 Reviews

5
51
4
7
3
1
2
1
1
7

Service Rating

User Experience

4.7

Portfolio Transparency

4.2

Customer Support

4.8

Quantity of Deals

4.1

Quality of Deals

4.4

      Posted 07 Jun 2022

      Purchased

      CA Funding P2P Lending

      I don't think I will ever go into P2P platforms again. Tried a few and this is one of the worst. Can't get my money back.

      0

      What are your thoughts?

      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.

      2

      What are your thoughts?

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

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      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.

      0

      What are your thoughts?

      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.

      0

      What are your thoughts?

      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!

      0

      What are your thoughts?

      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. ​​​

      13

      What are your thoughts?

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

      View 12 other comments

      27 Oct 2020

      Purchased

      CA Funding P2P Lending

      [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.

      5

      What are your thoughts?

      Derrick and Dylan pls contact me 97351108 as I unable to join your Investor Task Force group via the above link

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      13 Sep 2020

      Purchased

      CA Funding P2P Lending

      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.

      0

      What are your thoughts?

      01 Aug 2020

      Purchased

      CA Funding P2P Lending

      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.

      0

      What are your thoughts?

      10 Jul 2020

      Purchased

      CA Funding P2P Lending

      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.

      11

      What are your thoughts?

      Dylan, can u add me into the above group

      View 10 other comments

    Discussions (0)

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      About CA Funding

      CA Funding Pte Ltd (“CAFPL”) is wholly owned by CoAssets Limited and is Singapore’s and pan Asia-Pacific region’s largest digitally-enabled investor platform, offering a wide range of opportunities across different industries.

      CAFPL caters to individuals of all calibres in the financial industry, from entry-level retail investors to high-net-worth institutions wanting to grow shareholder value through prudent capital enhancement. Currently, CAFPL has raised more than S$100 million and funded projects in more than 10 countries globally.

      Risk Management

      CoAssets Risk Assessment Model (CRAM) was developed together with Ernst & Young (EY) to evaluate the companies they dispatch loans to.

      Borrowers: Investors’ funds are held by a licensed escrow agent. Should the individual become insolvent, the funds will continue to be handled by an escrow agent. Loan agreements in place will continue to be valid and a reputable agency will be assigned to fulfill the service duties.

      Platform: Should CoAssets become insolvent one day, investors continue to receive monthly repayments on the loans that have been dispatched.

      Minimum Investment And Fees For CA Funding

      The minimum investment for projects is S$1,000 per campaign.

      Contact CA Funding

      • Tel: 6238 1648
      • Address: 6 Shenton Way, OUE, Downtown 1, #36-01, Singapore 068809

      Contact us at [email protected] should you require any assistance or spot any inaccuracies.

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