You can see the rules and regulations in other jurisdictions.
A fintech company that operates a crowdfunding platform for securities may need to possess a Capital Markets Services licence for 'dealing with capital market products (securities)' in accordance with the SFA. If these shares are offered to people in Singapore, prospectus registration requirements imposed by the SFA will come into play. Although there is a specific exemption from the obligation of registering a prospectus, there could be restrictions on advertising of said shares attached to it.1
A majority of Singapore's regulated activities include marketing and management of collective investment schemes, equity crowdfunding platforms, peer-to-peer lending platforms, and payment services. Companies offering these products and services should determine if they need a license and whether they may be able to rely on licensing exemptions (if desired).1
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