Licensed crowdfunding operators must now provide the Monetary Authority of Singapore (MAS) with more detailed quarterly data on issuances and overdue repayments.
Under the updated rules, securities-based crowdfunding operators must submit an SCF Questionnaire within 14 days after each quarter ends.
The filing must cover debt and other interest-bearing securities that became at least 30 days overdue during the quarter.
Operators must also provide updates on cases they reported earlier.
More Scrutiny on Defaults
The reporting requirement forms part of MAS’ wider framework for licensed crowdfunding platforms.
Operators must tell investors what checks they have carried out on issuers.
Lending-based platforms should also avoid giving a borrower a new loan to repay overdue debt unless there is a valid reason.
Where a new loan is offered, the platform must disclose the borrower’s outstanding loans and explain why the additional financing is being provided.
Platforms must also have clear procedures for dealing with defaults.
These should cover when they will contact the issuer, appoint a debt collector or take legal action.
Investors must be told about the available recovery options and any costs they may have to bear.
Operators must obtain consent before incurring such costs on their behalf.
MAS also requires operators to prepare for a voluntary or involuntary shutdown.
Their plans should explain how investor funds, loan agreements, future repayments and recovery action will be handled.
Platforms must also tell investors how they will communicate if the business closes.
Returns and Loan Performance Disclosures
Lending-based operators must publish expected returns after fees and charges, together with non-performing loan rates for the past three calendar years.
A loan must be treated as non-performing once it is at least 30 days overdue, even if it is later restructured or repaid.
The disclosures must be updated by the end of January each year and made easy to find on the operator’s website.
Operators must also give MAS a copy and confirm each year that the information has been published.
The circular was amended on 14 July 2026 to update the quarterly reporting requirements and submission process.
Featured image: Edited by Fintech News Singapore, based on image by MAS
