The Securities and Exchange Commission (SEC) has granted licenses to SeedIn Technology Inc. and Eastern Securities Development Corp. to act as crowdfunding intermediaries and operate crowdfunding portals for the country’s small, medium and emerging enterprises (SME).
The SEC said it granted SeedIn Technology a permanent license in lieu of a one-year provisional license, subject to frequent monitoring by the SEC Markets and Securities Regulation Department of its operation for one year.
“SeedIn is a debt-based crowdfunding platform that facilitates lending by all types of investors, including retail investors, accredited investors, and institutional investors to Philippine-based SME borrowers,” the SEC said.
The company’s platform matches debt issuers with its registered investors, who must have a registered bank account with a licensed Philippine financial institution.
“Investors may also lend money through SeedIn Technology’s platform using funds from an overseas bank account, subject to compliance with all relevant laws, including foreign exchange requirements,” the SEC said. – Ruelle Castro
