In a statement today, the SC said it was supportive of innovative ideas that tap into the transformative power of technology to democratise investments, allowing more financing options for Malaysians to buy their first homes and enhance their socio-economic well-being.
The framework will balance promoting innovation with ensuring proper safeguards to protect the integrity of the scheme and investors' interest, it added.
To ensure proper governance of this alternative home ownership financing scheme, platform operators are required to register with the SC and fulfil eligibility, transparency and financial requirements.
“The property crowdfunding framework is expected to come into effect in the first quarter 2019. As part of our process, the SC will also engage the relevant stakeholders through industry consultations prior to issuing the regulations.”