To represent the Marketplace Lenders
through coordinated and catalysed actions to support common interests of the industry.
To nurture and build relationship
among Marketplace Lenders, financial institutions, regulators and other stakeholders.
To design and promote best practices
guidelines and codes of conduct in a collaborative and open manner encouraging transparency between market participants.
To educate, inform and communicate
by developing a connected Marketplace Lending ecosystem and channeling effective and relevant information among members and externally.
To raise awareness
of the industry and to promote Marketplace Lending industry as a trusted, credible and viable mode of financing for businesses in Singapore.
BEST PRACTICES & GUIDELINES
Definition of Default Rates
The rate at which debt holders default on the amount of money that they owe. It is often used by credit card companies when setting interest rates, but also refers to the rate at which corporations default on their loans.
We are in the midst of working on a fair and transparent definition of Default Rates for within the industry. It will be reflected in this Best Practices and Guidelines section once concluded.
Your feedback is very much welcomed and appreciated. Get in contact with us at email@example.com
Do check back for updates!
Definition of Interest Rates
Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets. Interest rates are typically noted on an annual basis, known as the annual percentage rate (APR).
Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower, typically on an annual basis (i.e., 12% means 12% per year or 1% per month). However, there are two most popular conventions: simple and effective interest rates.
Simple interest rate is also commonly known as the flat rate or nominal rate. The key difference is that simple interest does not take into account the compounding periods (in our setting i.e., re-investment of repayments you receive). Effective interest caters the compounding periods. Both are correct, but may be meaningful for different parties.
In general, for the same loan/ invoice, effective interest rate typically shows a (much) higher number than simple interest rate. Hence for a $ 1,000 loan investment with a tenure of one year, simple interest of 10% and equal monthly repayment, you get $ 1,100 at the end of the year. For the same loan, the effective interest rate would be about 19%.
Group CEO, New Union
CEO, Funding Societies
Co-Founder, Validus Capital
Lending Landscape in Singapore
SFA and The Great Room are joining together for the first time to present the launch of SFA Lending sub-committee to the ecosystem and bring back the FINTECH TITANS SERIES on LENDING IN SINGAPORE after Robo Advisors, and remittances.
You will have an opportunity to know about the targets and plans on how Lending startups plan to disrupt the current financial services and hear from 10 founders whose companies are growing rapidly in the Marketplace Lending business
Date: 18 April 2018
Time: 6.30pm to 8.30pm
Venue: The GREATROOM
Centennial Tower, Level 18, 3 Temasek Ave, Singapore 039190
Click here for more information.
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