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How to place order?

Please post any Funding Societies topics that you want to discuss with the local p2p community.
jomni
Posts: 30
Joined: Mon Oct 10, 2016 7:20 am

How to place order?

Postby jomni » Mon Nov 21, 2016 10:13 am

Lately I'm not successful in placing an order. I camp and wait for the opening time, then I see half already filled. How is that possible? Then I place my orders then it tells me to change amount as here's no more balance. So apparently only $100 is left which is below the minimum amount. Then eventually someone gets to fill up that $100 and violates the rule.

Update: was able to place order by refreshing continuously one minute before opening.

sunnytimes
Posts: 33
Joined: Sun Jun 19, 2016 3:24 pm

Re: How to place order?

Postby sunnytimes » Tue Nov 22, 2016 10:20 am

jomni wrote:Lately I'm not successful in placing an order. I camp and wait for the opening time, then I see half already filled. How is that possible? Then I place my orders then it tells me to change amount as here's no more balance. So apparently only $100 is left which is below the minimum amount. Then eventually someone gets to fill up that $100 and violates the rule.

Update: was able to place order by refreshing continuously one minute before opening.


One minute before? I can only place an order 45sec or 1~2minutes after opening and that's if I am lucky. 50% of the time it is already over... I wish they did allocated investing like capital match. Then I don't have to log in and be disappointed most of the time.

clarence
Posts: 9
Joined: Sat May 07, 2016 9:54 am

Re: How to place order?

Postby clarence » Tue Nov 22, 2016 10:25 am

got the same bad experience. going to give up pretty soon

FundingSocieties
Posts: 8
Joined: Mon May 02, 2016 4:29 pm

Re: How to place order?

Postby FundingSocieties » Tue Nov 22, 2016 9:20 pm

Dear Jomni, Sunnytimes, Clarence and other impacted investors,

Thanks for your note. Such bad experience frustrates you, as much as it frustrates us. When supply and demand are imbalance, someone are bound to be disappointed. We're terribly sorry that you drew the short end of stick multiple times. Unfortunately, we're really trying but our hands are tied:

1. Half filled and S$ 100 left - Whenever there is an investment opportunity, numerous investors standby and wait for the opening time. Our system processes the investment almost real time. Depending on investors' internet speed and our system etc, others may enter the investment earlier. As we can't preempt each investors' investment amount, it often results in an odd balance below minimum amount. In all transparency, under such situation, we top it up using my/ co-founder's account. My co-founder and I have no intention to crowd out investors, but there is no fair way for us to allocate to any investors (open to ideas if any).

2. Allocated investing - As some early investors would know, we were the first platform in Southeast Asia to introduce Automatic Investment Allocation last year. Unfortunately, we were forced to temporarily stop the feature, upon MAS' regulation announcement in June 2016. Legal opinion indicated that it'd be deemed as a regulated activity, and that we should also limit number of invoice financing investors to 50 until we've a CMS license. Clearly, it's not a view shared by all platforms and given regulatory grey area, it's not difficult to get a lawyer who says it's fine. As our law firm is a reputable firm, we went with their judgment. We tried to maximize number of investors who could invest, by limiting the maximum investment and applying license asap. As some of you'd have read, we've obtained in-principle approval for CMS license and shall soon continue auto-investment and crowdfund term loans, latest by Jan 2017.

3. Long term solution - Ultimately, the long term solution is to have a balance in loan supply and demand. We're working hard to increase quality loan demand. The fact is it's easy for any platform to increase investment opportunities, one just needs to loosen the credit assessment criteria. However, our mission is to provide good alternative investment. We endeavor to keep our defaults low (currently 1.4%, to our knowledge lowest in market), instead of being aggressive in posting loans, especially as the economy turns south. We try to make up by working harder/ smarter. Since our launch of invoice financing 4 months ago, we've offered ~S$ 2.5M in invoices and are still scaling up.

Once again, we're sorry for the bad experience. Hope you'd bear with us/ re-consider us in Jan 2017. As a co-founder, I had to decide between a bad option (investor frustration) or worse option (potential regulatory breach or higher loan default). We always strive to do the right thing and are glad it's recognized by MAS (license and MAS FinTech Award), Malaysia regulator (permission to operate), world-leading VC Sequoia and our bank partners.

Feel free to let us know if you've any idea on how we can do better. Happy to discuss in detail over our web LiveChat or phone. Thanks.

Warm regards,
Kelvin
Co-Founder and Director
Funding Societies

jomni
Posts: 30
Joined: Mon Oct 10, 2016 7:20 am

Re: How to place order?

Postby jomni » Wed Nov 23, 2016 3:24 pm

Thanks for the reply.
Do not loosen credit assessment criteria. ;)
Let's just hope we get the full license soon and the resumption of auto-invest.

velithdra
Posts: 17617
Joined: Wed Feb 06, 2019 12:51 pm

Re: How to place order?

Postby velithdra » Tue Feb 12, 2019 6:32 pm

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