Short answer

• In Singapore, platforms that arrange securities-based private debt (lending-based crowdfunding / private‑credit marketplaces) are generally regulated by the Monetary Authority of Singapore (MAS) and typically operate under a Capital Markets Services (CMS) licence (or, for private exchanges, an RMO licence). As of Sep 8, 2025, examples of MAS‑regulated private‑debt / debt‑crowdfunding platforms include Funding Societies, MoolahSense (IN FUND / MoolahSense), Kilde and private‑capital platforms such as CapBridge/1exchange — and some large SME lenders (e.g., Validus) also hold MAS licences or have had MAS approvals. (eservices.mas.gov.sg, 1x.exchange, support.validus.sg)

What “regulated” means in Singapore (brief)

• If a platform is dealing in “securities” (MAS treats many lending instruments as debentures/securities), the operator will normally need a CMS licence and must follow MAS conduct, disclosure and client‑money segregation rules. Some private exchanges operate as Recognised Market Operators (RMOs). Exemptions (small offers, private placements, offers to accredited/institutional investors) can apply in certain cases, but the platform/operator still faces supervisory requirements. Always confirm licence/type on MAS’ official directory. (moneysense.gov.sg, dlapiperintelligence.com)

Representative regulated platforms (examples and MAS evidence)

• Funding Societies — CMS licence (listed in MAS Financial Institutions Directory). (eservices.mas.gov.sg)
• MoolahSense / IN FUND — CMS licence (marketplace lending operator recorded in MAS directory). (eservices.mas.gov.sg, fintechnews.sg)
• Kilde — CMS licence recorded in MAS directory (positions itself as private‑credit platform for accredited/institutional investors). (eservices.mas.gov.sg, kilde.sg)
• CapBridge / 1exchange — CapBridge has a CMS licence and 1exchange was approved as a Recognised Market Operator (RMO) for private securities trading. These platforms are used for private capital (equity and debt) distribution and secondary trading. (1x.exchange, media-outreach.com)
• Validus — historically MAS‑licensed as a CMS licence holder for SME lending; corporate changes (investments / acquisitions) have occurred in 2023–2025 so check current MAS listing for the latest status. (en.prnasia.com, vertexholdings.com)

How to verify a platform quickly (must do this before investing)

1. Look up the firm in MAS’ Financial Institutions Directory (FID) or CISNet for fund notifications — confirm licence number and permitted regulated activities. (eservices.mas.gov.sg)
2. Check whether the platform handles client money directly or uses an independent escrow/trustee — MAS requires safe custody/segregation. (Platforms commonly disclose escrow arrangements.) (fundingsocieties.com)
3. Confirm investor eligibility (retail vs accredited/professional/institutional) and any prospectus/exemption applied. (moneysense.gov.sg)
4. Ask for (or check published) loan performance / default statistics, underwriting criteria, recovery/legal practices and fees.
5. Read the platform’s terms (esp. early‑redemption, security interests, what happens on borrower default) and confirm AML/KYC and complaints procedures.

Key investor risks and practical checks

• Credit / default risk and low liquidity (private debt is often illiquid).
• Platform risk (operational, custody, conflicts of interest). Confirm segregation of investor funds and whether the platform acts as principal. (fundingsocieties.com)
• Legal/documentation risk (do loans have enforceable security? are they governed by Singapore law?).
• Concentration risk — diversify across multiple loans/borrowers.
• Regulatory change risk — MAS has been actively updating frameworks for private markets (e.g., retail access to private market funds and LIF proposals), so regulatory stance can evolve. (reuters.com)

If you want next steps

• I can: (a) look up current MAS FID licence entries for a specific platform you have in mind, or (b) prepare a short checklist / template email you can use to request legal/financial disclosure from a platform, or (c) compare 3–4 platforms side‑by‑side (fees, investor minimums, track record, licence). Which would you like?