Silver Bullion’s Gold & Silver Secured Peer to Peer (P2P) Platform Reaches 1000 Loans Milestone

Posted by Vincent Tie on 16 Mar 2017


PRESS RELEASE
For Immediate Release
16 March 2017

Silver Bullion’s Gold & Silver Secured Peer to Peer (P2P) Platform Reaches 1000 Loans Milestone

  • 1000 loans reached after number of loans doubled in 6 months
  • Loans with tenure of 12 months most popular

 

Gold and Silver Secured P2P Lending

SINGAPORE: Silver Bullion Pte Ltd’s (www.silverbullion.com.sg) bullion secured Peer to Peer (P2P) loan platform has matched 1000 loans - a significant milestone since the platform was launched only 19 months ago. While it took about 13 months since launch for the P2P loan platform to match 500 loans, it took only another 6 months to reach 1000 loans. 

Silver Bullion’s bullion secured P2P loan platform has now matched more than S$27m in loans. Since the start of 2017, an average of 3.2 loans were matched every day. The platform continues to have zero defaults from borrowers.

Loans with a tenure of 12 months continue to be most popular. Since the start of 2017, U.S dollar denominated 12-month loans were matched with an average interest rate of 4.0% p.a while Singapore dollar denominated 12-month loans had an average interest rate of 4.2% p.a.

Silver Bullion’s CEO, Gregor Gregersen, commented: “Our P2P loan platform is doing very well - it has matched 1000 loans in nineteen months with no defaults. With our loans backed with as much as 200% of collateral, defaults are almost impossible. Moreover, we have a sweeper fund that acts as safety net ensuring that lenders are always repaid on time. I am glad that our P2P loan platform is gaining traction with our customers, offering them useful options with the different loan tenures. I would like to see our bullion secured P2P loan platform continue to bring value to our customers who store gold and silver with us.”

Unlike unsecured P2P lending platforms, loans matched by Silver Bullion’s P2P loan platform are backed by 200% of borrowers’ physical gold and silver held at its vault, The Safe House. Precious metals stored at The Safe House are insured with a comprehensive insurance that also covers infidelity of employees and mysterious disappearance.

Launched in August 2015, Silver Bullion’s innovative bullion secured P2P loan platform was nominated as one of the top 40 finalists in the Monetary Authority of Singapore (MAS) Fintech Awards in 2016. It is one of the few secured P2P lending platforms in the world that allows owners of precious metals to unlock capital from their vaulted assets.
 

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Media Contact - Vincent Tie
media@silverbullion.com.sg
+65 6100 3040