SOURCE: CoAssets


November 12, 2015 22:30 ET

CoAssets JV Received Support From the East Java Investment Board to Host First EPIC Conference in Surabaya, Indonesia

SINGAPORE--(Marketwired - Nov 12, 2015) - Homegrown real estate crowd-funding company CoAssets Pte Ltd, which was recently listed on the National Stock Exchange of Australia to form CoAssets Limited ("CoAssets" or the "Company") (NSX: CAX), is pleased to announce that the Company's recently established Indonesia JV, PT. Javaland Promosia Indonesia ("Javaland"), has received principle support from the government of East Java for its upcoming EPIC event to be held in Surabaya, Indonesia. The government run East Java Investment Board was established to help promote foreign direct investment (FDI) into East Java, which ranks second behind Jakarta for FDI. In addition, the East Java Investment Board sees the vast potential that financial technology and investment platforms can have in supporting small and medium enterprises and entrepreneurs in East Java.

The East Java Investment Board has identified CoAssets, through its JV Company Javaland, as a key enabler of FDI growth and local investment throughout the region. By publicly supporting CoAssets' upcoming EPIC event in Surabaya, the government of East Java is demonstrating its willingness to fully support technological innovation in the financial sector, as EPIC will not only bring together crowd funding platforms such as CoAssets, but also other players within the fintech space. 

Mr. Fernanda Reza Muhammad, Chief Executive Officer of PT. CoAssets Javaland Indonesia, commented:

"We believe that the EPIC Conference in Surabaya will be a fruitful event for many stakeholders. Apart from having the support of the East Java Investment Board, we also have the full support of the East Java Governor who will be there to officiate the opening ceremony."

"In terms of industry support, we are pleased to have Bank Mandiri, Indonesia's national bank, on board. While we are still finalizing the terms of Bank Mandiri's involvement, they have committed to be a part of this event. We have also secured the support of some local Indonesian educational institutions like Indonesian European University (IEU) and Ciputra University. During the EPIC Conference, PT. CoAssets Javaland Indonesia will be signing a MOU with these institutions to train students to understand and use crowdfunding platforms like CoAssets, as well as to expose them to the start-up business. With all this support, we are confident that EPIC Surabaya 2015 will be a successful event."

With the organisation spearheaded by PT Javaland Promosia Indonesia, attendance for the 2-days is expected to be between 1,500 and 2,000 with representatives from the government and private sectors. The EPIC Conference will also feature a start-up/SME alley where promising businesses will get a chance to pitch their business model to potential investors and crowdfunders.

Mr. Getty Goh, Co-Founder and Chief Executive Officer of CoAssets, commented:

"We are honoured to receive the support of the East Java Investment Board for the upcoming EPIC Conference. This shows that governments around the region are starting to recognize the potential of crowdfunding and fintech. By choosing to partner with CoAssets via our Indonesian JV partner, PT. Javaland Promosia Indonesia, this is a form of recognition that we are a market leader in Asia's crowdfunding space. We are aware that other crowdfunding sites have been trying to gain a foothold in Indonesia, but I am pleased to note that with the help of our local partner, we have been able to make good progress."

"From the business end, we are also using the EPIC Conference to crowdfund some potential deals. With the expected attendance of about 1,500 to 2,000, it will be a good way to seed the growth of CoAssets' Indonesian investor base. This will also give us a chance to trial some deals to validate the receptiveness of the Indonesians toward crowdfunding."

EPIC Surabaya 2015 is expected to generate strong revenue for CoAssets, in addition to property and crowdfunding deals. The last EPIC was held in Kuala Lumpur, Malaysia in October 2015 and the event had an attendance of more than 800 with potential deals flows totalling to more than $15mil.

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