Silver Bullion passes $20m milestone for gold and silver secured Peer to Peer (P2P) loans

SINGAPORE: Silver Bullion Pte Ltd (www.silverbullion.com.sg) has seen lenders on its bullion secured P2P loan platform lend more than S$20 million across 800 loans. The milestone comes after the platform was launched just 17 months ago.

Silver Bullion has seen a strong increase in lending and borrowing activities on the platform in the second half of 2016. The number of loans doubled that in the first half of the year – 430 loans in the second half of 2016 compared to 208 loans in the first half of 2016.

The total value of loans matched in the second half of 2016, for both Singapore dollar and U.S dollar loans, was S$10 million. It doubled the total value of loans in the first half of 2016. It also exceeded the combined total loan value for the second half of 2015 and the first half of 2016.

Silver Bullion’s CEO, Gregor Gregersen, commented: “I am very pleased with the strong lending activity on our P2P platform in the second half of this year. It is a good result for the platform to have matched S$20m worth of loans in less than 18 months since launch. I believe it is the result of more people coming to understand our unique loan platform and realizing that it is one of the few secured P2P lending platforms out there. Lenders are attracted to the safety of having physical gold and silver as collateral for the funds that they lend out. Borrowers have confidence in our bullion storage program since it is fully insured. Precious metals are transparent assets – there is an internationally traded price and their inherent value is recognized all over the world.”

Unlike unsecured P2P lending platforms, loans matched by Silver Bullion’s P2P loan platform are fully backed by borrowers’ physical gold and silver held at its vault, The Safe House. Borrowers are required to put up 200% of bullion (gold, silver or platinum coins and bars) collateral to the loan value for loan tenures between 6 months to 24 months. This ensures that every loan is backed by a good margin of collateral.

Silver Bullion’s innovative bullion secured P2P loan platform was recently nominated as one of the top 40 finalists in the Monetary Authority of Singapore (MAS) Fintech Awards 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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