SC: Hap2py not authorised to operate P2P in Malaysia

The SC said Hap2py is not an authorised Recognised Market Operator (RMO) and it is currently operating a P2P platform without obtaining the SC's authorisation as an RMO, which is an offence under Section 7(1) (to be read together with Section 34 of the Capital Market Services Act 2007).

If convicted, the person or entity may be liable to a fine not exceeding RM10 million or imprisonment for a term not exceeding ten years, or both.

In a statement today, the SC said it has initiated several actions and interventions against Hap2py, including placing it on the SC's Investor Alert List, blocking its multiple websites and issuing a cease-and-desist notice.

"Despite these efforts, the SC notes that Hap2py continues to solicit Malaysian investors through various means, including via variations of its website as well as social media advertisements," it said.

The commission also said that there have been numerous queries and complaints against this entity from the public.

"We will not hesitate to take further and/or any other appropriate actions, including enforcement actions as we view this non-compliance seriously," it added.

As such, the SC strongly urge investors and those seeking to raise funds to not deal with or invest through Hap2py.

-- BERNAMA