Crowdfunding is a product of the 2008 global financial turmoil. At that time, all enterprises, regardless of their size, were facing financial difficulties in obtaining bank loans. Therefore, raising funds from the public became an alternative. In June last year, the Monetary Authority of Singapore announced two measures to promote equity crowdfunding, including simplifying application requirements for projects that raised less than S$5 million within 12 months. The government and other regulatory sectors are expected to strengthen communication with financial technology and related industries sector on the emerging economic model, and amend regulations, to cater for innovations and investor interests.