Securities Commission Malaysia has warned the public against investing in or dealing with Hap2py, an unauthorised peer-to-peer (P2P) financing platform in Malaysia.
The regulator said it has initiated several actions and interventions against Hap2py, including placing them on the SC’s Investor Alert List, blocking its multiple websites and issuing a cease-and-desist notice.
However, SC said despite these efforts, it noted that Hap2py continues to solicit Malaysian investors through various means, including via variations of its website1 as well as social media advertisements. In addition, there have been numerous queries and complaints against this entity from the public.
The SC has also reiterated that it will look into further and/or any other appropriate actions including enforcement actions as it views this non-compliance seriously.
According to the regulator, Hap2py is not an authorised Recognised Market Operator (RMO). It is currently operating a P2P platform without first obtaining the SC’s authorisation as an RMO, which is an offence 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.
Currently, there are 12 registered RMOs for P2P as listed here and they are the only platform operators allowed to operate a P2P in Malaysia.
