Crowdfunding is set to become popular among investors as an alternative financing platform in Thailand next year thanks to massive growth in mobile internet users and the low-interest-rate environment.
Crowdfunding is a way of raising finance through the internet by asking a large number of people each for a small amount of money. Typically, those seeking funds will set up a profile of their project on a website.
They can then use social media to raise money alongside traditional networks of friends, family and work acquaintances.
To capitalise on the promising alternative financing platform, Bangkok-based crowdfunding website Meefund.com is boosting its presence with the aim of becoming a leading crowdfunding website in Asia by 2020.
Meefund is the third crowdfunding site introduced in Thailand this year, after Asiora.co.th and Dreamaker.co.th.
"We expect to fund creative projects worth 2 billion baht by 2020," said Nathawut Paopreecha, chief executive of First Coin Co, the operator of Meefund.
"Crowdfunding business is still in an early stage. However, we expect to see at least more 10 funding sites in Thailand next year thanks to the booming creative economy and society."
Meefund will differentiate itself from rivals by providing a consulting service to creators looking to raise funds through the internet.
Mr Nathawut said crowdfunding could close the financing gap for those who have creative ideas but lack access to capital or loans.
"We're an alternative financing channel and non-bank financing model," he said.
Mr Nathawut said this could stimulate more innovation and economic growth as well as promote the power of fresh ideas.
Meefund is a rewards-based crowdfunding site that allows people to post their creative projects and the amount of money required for up 90 days.
Selected creators will have 48 hours to respond.
Mr Nathawut said Meefund would focus on arts projects, technology and innovation, photography, music, books, fashion, games, animation, movies and dramas, sports, recreation and charities.
"We expect to have 40 projects posting on our website by February 2016," he said.
Meefund.com will charge 6% of the total value of the fund for its services, plus a 4% fee for processing credit cards.
"We expect to have a funding success rate of 30% with less than 1% fraud," Mr Nathawut added.