Hap2Py Not Authorised To Operate P2P In Malaysia, Says Securities Commission

P2P financing

The Securities Commission (SC) has warned the public against investing or dealing in any way with Hap2Py, as they are unauthorised to operate in Malaysia.

Hap2Py is a peer-to-peer financing platform, which means that they provide services such as loans, fixed deposits, and investment products.

According to the statement released by SC yesterday, SC has already taken numerous steps to block Hap2Py from preying on unsuspecting victims, such as placing them on SC’s Investor Alert List, blocking Hap2Py’s multiple websites, and issuing cease and desist letters.

However, SC stated that Hap2Py continues to entice Malaysian investors in multiple ways, such as using variations of their websites, and social media advertisements.

Hap2Py not an authorised Recognised Market Operator in Malaysia

This has led to a number of queries and complaints from the public regarding this entity.

In the statement, SC also reiterated that 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 under the Capital Market Services Act 2007.

As such, SC will not hesitate to take further action if Hap2Py continues to flout their non-compliance of the rules.

From their website, some of the services provided by Hap2Py includes a fixed deposit investing account, and a savings investing account. It is also offering attractive high return rates.