‘FundMyHome will not have monopoly over P2P’

KUALA LUMPUR: Tony Pua, the political secretary to Finance Minister Lim Guan Eng, has assured the public that FundMyHome will not have a monopoly over the newly-proposed peer-topeer (P2P) home financing scheme.

Pua, who is also Damansara member of parliament, said the government expected more of such P2P to surface once the Securities Commission finalised details of the scheme by the first quarter of next year.

The SC is tasked to regulate the new financing scheme that serves as an alternative to banks’ housing loans.

“Let me explain, FundMyHome is not a monopoly,” Pua told a forum on Budget 2019 organised by AmBank Group here yesterday.

In his Facebook posting yesterday, EdgeProp Sdn Bhd chairman Datuk Tong Kooi Ong made further clarifications to the company’s FundMyHome concept.

“On whether FundMyHome will really help homeowners and make homes more affordable, I am convinced it will and in the course of the weeks and months ahead, I suspect most will agree.

“All innovations go through stages of perception; from ‘ridicule’ to ‘debate’ and finally to ‘it was obvious’,” Tong wrote.

“In any case, given that FundMyHome involves no public money, concessions or guarantees of any kind from the government, and that this is just an additional solution over and above existing ones, what can be wrong?”

“For those who think they have better solutions, this launch and this innovation in no way impedes anyone else from doing and proposing what they have in mind,” Tong added.