SINGAPORE (Aug 13): Initial coin offerings have become a phenomenon. There are many stories about how they are snapped up almost immediately as investors try to get their hands on as many tokens as they can. According to PwC and Crypto Valley, about US$13.7 billion ($18.7 billion) has been raised by ICOs globally in the first five months of 2018 alone.

As a major financial centre, Singapore has become a popular location for launching ICOs. In the first five months of this year, 53 ICOs were issued here, raising a total of US$1.2 billion. That ranks Singapore as third highest in the world in terms of funds raised.

ICOs are done for various purposes. While some have no problem attracting millions, it is not the case for small and medium-sized enterprises. SMEs fall between the cracks of the financial system, often failing to obtain loans from banks.

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