US reward-based crowdfunding platform Kickstarter said on Tuesday it is opening to creators in Hong Kong and Singapore. The move will enable creators in these areas to launch projects and be backed by investors from around the globe.
Creators can require funding in Hong Kong dollar (HKD) and Singapore dollar (SGD). For non-local backers the displayed target amount and the collected amount will be in US dollars (USD), with the original currency alongside. However, funds will be later collected by creators in their local currency.
The platform already has several projects of creators running from Hong Kong and Singapore. With time, their number will organically increase.
The Kickstarter community in Hong Kong and Singapore has pledged more than 300,000 times to more than 40,000 creative projects worldwide. Since the platform employs a reward-based model, which means that investors support a project with a small amount and in exchange they receive a tangible reward, backers from Hong Kong and Singapore will be able to take advantage of local experiential rewards now that local creators are accepted. This was previously not possible.
Kickstarter, released in 2009, is among the leading US crowdfunding websites. Due to its reward-based model, the platform focuses on projects of artists, musicians, filmmakers, designers, and other creators. Backers from anywhere across the world can use Visa, MasterCard or AmEx bank cards to transfer money to support a creator’s project. The platform employs an all-or-nothing funding model, which means projects receive financing if they meet their target amount within a specified time period.
The website has facilitated 262,615 creators and millions of backers worldwide. More than 313,000 projects have been launched on the website since its inception.