Glossary

An Accredited Investor is an individual or corporate entity that meets the eligibility criteria established by the Monetary Authority of Singapore (MAS), granting access to exclusive investment opportunities such as those offered on the Kilde platform that are not available to the general public.

These thresholds include:
Annual income of at least SGD 300,000 (for individuals), or
Net financial assets exceeding SGD 1 million, or
Net personal assets above SGD 2 million (with limitations on property value inclusion)

On Kilde.sg, only Accredited Investors (and, where applicable, Expert or Institutional Investors) are eligible to participate in private credit investments. This ensures alignment with MAS regulatory guidelines, investor protection, and the risk-based nature of such offerings.

Accrued interest refers to the portion of interest income that has been earned on an investment but has not yet been paid out. It accrues daily from the previous interest payment date up to the current or settlement date, following established day count conventions commonly used in fixed-income instruments.

On Kilde.sg, accrued interest ensures that investors are compensated fairly for the exact number of days their capital is deployed, even if they enter a deal between coupon payment dates.

An administration fee refers to the charge applied to cover the operational costs associated with managing and servicing an investment. This may include activities such as deal sourcing, credit and risk assessment, escrow arrangement, transaction facilitation, and ongoing investor reporting.

On Kilde.sg, the administration fee may be deducted from interest earned or charged as a percentage of the invested amount, depending on the structure of the specific investment offering.

All Time Funded refers to the cumulative amount of capital invested by Kilde users through the platform since its launch.

All Time Returns Paid represents the total amount distributed to investors through the platform since inception. This includes both principal repayments and interest earned across all completed or ongoing deals.

Alternative investments are asset classes that fall outside traditional public equities and bonds. On Kilde.sg, this primarily refers to private credit, loans extended to non-bank institutions such as fintech lenders and SME financing platforms. These investments are structured to deliver enhanced return potential while maintaining controlled risk exposure, and are available exclusively to Accredited Investors

Amortization is the gradual repayment of a loan through scheduled payments that include both principal and interest. Some Kilde deals may include amortizing structures where principal is repaid over time.

Amount Funded is the actual capital committed by investors to a specific deal. On Kilde, it reflects how much of a deal has been subscribed before closing or reaching full funding.

Annual income is the total earnings an individual receives over 12 months, including salaries, bonuses, and investment income. Kilde and the Monetary Authority of Singapore (MAS) use it to determine an individual's Accredited Investor status in Singapore.

Annual Return is the interest an investor earns over a year from a specific investment, expressed as a percentage. On Kilde, this is shown as a net figure after fees. For instance, a 10% annual return means earning SGD 1,000 on a SGD 10,000 investment in one year, before fees are deducted.

The Annualised Default Rate measures how often borrowers fail to repay loans, adjusted for a yearly period. It helps assess credit risk across time. Kilde publishes this metric to demonstrate historical platform performance.

Anti-Money Laundering (AML) laws are designed to prevent illegal funds from entering the financial system. Platforms like Kilde follow AML procedures including identity verification and transaction monitoring.

Anti-Money Laundering (AML) procedures refers to the set of procedures and laws designed to prevent money laundering. Platforms like Kilde are required to implement AML checks to ensure that investments are not funded by money arising from illegal activities.

An asset class is a group of investments with similar characteristics, such as equities, fixed income, or real estate. Private credit, as offered on Kilde, is considered part of the alternative fixed income asset class.

Asset-backed lending involves making loans secured by tangible or financial assets. On Kilde, many deals are backed by loan portfolios or receivables, which can be liquidated in case of borrower default. This reduces risk and enhances investor protection.

Assets Under Management (AUM) refers to the total value of investor capital currently deployed in active investment deals on the Kilde platform. It reflects the scale of funds under management and the platform’s live exposure to ongoing private credit positions.

Auto-Invest is a Kilde feature that automatically allocates funds to new deals based on investor preferences such as risk grade, investment size, and term. It simplifies portfolio building and improves diversification without manual effort.

Average investment term is the average length of time capital is committed across a portfolio of deals. It helps investors assess the liquidity of a portfolio.

Average Net Return represents the mean return earned by an investor across all completed or active deals, after deducting platform fees, losses, and defaults. It provides a more accurate measure of actual investment performance than gross return figures.

Average Return indicates the mean return across all investments made on the platform, typically used to assess overall portfolio or platform-level performance. It can be expressed either as gross (before fees) or net (after fees and losses), depending on the reporting context.

On Kilde.sg, this metric helps investors benchmark expected performance and compare deal outcomes over time. It may be presented across a group of deals or across all investor portfolios.

Bondholders are investors who lend money in exchange for regular interest (coupon) payments and principal repayment at maturity. On Kilde, investors may take on a similar role when investing in debenture-structured private credit deals.

A borrower is the entity that receives loan capital and is obligated to repay it with interest. On Kilde, borrowers are typically licensed lenders or small and medium-sized (SME) lendering firms that issue private credit deals to investors.

Buy Now Pay Later (BNPL) is a short-term financing solution that allows consumers to make purchases and pay for them over time. BNPL providers are often borrowers in private credit deals. Kilde may offer investments in portfolios of BNPL loans.

A capital call refers to a request to transfer funds. In the context of investing, it typically means a request for an investor to commit capital to an investment. In the context of early redemption, it refers to an investor’s request to withdraw funds before the maturity date.

On Kilde.sg, the specific conditions under which early redemptions may be made are clearly outlined in the deal terms.

A Capital Markets Services (CMS) Licence is issued by the Monetary Authority of Singapore (MAS) to firms that conduct regulated activities such as fund management, securities dealing, or advising on investment products.

Holding a CMS Licence signifies that an entity meets strict regulatory, compliance, and operational standards. Kilde operates under a CMS Licence ↗, which authorises it to offer private credit investments in accordance with Singapore’s financial regulations.

Capital risk refers to the potential that an investor may not recover the full principal amount of their investment. In private credit, this typically arises if a borrower defaults and recovery efforts do not succeed.

At Kilde, we mitigate this risk through robust deal structuring, collateral-backed investments, and thorough credit assessments, ensuring we take every prudent step to safeguard our investors’ capital.

Central Provident Fund (CPF) is Singapore’s national savings scheme for retirement, housing, and healthcare. Funds in CPF accounts cannot be used for private credit investing on platforms like Kilde.

A closed deal is one that has been fully subscribed and funded by investors. No further investments are accepted once a deal is closed. On Kilde, closed deals are visible in user dashboards and performance summaries so that investors can monitor them.

Collateral is an asset pledged by a borrower to secure a loan. If the borrower defaults, the lender can claim the collateral. On Kilde, deals often include collateral such as loan receivables or pledged portfolios.

Compounded Interest is interest calculated on both the initial principal and the accumulated interest. While most Kilde deals pay simple interest monthly, compounded returns may in effect be acheived if returns are reinvested.

Counterparty risk is the possibility that the other party in a financial transaction may default on their obligation. On Kilde, this usually refers to the risk of borrower non-payment.

A coupon payment is the interest paid periodically to investors in a fixed-income or credit investment. On Kilde, most private credit deals pay monthly coupon payments based on agreed rates.

Credit assessment is the process of conducting comprehensive credit risk assessments to evaluate a borrower's ability and likelihood to repay debt. This process includes a structured review of financial history, cash flows, repayment records, industry-specific risks, and portfolio data.

By leveraging both internal risk models and external data sources, Kilde ensures that each borrower or loan portfolio is rigorously assessed before any investment opportunity is listed on the platform.

Credit risk refers to the possibility that a borrower may face challenges in meeting their repayment obligations. In private credit, this is a natural part of the investment landscape.

At Kilde, we carefully evaluate credit risk during our due diligence process and assign a clear risk grade to each deal, helping investors make informed decisions.

DPI (Distributions to Paid-In) is a metric used in private markets to measure how much capital has been returned to investors relative to the amount they contributed. It indicates the realised return of an investment. While more common in private equity, DPI may be used to track performance in private credit portfolios.

Day count convention is the method used to calculate interest accrual, based on how days are counted in a period. Kilde uses standardised conventions like Actual/360 or 30/360 to compute accrued interest. Actual/360 uses the actual number of days in a month; 30/360 assumes all months are 30 days.

Deal Flow refers to the rate at which new investment opportunities are presented to investors. Strong deal flow on a platform like Kilde suggests consistent sourcing and vetting of private credit opportunities.

Deals fully repaid are investments where all principal and interest have been returned to investors. On Kilde, this is an indicator of deal maturity and successful completion.

Debentures on Kilde are a type of bond secured by financial assets, relying on the issuer’s creditworthiness. Most private credit deals on Kilde are structured in this manner.

Debt Capital refers to funds that a business raises through borrowing, typically via loans or bond issuance. In the context of private credit, platforms like Kilde enable investors to provide debt capital directly to non-bank financial institutions, such as fintech lenders and SME financing firms.

Debt issuance is the process of raising capital through the creation of debt instruments such as notes, bonds, or debentures. Kilde facilitates debt issuance by connecting non-bank financial institutions with investors.

Debt securities are financial instruments that represent a loan agreement between an investor and a borrower. Common examples include bonds, notes, and debentures, where the borrower agrees to repay the principal with interest over a specified period.

On Kilde, investment opportunities are typically structured as debentures, allowing investors to earn returns through interest payments from non-bank financial institutions.

A default occurs when a borrower fails to meet the legal obligations of a loan, such as missing payments. The default rate shows the non-performing loans in a portfolio. At Kilde, we transparently report default rates to help investors evaluate the quality and resilience of the platform’s private credit offerings.

A Deposit Account Control Agreement (DACA) is a legal agreement that gives a lender control over a borrower's deposit account in case of default. It ensures that investor funds can be recovered efficiently. Kilde may use DACA structures for added protection.

Disbursement is the process of transferring invested funds to a borrower once a deal is funded. On Kilde, disbursements occur through escrow accounts once all investor commitments are received.

Diversification is an investment strategy that involves spreading capital across various assets to reduce exposure to any single risk, such as asset type, sector or geography. In private credit, diversification can be achieved by investing in multiple deals across different borrowers, industries, or geographies. On Kilde, investors can diversify by using auto-invest or by selecting a range of deals.

A Double Tax Avoidance Agreement (DTAA) is a treaty between two countries that prevents individuals or companies from being taxed twice on the same income. For Singapore-based investors using platforms like Kilde, DTAAs help reduce withholding tax on any overseas interest arising in their portfolio.

Due diligence is the comprehensive process of assessing a potential investment’s risks and returns before committing capital. It includes reviewing financials, legal documents, and business operations. Kilde performs due diligence on all borrowers and loan portfolios before offering them to investors.

Early redemption allows investors to withdraw their capital before the agreed maturity date, often subject to penalties or restrictions. On Kilde, early redemption is only available in certain deals and is governed by specific terms outlined in the investment documentation.

An escrow account is a third-party account used to hold funds securely until specific conditions are met. In private credit, it ensures investor funds are only released once the deal is closed. Kilde uses escrow arrangements to protect investors' capital during funding and repayment.

An escrow agent is a neutral third party responsible for managing an escrow account. They ensure that funds are transferred only when both parties meet predefined conditions. Kilde uses licensed financial institutions as escrow agents.

An Exempted Financial Advisor is an entity permitted to provide financial advisory services without holding a full financial advisor’s licence, typically due to operating under another licence such as a Capital Markets Services (CMS) Licence. Kilde operates under an exemption as a CMS licence holder.

Extra costs are charges not included in the advertised fees or returns, which may impact an investor’s net gains. These can include bank transfer fees, currency conversion charges, or withholding taxes. At Kilde.sg, all applicable costs are disclosed in the deal documents.

A Factor Rate is a fixed multiplier used to determine the total repayment amount in alternative lending. For example, instead of traditional interest, a 1.2 factor on a $10,000 loan means the borrower repays $12,000. Some Kilde deals may feature loans originated with factor-based pricing.

A family office is a private wealth management entity that handles the financial affairs of high-net-worth individuals or families. These entities may allocate capital to alternative investments, including private credit platforms like Kilde e.g. for diversification and yield.

A fee structure details the charges associated with an investment, such as administration, performance, or exit fees. On Kilde, the primary fee is a platform administration fee, which is typically calculated as a percentage of the invested capital. This fee is clearly disclosed and accounted for in overall return projections, ensuring transparency and helping investors understand the true net yield of their investment.

Financial assets include investments such as stocks, bonds, bank deposits, and private credit instruments that can generate returns. In Singapore, financial assets are used to determine Accredited Investor eligibility.

A first loss cushion is a protective layer in a structured finance deal, where junior investors absorb losses before senior investors are affected. Kilde may offer senior notes with such protection provided by subordinated tranches.

Fixed income refers to investments that pay regular interest over time, such as bonds or private credit. Kilde’s deals are part of the fixed income asset class, offering predictable cash flows.

A fund is considered 'locked-in' when the invested capital cannot be withdrawn before a set maturity or exit date. On Kilde, most deals have fixed terms, meaning the capital is locked in until the investment matures, unless early redemption is allowed under the terms of the deal.

Fund settlement refers to the process by which investment funds are officially transferred and recorded. On Kilde, settlement occurs once an investor commits funds, the deal reaches full funding, and escrow instructions are triggered. This process is typically performed at 6:00 PM on a Singapore business day.

Funded Deals is the number of investment opportunities that have successfully received the target amount of capital from investors. On Kilde, this reflects the number of deals that reached full subscription and were disbursed to borrowers.

Gross Return is the total return on an investment before deducting any fees, taxes, or costs. In general, it includes all earned interest or capital gains; on Kilde it includes all interest (there are no capital gains). On Kilde, gross return is useful for comparing deals before factoring in fees.

A high-net-worth individual (HNWI) is someone with substantial financial assets. In Singapore, an HNWI typically meets or exceeds thresholds to qualify as an Accredited Investor. HNWIs often use platforms like Kilde for access to private credit investments.

The Holding Period Rate (HPR) measures the return earned over the entire period an investment is held. It's useful for comparing returns across deals with different holding periods. On Kilde, it shows the total return from entry to exit of a deal.

Identity verification is the process of confirming a user's identity before allowing access to financial offerings. Kilde conducts identity verification as part of its Know Your Customer (KYC) and regulatory compliance requirements.

Individual Outstanding Amount is the total principal that a specific investor currently has deployed in active deals. This figure helps users of platforms like Kilde track how much of their capital is still earning returns.

An Information Memorandum is a document that provides detailed information about an investment offering. It includes terms, risks, and financials. On Kilde, this document is provided to help investors make informed decisions before committing to a deal.

The Inland Revenue Authority of Singapore (IRAS) is the government agency responsible for tax collection and administration in Singapore. Investors on platforms like Kilde must comply with IRAS guidelines on reporting income and withholding taxes.

An Institutional Investor is an organisation, such as a bank, insurance company, or fund, that invests large amounts of capital. Institutional investors may participate in private credit through platforms like Kilde alongside individual investors.

The institutional outstanding amount refers to the total active principal invested by institutional clients in ongoing deals. It helps platforms like Kilde segment reporting between retail and institutional investor activity.

The Interest Rate is the percentage charged by a borrower for the use of funds, typically expressed on an annual basis. On Kilde, this determines the amount investors earn from each deal over time.

The effective annual rate of interest on an investment. Useful for understanding the return on an investment where interest is not received annually and/or where the interest amount varies.

An investment portfolio profile is a summary of an investor’s holdings, showing allocation across asset types, risk levels, and returns. On Kilde, this profile helps investors track how diversified and balanced their private credit investments are.

Investment portfolio size refers to the total value of investments held by an individual or entity. On Kilde, this indicates the sum of all funds deployed across active and completed deals.

Investment structuring fees are costs incurred during the setup of an investment product. These may cover legal, regulatory, and operational structuring tasks such as forming Special Purpose Vehicles (SPVs) or drafting contracts. On Kilde, these fees are transparently included in deal terms and may affect net returns.

Invoice factoring is a financing method where businesses sell unpaid invoices to a third party at a discount. Some private credit deals on Kilde may include portfolios originated through factoring.

Know Your Customer (KYC) is a regulatory process that verifies a user’s identity before allowing them to invest. Kilde uses KYC checks during onboarding to comply with financial regulations.

A lien is a legal right or claim against an asset that is used as collateral to satisfy a debt. In secured Kilde deals, liens may be placed on loan portfolios or receivables to protect investor capital.

Liquidity is the ease with which an asset can be converted into cash. Private credit investments on Kilde are typically illiquid, meaning capital is locked in until maturity or early redemption.

Loan covenants are terms set by lenders to ensure the borrower maintains certain financial or operational standards. They help protect investors by setting triggers for action if risk levels increase. Kilde may include covenants in deal documentation.

Loan originators are entities that issue loans directly to borrowers. These can include fintech lenders and small and medium-sized entity (SME) financing platforms. On Kilde, investors often fund portfolios originated by such institutions.

A loan portfolio is a group of loans held by a financial institution or platform.

Loan tenure is the length of time over which a loan must be repaid. On Kilde, tenures range from a few months to a few years and are clearly stated in each deal’s details.

Loan-to-Value (LTV) is a ratio that compares the size of a loan to the value of the asset securing it. Lower LTV indicates higher collateral coverage. On Kilde, LTV is used to assess the risk of secured deals.

Losses refer to unrecovered capital due to defaults or partial repayments. The loss rate measures the proportion of invested funds that are not recovered. Kilde reports this metric to inform investors of platform credit performance.

Manual investment is the process of selecting individual investment opportunities without automation. On Kilde, this allows investors to hand-pick deals based on their preferences rather than relying on Auto-Invest features.

The maturity date is the point in time when an investment or loan reaches the end of its term and repayment is due. On Kilde, this indicates when the principal will be returned to investors, assuming no early redemption has been exercised.

Merchant Cash Advance (MCA) is a financing option where businesses receive funds upfront and repay them via a percentage of future sales. Some private credit originators on Kilde may offer portfolios of MCA-type receivables.

Mezzanine financing is a hybrid of debt and equity that typically ranks below senior debt but above equity. It offers higher returns than debt to compensate for the higher risk. Kilde does not currently offer mezzanine products, but the term is relevant in private credit.

The minimum investment amount is the smallest sum an investor can commit to a specific opportunity. On Kilde, this amount varies by deal but is typically set to ensure our that operations are cost effective for investors.

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and financial regulatory authority. It oversees financial institutions and enforces laws related to banking, insurance, and investment services. Platforms like Kilde are regulated by MAS under a Capital Markets Services Licence.

Monthly Gross Return refers to the total return earned from an investment each month, before fees or taxes. On Kilde, these returns reflect the interest paid by borrowers and can help investors assess performance trends.

Net Financial Assets are a person’s financial holdings minus any liabilities, such as cash, stocks, or bonds. In Singapore, this is used to determine Accredited Investor eligibility. Kilde requires users to declare this status before investing (or otherwise demonstrate that they qualify as an accredited or Institutional Investor).

Net income is the amount of earnings remaining after all expenses and taxes have been deducted. It reflects true profitability or disposable income.

Net personal assets refer to an individual's total personal assets, such as property or savings, minus liabilities. In Singapore, this metric helps assess investor eligibility. For Kilde, only a portion of a primary residence may be included.

Non-Banking Financial Institutions (NBFIs) are entities that provide financial services without holding a full banking licence. These include fintech lenders, microfinance providers, and other specialised finance companies.

On Kilde, investors can access private credit opportunities by investing in loans originated by NBFIs, offering exposure to alternative fixed-income instruments.

Onboarding is the process of registering and verifying a new user on a platform. On Kilde, onboarding includes identity verification, accreditation checks, and linking of bank or escrow accounts.

Origination is the process of sourcing, evaluating, and structuring a new loan or investment opportunity. Kilde performs origination by partnering with licensed non-bank lenders and reviewing their underwriting practices.

Outstanding Balance refers to the remaining principal or interest that has not yet been repaid on a loan or investment. On Kilde, it indicates the unpaid portion of an investor's active deal.