Moneylending industry has always rapidly evolved to adapt to the rising changes in the financial industry. Several laws have been proposed and implemented causing moneylending businesses to be disrupted. The advent of fintech creates new striking changes to how moneylending businesses operate.
Laws have been proposed by the Singapore government to further tighten the moneylending industry. The latest laws are updated on the 23rd of Feb 2018. With news and complaints of illegal moneylending affecting citizens living in the suburbs, the government has been tightening laws and ruling out unethical businesses that have been taking advantage of borrowers.
Proposals to pilot new business models for moneylending
Empire Global is a leading moneylending company and has always kept customer needs close to heart. Without drastically affecting borrowers and their own business, Empire Global has always kept up to trend with their business models and looking at new ways to improve their own business model.
The Ministry of Law (MinLaw), has invited proposals to pilot new business models for moneylending which brings about the objective to better protect borrowers in the moneylending industry. Applicants will require paid-up capital of at least $1 million, to ensure sufficient financial standing. Assessment of the effective cost of credit and credit policies will be made. Successful applicants will be granted moneylending license for up to two years to implement their business model.
MinLaw intends to issue up to 16 outlets for the implementation of new business models under this pilot model.
Based on the news by MinLaw, Empire Global is looking at new ways to better to benefit the community at large and at the same time remain competitive in this tough moneylending industry. Going forth with the government suggestions, Empire Global has been researching on new financial models and open to all proposals or suggestions towards this movement.