Fall in unlicensed moneylending in Singapore
SINGAPORE — Singapore saw a 31.6 per cent drop in cases of unlicensed moneylending and related harassment in the first half of the year. Between January to June this year, there were 3,235 such cases reported, lower than the 4,729 cases in the same period last year.
Police officers checking on a flat targeted by loansharks. TODAY file photo
SINGAPORE — Singapore saw a 31.6 per cent drop in cases of unlicensed moneylending and related harassment in the first half of the year. Between January to June this year, there were 3,235 such cases reported, lower than the 4,729 cases in the same period last year.
Senior Minister of State (Home Affairs and Foreign Affairs) Masagos Zulkifli attributed the situation’s improvement to “strong enforcement efforts against loanshark syndicates,…community support in the fight against unlicensed moneylending activities and the presence of licensed lenders, who provide access to credit for those who are unable to obtain credit from banks or financial situations.”
However, two loansharks operating under the cover of licensed lenders were nabbed in recent years. Mr Masagos said the police will continue to work with relevant agencies to monitor the activities of licensed moneylenders.
Stay in the know. Anytime. Anywhere.
Subscribe to get daily news updates, insights and must reads delivered straight to your inbox.
By clicking subscribe, I agree for my personal data to be used to send me TODAY newsletters, promotional offers and for research and analysis.
