Like different regulators in New Zealand and around the world, we usually don’t comment on the progress of our investigations. This is because of the risk of inflicting unjustified injury to the fame of the companies and individuals we’re investigating before we are positive that the grounds for our concern had been justified by the evidence.
Finance corporations are licensed by MAS to take deposits and loans. Currently, there are three – Hong Leong Finance, Sing Investments and Finance and Singapura Finance, with mixed assets of S$sixteen billion. In Q2, 2016, finance companies accounted for almost S$7 billion in outstanding loans to SMEs, which is about eight.5 per cent of complete loans to SMEs in Singapore.
Among the adjustments announced on Tuesday, finance corporations may also be allowed to offer current accounts and chequing providers to enterprise customers and join digital fee networks akin to inter-bank Giro, Fast and Secure … Read more