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New advisory committee to review Singapore's moneylending regime

Published on Jun 18, 2014 10:46 AM
 
 A licensed moneylender in Toa Payoh Central. An advisory committee has been formed by the Law Ministry to review the regulatory regime for moneylending and recommend appropriate measures to strengthen it. -- PHOTO: ST FILE

SINGAPORE- An advisory committee has been formed by the Law Ministry to review the regulatory regime for moneylending and recommend appropriate measures to strengthen it.

The measures they will look at include capping interest rates for moneylenders' loans, capping the total amount of such loans made to each borrower and restricting moneylenders' fees.

The 15-member committee will be chaired by Mr Manu Bhaskaran, director of Centennial Group International and vice president of the Economics Society of Singapore, said the ministry in a statement on Wednesday.

It will include representatives from the moneylending industry, such as Mr David Poh and Mr L Narayana, president and secretary respectively of the Moneylenders Association of Singapore.

 
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