Pawnbroker body raises $538k for SUTD bursary as it marks 100th year

The Singapore Pawnbrokers' Association (SPA) has raised $537,500 to fund a bursary scheme for Singapore University of Technology and Design (SUTD) students.

This was part of SPA's activities to commemorate its 100th anniversary, which were postponed from last year owing to the Covid-19 pandemic.

A symbolic cheque was presented by SPA president Ho Khiam Seng to SUTD president Chong Tow Chong during a ceremony last Saturday at the Gateway Theatre in Bukit Merah.

Mr Ho said the Government will match the sum raised by 1½ times.

Established in 1920, SPA currently represents the interests of about 200 pawnbrokers in Singapore - which is more than 90 per cent of industry members here.

The event also saw SPA unveil its new logo and launch its special commemorative book, titled Singapore Pawnbroking - From Centennial To Millennium, which showcases its major milestones.

Home Affairs and Law Minister K. Shanmugam, who was guest of honour, said in his speech that SPA has played an important role during the pandemic.

This included waiving the one-month interest on eligible pledges during the circuit breaker last year, which helped to reduce the financial burden for those in need.

"The pandemic has also... shown the importance of going digital. We have been working closely with SPA and pawnbrokers on this," said Mr Shanmugam

For example, pledges can now be renewed online with sufficient safeguards in place, he added.