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MAS reviewing practice of remittance firms giving 'loans'
Move comes as Government is tightening moneylending rules to protect foreigners here
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The Monetary Authority of Singapore (MAS) has said it is reviewing the way remittance firms conduct business when it comes to charging interest for cash advances.
Its reply came after The Sunday Times highlighted how, in a contract it had seen, Toast Me, which operates a remittance business in Lucky Plaza, issued a cash advance of $630 to a maid some time last year, after deducting a "first-time fee of $70".
