Pawnshops need help to stay afloat

Heavy competition: Some customers prefer going to bigger corporations as they might offer shorter repayment options and more favourable rates than the traditional outlets. — FAIHAN GHANI/The Star

PETALING JAYA: Fierce competition from larger and financially stronger players are hitting smaller and traditional pawnbroking business, prompting industry players to ask the government to intervene to ensure healthy competition.

Malaysia Pawnbrokers Association said it was time for the government to introduce regulatory reforms to ensure pawnshops’ sustainability and equitable competition in the evolving financial market.