Pawnshops sprouting up amid surging business


PAWNBROKERS loaned S$1.3bil (RM2.95bil) to Singaporeans last year and the business is surging, so much so that four new shops have opened since January. 

The expansion is the fastest in seven years, making up one-fifth of the 18 that opened shop since 1997. 

More are coming.  

The Registry of Pawnbrokers is processing five new applications, despite each having to sink in S$2mil (RM4.53mil) in paid-up capital before doing business. 

Even Singapore Post wants a piece of the pie and plans to launch two new pawnshops this year. 

At this rate, registry spokesman Wong Lai Yin says, Singapore can expect an average rate of at least three new shops a year compared to one a year a decade ago. 

The pie is growing largely because pawnshops are a quick source of cash, given often for short periods of six months.  

With banks’ stricter loan policies, many people are driven to pawn their possessions when they need cash after losing their jobs. 

The Pawnbrokers Association estimates that of the 2.8 million transactions made by its 81 members, a million are by regulars in need of fast cash. – The Straits Times/Asia News Network  

Asia News Network

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Regional

Pinduoduo worker deaths reignite debate on 996 and the dark side of China tech’s overwork culture
Covid-19: Cases up by 4,008, bringing total to 169,379 (updated daily)
Alibaba founder Jack Ma delivers video speech to China’s rural teachers in first public appearance in three months
Tencent super app WeChat celebrates a decade of influence in China’s online world, but are its best years behind it?
Thai woman sentenced to 43 years in jail for insulting monarchy
Google backs Indian courier startup Dunzo in $40 million fundraising
MCO 2.0 to cost Malaysia RM600m daily, Zafrul says
Japan's Okinawa declares coronavirus emergency as cases spike
TikTok owner ByteDance launches Douyin Pay, its mobile payment service for China
Covid-19: 3,631 new cases, 14 fatalities bring death toll to 619

Stories You'll Enjoy