They concentrate on offering fastened and saving deposits in addition to credit score amenities to individuals and companies. They may not provide deposit accounts that are repayable on demand by cheque, draft or order. Generally, finance companies shall not grant unsecured credit score services to any particular person or body of persons, which in the aggregate and outstanding at anybody time exceeds S$5,000. Finance companies aren’t allowed to deal in any foreign forex, gold or different precious metals or acquire international currency denominated shares, shares or debt securities. They might develop their scope of actions subject to MAS’ approval.
SAMA is required to reply to the license applicant within sixty days of an application being submitted. The response might be positive, unfavorable or requesting additional issues to be supplied or further clarifications. If the response is optimistic, the applicant should full the incorporation of the finance company within six months … Read more