Pawnbroker MoneyMax dreams big on China

Singapore

MONEYMAX Financial Services' first expansion into China is a small step by many measures, but it reflects big ambitions for the pawnbroker, says chairman and chief executive Lim Yong Guan.

"We hope this is our first project in China, and there will be more opportunities in the future. Because once you have an entry point, you will have a chance to discuss more business opportunities," Mr Lim said.

MoneyMax announced on Oct 18 that it will put up 25 million yuan (about S$5.1 million) for a 12.5 per cent stake in a new financial leasing business in China, which the company said will be financed through internal resources and bank loans. Its other partners in the joint venture are Singapore-list…