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ValueMax Group to enter unsecured moneylending business
ValueMax Group has decided to expand its business to include unsecured moneylending, it announced on Tuesday.
"The new business is complementary to the existing businesses and skill sets of the group, and is in line with the group's strategy to expand into the provision of alternative forms of debtor financing services," it said in an announcement to the Singapore Exchange.
Presently, the group is principally engaged in the provision of pawnbroking services, as well as the retail and trading of pre-owned jewellery and gold.
The new business will be carried out through VM Credit, which holds a moneylending licence in Singapore and grants loans secured against collaterals. The group acquired VM Credit last year.
"By providing a broader range of services to existing and new customers, the group hopes to have a more diversified business and income base for future growth," it added. "The group intends to be selective with the type of borrowers it lends to, especially during the initial stages of its new business."
It will focus on individuals with high annual income and/or high net worth who require such loans for business/commercial reasons, it said.