Maxi-Cash aims for customer retention, sustained growth amid pandemic
Current environment still poses uncertainty and challenges for industry.
Singapore
THE year 2020 was a surprisingly good one for pawnbroker Maxi-Cash Financial Services Corporation. Typically, an economic slowdown results in better business for pawnshops, as more people seek funds to tide over difficult times. But Ng Leok Cheng, chief executive of Maxi-Cash, says the Covid-19 pandemic has been a "very different and uncertain type of crisis".
During FY2020 ended December, Maxi-Cash actually saw a decline in revenue from its pawnbroking and secured lending business segments. Revenue from pawnbroking declined 2.8 per cent to S$42 million, from S$43.2 million in FY2019. The money lending segment logged revenue of S$2.9 million, down from S$7.9 million previously.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Wall Street bulls say stock rally can resume even without rate cuts
Yen tumbles to 34-year low; US dollar gains after inflation data
Fed repricing gives rise to new equities playbook in Asia
Dasin Retail Trust’s creditor to repossess director’s properties over loan default
Is Jurong Island’s carbon test bed too small and conservative? A*Star institute head thinks not
Tech rally propels emerging stocks to best week since July