Singapore
MALAYSIAN financing firm RCE Capital is staking a claim on the Singapore moneylenders market via a S$40 million fund injection into a Singapore fintech that will, in turn, offer lower lending rates and encourage prompt debt repayment.
The Singapore fintech, Credit Culture, plans to launch by the end of February a moneylending platform that offers loans with monthly interest rates capped at 1 per cent, its founder and CEO Edmund Sim told The Business Times on Tuesday.
These rates are significantly lower than that charged by banks on revolving credit-card payments, which can run up to about 26 per cent per annum, or more than 2 per cent per month. The approximate 26 per cent per annum rate...