Maxi-Cash aims for customer retention, sustained growth amid pandemic
Current environment still poses uncertainty and challenges for industry.
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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.
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