View Single Post
Old 12-09-2018, 01:57 PM   #2238
Senior Member
Urbanchap's Avatar
Join Date: Mar 2017
Posts: 594
Hi experts, is there any big difference bet a finance company like Hong Leong and a bank like Maybank for eg.
Both regulated by MAS. HL holds "Finance Company" license whereas Maybank holds "Full Bank" license. It means the former is much more restricted in it's scope of activities compared to the latter. Below is from MAS website for Finance Company:

They focus on providing fixed and saving deposits as well as credit facilities to individuals and corporations. They may not offer deposit accounts which are repayable on demand by cheque, draft or order. Generally, finance companies shall not grant unsecured credit facilities to any person or body of persons, which in the aggregate and outstanding at any one time exceeds S$5,000. Finance companies are not allowed to deal in any foreign currency, gold or other precious metals or acquire foreign currency denominated stocks, shares or debt securities. They may expand their scope of activities subject to MASí approval.
Urbanchap is offline   Reply With Quote