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Old 12-09-2018, 03:10 PM   #2239
K202020K
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Join Date: Feb 2017
Posts: 2,533
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:

Quote
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 MAS’ approval.
Unquote.
Due to the said regulatory limitations, the said finance company is thus a safer option than DBS Bank .... especially the extensive exposure to SG's property market.
Going to HL Finance now .... 哈哈。
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