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Plagiarism Scan Report

Report Generated on: Sep 28,2022

0%
Plagiarised
100%
Unique
Total Words:
428
Total Characters:
2720
Plagiarized Sentences:
0
Unique Sentences:
17 (100%)
Content Checked for Plagiarism
The bank and money lending licenses in Singapore
Depending on the sort of activity it is engaged in, a lender, arranger, facility agent, or security agent may need a licence, qualification, or other legal right to conduct business in Singapore. A licence under the applicable statute is required before a company can engage in certain commercial operations because those activities are governed by law. A licence is required for moneylending under the Moneylenders Act and for banking activities under the Banking Act, respectively. Let us try to discuss more about them:
banking licence
Anyone wishing to do banking business in Singapore must have a current licence. A valid licence issued under the Banking Act is essential for anyone who wants to do banking activity in Singapore. A "banking business" is any activity that involves receiving money on current or deposit accounts, paying and collecting checks drawn on or paid into customer accounts, making advances to customers, and any other activity that the Monetary Authority of Singapore (MAS), Singapore's central bank, may specify.
The benefit of having a banking licence is that a licenced bank is considered to be a "excluded moneylender" under the Moneylenders Act and is therefore exempt from needing a separate licence for lending activities. Unless it falls under a different category of "excluded moneylenders," a lender that is not licenced as a bank is required to obtain a moneylender's licence (discussed below).
License for a lender
Until the opposite is established, it is assumed that a person is a moneylender under the Moneylenders Act if they lend a little amount of money in exchange for a bigger sum of money being returned. According to the Moneylenders Act, unless a person is a "excluded moneylender" or "exempt moneylender," they are not allowed to conduct moneylending business in Singapore without a licence. You can find the best money lender in ang mo kio that are the trusted ones and have easy policies to apply for the loans.
A lender that only extends credit to companies, limited liability partnerships, trustees or trustee-managers of business trusts, trustees of real estate investment trusts, and/or accredited investors is referred to as a "excluded moneylender.
Various licences
Please be aware that certain activities are subject to separate regulation in Singapore under the Securities and Futures Act, including financing for securities and providing custodial services for securities (Cap. 289). These are not discussed in further detail here, although a capital markets services licence may be necessary if a lender, arranger, facility agent, or security agent engages in operations that fall under those categories.
unique content
No Plagiarism Found

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