MLAS, during the dialog sessions with ROM and MAS on the “consultation” phase of the new Moneylending Act and Rules – it was anticipated that such a requirement will soon follow after the implementation of new Moneylending Act. In anticipation of such a requirement, MLAS commissioned for the development of a comprehensive software for all moneylenders that is in compliance with the revised Moneylending Act and Rules that came into effect on 1st March 2009. The Software was introduced in April 2009.
Since then, based on feedback by users, the software has been transformed to reach the current stage of stability and reliability. The software has gone through numerous modifications to accommodate the different practices of the money lending business. The software is currently marketed by MLAS service provider Sivren Pte Ltd and an online version was launched in Dec 2011 by the company.
The MLAS website www.moneylenders.sg has been revamped to provide better services to its members and the public at large. There have been a number of adverse press reports on the moneylending business. The Association has also spoken to the media to arrest these adverse reports. It is sad that to know that there are a handful of Lenders who have actually abused the new Act and take advantage of borrowers who are in need of funds. These few has invariably brought dispute to the money lending industry in general.
This adverse impression of moneylenders must be arrested. As a way to our share of social responsibility, the Association in its revamp of its website, have included features for the general public awareness, Borrowers and Lenders.
For the website to serve its intended purpose, all moneylenders must become members of the Association and participate by logging in and entering details of their borrowers and bad debtors.