Finance Companies

Finance companies are licensed under and governed by the Finance Companies Act.

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.

For the latest number of finance companies in Singapore, please refer to this link to the Financial Institutions Directory.

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Date Title
22 Jan 2003 BD 6/2003 - Lifting of Limits on Car LoansCirculars
01 Mar 2005 BD Cir 04/2005 - Central Provident Fund Board's Measures to Address Cashback Transactions for Resale HDB FlatsCirculars
30 Dec 2004 BD Cir 14/2004 - Cash Rebates Offered for Housing LoansCirculars
03 Sep 2013 Borrowers Who are Individuals and Who Own Residential Property Gazetted for Acquisition (Amended from Circular dated 22 July 2013)Circulars
04 Sep 2014 Borrowers Who are Individuals and Who Own Residential Property Gazetted for Acquisition (August 2014)Circulars
01 Apr 2005 Finance Companies (Licence Fees) RegulationsSubsidiary Legislation
31 Jan 1995 Finance Companies (Maintenance of Reserves) OrderSubsidiary Legislation
15 Mar 2004 FSG 02/2000: Posting of Financial Product Information On Third Party Internet Websites [Cancelled with effect from 15 Mar 2004]Circulars
07 May 1999 FSG 151999 MAS Circular to Finance Companies on MAS Notice 806 Maintenance of Minimum Liquid AssetsCirculars
09 May 2000 FSG 16/2000:MAS Notice 806 - Minimum Cash Balances and Minimum Liquid AssetsCirculars
07 Aug 2012 Guidelines on Fit and Proper Criteria [Guideline No. FSG-G01]Guidelines
23 Dec 2016 Guidelines on Standards of Conduct for Marketing and Distribution ActivitiesGuidelines
10 Mar 2017 Guidelines on the Application of Total Debt Servicing Ratio for Property Loans under MAS Notices 645, 1115, 831 and 128Guidelines
31 Dec 2009 Guidelines to MAS Notice 824Guidelines
30 Nov 2015 Guidelines to MAS Notice 824 on Prevention of Money Laundering and Countering the Financing of Terrorism - Finance Companies Guidelines

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Last Modified on 26/11/2016