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In Singapore, moneylenders are required to maintain a physical office for several reasons:
Regulatory Compliance: Singapore’s legal framework for moneylending is strict. The Office of the Registry of Moneylenders (ORM) mandates that licensed moneylenders have a physical office to ensure they operate transparently and responsibly. This requirement helps to prevent fraudulent activities and ensures that moneylenders adhere to regulations.
Consumer Protection: A physical office provides a point of contact for borrowers. It allows customers to visit in person if they have concerns or need assistance, thus offering an added layer of accountability and protection for consumers.
Operational Stability: Having a physical office can also lend credibility to a moneylender's operations. It ensures that the business is stable and committed to long-term operations rather than operating as a transient or fly-by-night operation.
Document Handling: Moneylenders often need to handle sensitive documents, such as loan agreements and personal identification. A physical office helps in managing these documents securely and in compliance with data protection laws.
Face-to-Face Interaction: Some customers might prefer or require face-to-face interaction to discuss loan terms, clarify doubts, or resolve issues. A physical office provides a space for such interactions.
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