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Lending Bee Pilots New Business Models for Moneylending in Singapore

Via: ReleaseWire

Updated 8:15 PM CDT, Tue, March 19,2019

Being one amongst the six firms to pilot new business models, Lending Bee is at an all-time high in its achievement graph. This model approved by the Ministry of Law of Singapore aims at making the borrowing process easy for clients.

Singapore -- (ReleaseWire) -- 03/19/2019 -- Lending Bee, a reputed licensed personal money lender based in Singapore, recently piloted new business models, in an effort to digitise the money lending process with lower interest rates. Ministry of Law announced that this company is one amongst the six firms to be selected for this venture.

Lending Bee, the subsidiary organisation of Credit 21, is the one to have been granted this unique trade model. MinLaw found this company's proposal to be one of the six best recommendations of 38 firms.

Lending Bee licensed money lender in Singapore is one of the current 162 outlets in the country.

Previously, the number of outlets was 215. However, the moratorium imposed for issuing new licenses led to its decreased number. With this as the backdrop, the launch of a new business model for six firms can be considered to be of significant importance.

This business model is an initiative that aims to safeguard borrowers through business-led developments.

Additionally, the CEO of this firm, elated with the bestowed honour, explained this model as, "It involves the use of more comprehensive data to assess the creditworthiness of a client. This process involves digitisation and hence incurs lower costs. We aim to extend this benefit to the customers too."

However, it is being said that the success of Lending Bee in this venture did not come easy. The qualifying firms had to agree to a set of stringent criteria that were obligatory to this model. This included participation in debt assistance schemes, soundness and completeness of the business model, customer and communication strategy, and effective cost of credit policies and credits.

The firm's marketing head was also very clear about this company's ethics and motto. Towards this, he said that it is the ease of their customers that is of prior importance to them. Its schemes of personal loans reflect a similar idea. Their auto-refinancing loans have become quite popular amongst their clients.

Additionally, the Managing director of this firm said, "This new business model is supposed to be cost-effective because the lending process is being digitised. Clients will thus have the benefit of enjoying a low-interest rate with a bonus of safeguarding their personal information."

The new trade structure has been planned methodically to reward borrowers who repay their borrowed amount in or before time.

This top personal money lender in Singapore has demonstrated its track record in offering customers the perfect service of licensed moneylending. Their paid-up capital accounts for at least $1 Million, which has only amplified their strong financial standing.

The firm will be under severe evaluation for 2 years beginning in 2019 following the result of which, MinLaw will be deciding on its options for refining the moneylending system.

About Lending Bee
Lending Bee is a licensed money lending firm which gives priority to their customers and addresses their requirements. This enterprise is ever-evolving in its lending services so that its borrowers can benefit from it. Their cost-effective services call for better customer satisfaction and their hard-working employees accompany this. The process of borrowing is made simple keeping in mind that clients are already enough troubled by their financial crunch.

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