Almost there: MoneyMax nears completion of Malaysian investment

It will kick-off with 8 initial pawnshops.

Top Singaporean pawnbrokers are well expanding in the region, indicating that there is strong demand for such services in other ASEAN countries.

RHB reports that Moneymax Financial Services announced that they have completed the first tranche of payment totaling MYR4m to its JV partner, Mr Chong Mei Sang for the proposed investment in 51% of a new holding company for the purpose of carrying on the business of pawn-broking in Malaysia.

OCBC adds that on 20th June 2014, MMFS announced that it will form a JV with a 51% stake in a Malaysian network of 8 initial pawnshops to kick-start its regional expansion, with aims to grow its network in Malaysia to 34 in the new few years.

This move will fuel their growth after FY16 as newly opened pawnshops normally take around 2-3 years to break even or reach profitability.