Who is Registry of Moneylenders (RoM) in Singapore?
Trillion Credit Solutions Pte. Ltd. (“Trillion Credit”) is a Professional Licensed Moneylender approved by the Registry of Moneylenders (RoM), and is fully compliant to the Moneylenders Act as mandated, authorised and regulated by Singapore’s Ministry of Law (MinLaw). As a testament to our financial standing and professional service, we are one of only a handful Licensed Moneylenders that have been granted an additional place(s) of business. Incorporated in Singapore since 22nd September 2010 (Wednesday), we are currently headquartered in Chinatown (People’s Park Centre) with a branch office in Orchard (Lucky Plaza Shopping Centre).
With the years of experience behind us and the generous repertoires of clients under our belt, we have gathered a vast wealth of understanding and expertise specific to the money lending industry. Our products have then been carefully designed to provide responsible credit solutions for the everyday financial needs of modern life, turning clients’ worries into solutions, dreams into reality. We serve clients that cover a wide spectrum of the credit cycle, from industry professionals to middle and small-income earners in genuine need for financial relief.
At one point, governments had viewed money lenders as illegal scammers preying on individuals who have financial issues. Some unscrupulous groups had set exorbitant rates or terms that they can change as their borrowers finishes their paying term.
Fortunately, with Singapore’s Ministry of Law (MinLaw) finally enacting the Moneylenders Act and having the RoM in place, moneylending is now both legal and helpful for many Singaporeans.
The Registry of Moneylenders, part of the Singapore Ministry of Law, is responsible for the registration and regulation of licensed moneylenders in Singapore to ensure the moneylending industry is highly regulated.
The relevant laws and regulations regarding licensed money lending can be found online on the Registry of Moneylenders’ website, which includes:
1) Moneylenders Act (Chapter 188)
2) Moneylenders Rules
3) Prevention of Money Laundering and Financing of Terrorism Rules 2009