Apr 29, 2016

    MoneyMax to start luxury goods' pawnbroking

    PAWNBROKER MoneyMax Financial Service said yesterday it would provide pawn, sell and trade-in services for luxury bags and accessories - "the first of its kind in Singapore".

    This is part of its plans to expand the services it offers, said the group.

    The firm said in a statement it expects all of its 37 Singapore outlets to offer this suite of services by the end of this year.

    There are also plans to introduce pawnbroking of luxury bags and accessories to its Malaysia outlets.

    MoneyMax wants to be a "one-stop solution provider" and said this comes at a time when more consumers own luxury goods.

    The company will invest up to $5 million in the initial phase for the purchase of inventory and equipment, renovation of its current outlets and staff training. It expects to recognise revenue from this new business segment in the financial year ending Dec 31.