Ministry approval for 3 community credit companies to provide online loans

Ministry approval for 3 community credit companies to provide online loans

KUALA LUMPUR: Kuala Lumpur-based community credit companies JCL Credit Leasing Sdn Bhd, Seamoney Capital Malaysia Sdn Bhd and Melati Panorama Sdn Bhd, three existing moneylender licensees, will be given additional approval to conduct online money lending transactions, the Housing and Local Government Ministry (KPKT) said.

“The approval was given to ensure that borrowers, as well as the credit community company, are protected through a transparent online lending facility that complies with the set provisions,” the ministry said in a statement today.

According to the ministry, any community credit company that conducts online money lending transactions without a license may be fined or jailed or both based on provisions under the Money Lenders Act 1951 (Act 400).

The list of community credit companies approved for online money lending activity will be updated periodically with the latest information available online at www.kpkt.gov.my.

“The public can also contact 03-8891 4667/4662/4695/4694/4682/4683 or submit inquiries through the KPKT Integrated Complaints System at the aduan.kpkt.gov.my for more information,” the ministry said. — Bernama

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