In order to encourage international banks to set up financial
hub in Singapore, even if these foreign banks charge usurper's
exorbitant crippling 24% interest, the government will close one
eye.
If this kind of staggering interest is ever charged by any one else
they will be called ah long or loan shark straightaway and there
will be outcry and case will investigate such lenders like the way
case is pursuing the orchard road retailers for the smaller petty
overcharge.
One just wonder why case is not willing to act fair and prevent
banks from overcharging crippling interest especially by one-sided
arbitrary increases.
It is very clear that our policies are always worked out to favour
the big boys and foreign banks who are favorites of our MAS.
No wonder the economy is getting from bad to worse.