SSIC 64150—Finance companies (with deposit taking functions)

Where 64150 sits

1. L Financial and insurance activities
2. 64 Financial service activities (except insurance and pension funding)
3. 641 Monetary intermediation
4. 6415 Finance Companies
5. 64150 Finance companies (with deposit taking functions)

What 64150 includes

• This sub-class includes finance companies that are licensed by the Monetary Authority of Singapore (MAS) and governed by the Finance Companies Act. These units are involved in providing fixed and/or saving deposits as well as credit facilities to individuals and/or corporations.
• Units in this sub-class may not:
• Offer deposit accounts which are repayable on demand by cheque, draft or order
• Grant unsecured credit facilities to any person or body of persons, which in the aggregate and outstanding at any one time exceeds S$5, 000
• Deal in any foreign currency, gold or other precious metals or acquire foreign currency denominated stocks, shares or debt securities

What 64150 excludes

• Full banks, see 64120
• Credit granting by specialised non-depository institutions, e.g., for house purchases, see 6492

64150 in other systems