Tomei Subsidiaries Obtain Approval For Online Money Lending Activities, Pawnbroker Licences

Alex Cheong Pui Yin

27th September 2023 - 1 min read

Tomei Consolidated’s subsidiary, TXG Financial Solutions has been approved by the Ministry of Local Government Development (KPKT) to begin conducting online money lending activities under its existing money lending licence. On top of that, the jewellery manufacturer and retailer also obtained conditional approval from KPKT for its application of pawnbroker licences via several of its other subsidiaries.

In a filing with Bursa Malaysia Securities, Tomei said that this recent approval to run an online money lending business will not have any material effect on the earnings and net assets of the company for the current financial year (ending 31 December 2023). It also said that this approval is “in the best interest of the company”.

In a separate filing, Tomei also shared that five of its subsidiaries have been given conditional approval for pawnbroker licences, namely Ambitious Dream Sdn Bhd, Glittering Dream Sdn Bhd, Joyous Dream Sdn Bhd, Memorable Dream Sdn Bhd, and Mesmerizing Dream Sdn Bhd.

With this, the five subsidiaries will be allowed to operate as pawnbrokers, provided that they fulfil certain conditions by 20 July 2024. That said, Tomei did not disclose the requirements that need to be met.

(Sources: The Edge Malaysia, New Straits Times)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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