Singapore's Gamblers Get a New Bank

The number of pawnshops in Singapore jumped to 214 this year from 114 in 2008, according to DMG & Partners Securities. Loans disbursed by the industry jumped to S$5.5 billion ($4.4 billion) in 2013 from S$1.6 billion in 2007. Singapore's two casinos opened in 2010, and about 20% of the increase in pawnbroking activity is driven by clients raising money for gambling, says Ivan Ho, who owns the Heng Seng Pawnshop. The rest comes from business owners and low-income individuals in need of money to pay hospital bills and other unexpected costs. Pawnbrokers aren't alone in courting Singapore's cash-pinched. Unlicensed lenders at casinos, known as mataos, lend to gamblers using valuables as collateral, says Ho.