Background
MoneyMax Financial Services is engaged in providing pawnbroking services, and the retail and trading of preowned jewellery and watches. As one of Singapore’s largest pawnbroking chains, the group currently operates 27 outlets across Singapore under two brands, MoneyMax and Cash Online.
The group began operations under the MoneyMax brand in 2008 and acquired the Cash Online brand in 2013. Their customers are typically individuals who require short-term funds and are able to pledge valuable personal articles, such as jewellery and branded watches, as collateral.
Two of the group’s outlets specialise in retailing a wide range of pre-owned watches and jewellery. The pre-owned watches include mid- to high-end luxury brands. The group also retails pre-owned precious coins, such as gold coins, commemorative medallions and gold bars.
Business Strategy
• Expand its network of outlets
• Refurbish and improve existing outlets
• Expand the range of pre-owned jewellery and watches
• Increase branding and marketing activities
• Expand through acquisitions, joint ventures and/or strategic alliances
Competitive Strengths