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Pawnshops in Singapore grew to 204 last year from 163 in 2010

SINGAPORE — The Government is looking to amend laws governing pawnbrokers to ensure they keep up with the industry’s evolving business practices.

These include removing the existing auction system, under which pawnbrokers dispose of unredeemed pledges through public auctions, and requiring pawnbrokers to maintain a minimum paid-up capital of S$2 million for their first branch and an additional S$1 million for each subsequent branch, said the Ministry of Law (MinLaw) yesterday.