MoneyMax Financial Services is engaged in providing pawnbroking services and retail and trading of pre-owned jewellery and watches in a contemporary and consumer-friendly setting and environment. As of Dec 31, 2024, the group operates over 100 outlets across Singapore and Malaysia, spanning five business segments: pawnbroking, retail and trading, automotive financing, property financing and general insurance.
1. What are MoneyMax’s core business segments?
MoneyMax Financial Services is a financial services provider, retailer and trader of luxury products in Southeast Asia. The group positions itself as a community lender with a Southeast Asian focus, operating a network of over 100 outlets across Singapore and Malaysia.
The group’s main business segments are in three areas — pawnbroking, retail and trading of gold and luxury items, and secured lending for automotive and property financing in Singapore.
2. MoneyMax posted a record $41.6 million profit after tax in FY2024, up 65.4% y-o-y. What drove this growth?
The record profit after tax of $41.6 million in FY2024 was achieved on the back of a 36.5% jump in revenue to $390.1 million. This was due to a significant 36% revenue growth in our retail and trading of gold and luxury items segment to $266.6 million, arising from increased sales volume and favourable gold price movements.
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Our pawnbroking segment also demonstrated equally strong momentum in FY2024, with revenue climbing 47.3% to $94.3 million due to higher interest income from the increase in the pawnbroking receivables portfolio.
3. The group now operates over 100 stores across Singapore and Malaysia. Are there any plans to further expand in these markets?
The group has been expanding its presence in both markets steadily and strategically, positioning itself as one of the largest pawnbroking and retail chains in the region. We are focused on improving store productivity while exploring opportunities for expansion into areas with high demand and strategic locations that match our brand and service model.
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In Malaysia, which is a considerable market, there is a significant long-term growth potential for the group. With 55 outlets currently, we will look to continue accelerating the growth of our existing pawnbroking network while looking for strategic opportunities to expand further.
4. How does MoneyMax differentiate itself from competitors in the pawnbroking and pre-owned luxury goods space?
We offer secured financial services to local communities and small to medium businesses in Southeast Asia, positioning ourselves as an essential alternative to the traditional financial ecosystem. Our differentiation strategy includes:
Strong brand trust and regional network: MoneyMax has built a strong reputation for transparency, fair valuation, and dependable customer service. As one of the largest pawnbroking and retail chains in Singapore and Malaysia, our extensive network enhances accessibility and customer reach. In 2024, MoneyMax won the Top Influential Brand award for the Pawnbroking and Pre-Owned Luxury Goods category in Singapore and the Top Influential Brand award for the Pawnbroking category in Malaysia.
Professional authentication and product integrity: MoneyMax ensures the quality and legitimacy of high-value pre-loved items like gold jewellery and timepieces through in-house authentication and appraisal, giving customers peace of mind.
Customer-centric innovation: We launched MoneyMax Online, one of Singapore’s first online pawnbroking platforms, and introduced ‘Drive-Thru’ pawnshops in Malaysia for convenience and privacy.
Digitalisation: We continue to work on AI and digital initiatives to automate processes, improve inventory management, enhance customer engagement, reduce fraud, and support data-driven decision-making.
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5. What is MoneyMax’s dividend policy, and how does the company plan to sustain or grow shareholder returns in the coming years?
While MoneyMax does not currently have a fixed dividend policy, we have consistently paid dividends to shareholders annually since our listing, reflecting our commitment to deliver shareholder value through regular returns.
That said, the group remains focused on executing our growth strategies to enhance long-term performance. As such, any future declaration and payment of dividends will be determined by the company’s board of directors after taking into consideration, inter alia, the group’s operating results, financial condition and other cash requirements, including capital expenditures and expansion plans.
6. The group has entered automotive financial services. How does this new vertical complement its core pawnbroking and luxury retail business, and what are the growth plans?
The automotive financing segment complements the group’s pawnbroking and retail and trading business segments as it can leverage the group’s expertise in secured lending and asset-based financing to provide financing solutions to car owners and dealerships.
This vertical also aligns well with the group’s strength in valuing high-value assets and providing accessible credit, and allows the group to diversify revenue streams and expand its customer base.
7. Can you share more about your secured financing solutions for residential and commercial properties in Singapore? How has demand shifted, and how do you position yourself competitively?
The group’s property-backed financing solutions involve the provision of short-term, interest-servicing loans. These loans cater to individuals and businesses seeking flexible, alternative funding beyond traditional banks, with a streamlined approval process and emphasis on asset value over credit history.
Demand has steadily grown, driven by the group’s asset-based lending expertise, fast service, and customer-centric approach. The group is focused on being a leading alternative lender, providing credit access to more individuals and businesses.
8. What is the company’s strategy for expanding its pawnbroking and retail footprint across Southeast Asia, and how does it assess new market opportunities?
The group remains focused on growing its pawnbroking and retail footprint in Singapore and
Malaysia, either through the opening of new outlets or acquiring existing ones.
We see opportunities in increasing its presence in these two markets as the pawnbroking industry is highly fragmented, with many smaller operators facing succession challenges or looking to exit. We will continue to adopt a prudent and disciplined approach in evaluating such opportunities.
9. What are the key sustainability initiatives that MoneyMax is undertaking?
The group is committed to sustainability through a multi-faceted approach encompassing environmental stewardship, social responsibility and stringent governance.
Environmental: Leveraging the expertise of our in-house teams, the group ensures that pre-owned luxury items acquired from customers or through unredeemed pledges are carefully evaluated to be either repurposed or resold. This approach fosters a circular economy, promoting the reuse and repurposing of pre-owned luxury items.
Social: We prioritise local community well-being through donations, volunteering and the MoneyMax Education Grant. The group was awarded the Best Corporate Social Responsibility Award at the inaugural MADANI Credit Awards 2024, highlighting our efforts in its corporate social responsibility programmes in Malaysia.
Governance: We adhere to strict legal compliance and corporate integrity, with robust internal controls and comprehensive staff training programmes to uphold compliance and ethical standards at every level. The group was recognised as one of Singapore’s Best Employers 2025 by The Straits Times in a survey of the group’s attractiveness to employees, including amongst others its employment practices and career growth opportunities.
10. What is MoneyMax’s value proposition for shareholders and potential investors? What might investors be overlooking?
The group operates with a business model based on recurring revenue, established brand equity, and a proven track record. As one of the largest pawnbroking and retail chains in the region, the group is positioned to capture long-term growth driven by evolving consumer behaviour and the shift towards circular economy models.
Aside from pawnbroking, the group has diversified into an integrated financial and lifestyle services platform, expanding into complementary areas such as property- and automobile-backed financing, and continues to invest in digital innovation to modernise customer engagement. This strategy aims to enhance scalability and position the group for sustainable, long-term value creation beyond traditional retail and pawnbroking segments.
10 in 10 – 10 Questions in 10 Minutes with SGX-listed companies
Designed to be a short read, 10 in 10 provides insights into SGX-listed companies through a series of 10 Q&As with management. Through these Q&As, management will discuss current business objectives, key revenue drivers as well as the industry landscape. Expect to find wide-ranging topics that go beyond usual company financials.
This report contains factual commentary from the company’s management and is based on publicly announced information from the company. For more, visit sgx.com/research. For more company information, visit https://moneymax.com.sg/
Emelia Tan is the director of research and FinLit at the Singapore ExchangeGroup
