Anna, a domestic helper from the Philippines, had managed her finances well until she took out two loans over the past few months for a friend she described as being “like a mother to me”. The 37-year-old, who asked to be identified only by her first name, now has to pay creditors about HK$9,000 (US$1,149)…
Hong Kong’s licensed moneylenders will face strict new regulations starting in August, including debt servicing ratio caps for low-income earners and a full ban on using loan referees – a move lawmakers say should reduce harassment by debt collectors. Lawmakers also said on Saturday that the measures outlined by the Financial Services and the Treasury…
A proposal to tighten regulations over Hong Kong’s notorious loan sharks is too narrowly focused and will not tackle the root problem of unruly debt collectors, according to lawmakers and legal experts. The legislators and specialists criticised the Financial Services and the Treasury Bureau’s plan to set a cap on borrowing activity for low-income earners…