LICENSED moneylenders are welcoming a recent Government decision to lift several long-standing restrictions on the industry, including caps on interest rates and bans on advertising.

The changes, passed in Parliament on Tuesday, will offer more legitimacy to a sector that has been stagnating for years, according to those in the field.

'Since time immemorial, us legal moneylenders have been put in a bad light,' said Mr Peter Tan, who has run shop in the Golden Mile Complex for 20 years.'(The changes) go to show that we are doing a legalised business where we don't have to hide under a cloak of darkness.'

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