By Carolyn Quek

LICENSED moneylenders welcome a recent government decision to lift several longstanding 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 been operating a business in the Golden Mile Complex for 20 years.

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