Buy a stamp, post a letter... pawn your watch?

[Published on 31 January, 2004]

Need to pawn that diamond ring?
You may not need to head for the pawnshop, the post office may do.

In a surprise announcement, Singapore Post (SingPost) said
it wants to offer pawnbroking services alongside stamp sales at
some of its post offices soon. Customers are also set to be offered
investment and insurance products as it remakes its post offices
to do more than handle mail.

SingPost, which runs Singapore's 62 post offices, has applied to
the Law Ministry for a pawnbroking licence and, if successful,
hopes to offer the service by June.

Following similar moves by post offices in France and Switzerland,
SingPost will station staff at some branches to sell investment and
insurance products to customers. It will also distribute personal
finance products such as housing and renovation loans, as well as
cashflow management products for small and medium-sized enterprises.