A Grameen-style bank seems to be working just fine in England: Microloans in Hackney | Feature | Society | The Observer
Would it work in HK? Would there be a need for one?
A Grameen-style bank seems to be working just fine in England: Microloans in Hackney | Feature | Society | The Observer
Would it work in HK? Would there be a need for one?
Fascinating article - but is there really the need for it here in HK? Are there the 'doorstop lenders' and 'payday finance' that he talks about? I don't know, I just get the impression that locals here never forgot the importance of saving (even if they are dirt poor) and that this helps alot!
The author of that article really needs some lessons in conciseness. History, social commentary, technical detail are randomly intermixed with random waffle.
Anyways, in HK I suspect there's less of a need for this kind of thing as there is more support via extended family for emergencies. I'm not sure if people actually save more here, but I do think that poorer families tend to have better control of their costs than in, say the US or the UK.
There's a comment in that article to the effect that rates at 35%. I wonder what the rates from the local triads are.