Microloans in HK?

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  1. #1

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    Microloans in HK?

    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?


  2. #2

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    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!


  3. #3

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    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.


  4. #4

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    Reminds me of the Jim Carrey movie, Yes Man.