Originally Posted by
tboons
That's the role of MAS to regulate the banks if needed. If you never try, you never knos
Actually, MAS does listen:
Banks grant credit facilities based on their own internal credit evaluation criteria. Other than taking into consideration MAS' minimum income requirements, banks generally also take into account the applicant's credit history, stability of income and employment, debt burden and the ability of the applicant to make repayments in deciding whether to extend credit to an individual. While we understand your concerns, MAS does not intervene in such commercial decisions.
Nonetheless, MAS expects each financial institution (FI) to have its own dispute resolution process to handle consumer complaints and feedback independently, effectively and promptly. We also expect FIs to address consumers' concerns arising from their practices and services provided. On your feedback regarding UOB, we have asked the bank to look into this matter and reply to you within 14 business days, copying MAS. MAS will monitor UOB's reply to you and follow up with the bank if there are any matters of supervisory concern.
And UOB already sent a:
We refer to your email of 11 November 2015 to the Monetary Authority of Singapore.
We are investigating your feedback and will respond to you shortly.
I'm curious to know why I was rejected. If I am rejected... it feels like 99% others would be. Unless they discriminate foreigners vs. locals.
By the way, Citicard approved within 3 business days.
Julien