dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Lah!

HSBC SG Announces Trade Support Measures For SG Businesses

  • February 17, 2020
Total
0
Shares
0
0
0

As the Novel Coronavirus (COVID-19) continues to impact the Singapore economy, HSBC Singapore  announced a range of customer support measures to help Singapore’s flow of commercial trade including maturity extensions to SGD$600 million of current trade loans.

For customers with a sound trade finance record, the Bank has pre-approved 30-day extension of import trade loans maturing between 14 February and 30 April 2020 without any additional fee or penalty interest.

Other trade support measures

In addition to the trade finance loan extension, the Bank is announcing the following trade relief measures:

1. 1-hour turnaround on issuance of Shipping Guarantees

To help customers experiencing delays in receiving shipping documents from counterparties, the Bank will issue shipping guarantees within 1 hour, as opposed to the standard ‘same-day’ issuance. This means a customer can take transfer or receive goods from their counterparty faster.

2. Waiver of amendment fees on Letters of Credit impacted by delays

During this period, customers may experience delivery disruptions resulting in the late shipment and late presentation of documents. The waiver of amendment fees on the Letter of Credit (LC) will enable customers to change the terms of the LC to avoid penalty costs when their supplier presents documents under the LC.

3. Enhanced support to enable customers to shift towards digital processing

HSBC recognises that many of its customer will be in a virtual or business continuity work environment where conventional paper flow is not possible. HSBC will provide additional resources to assist customers shift on to its digital platforms to enable the flow of trade to continue uninterrupted. Additionally, urgent trade finance applications from Customers to the platform will be expedited.

Tony Cripps, Chief Executive Officer, HSBC Singapore, said: “Our community – both individuals and businesses – need every bit of help at this unprecedented time. Trade underpins Singapore’s economy and society. The measures that we have introduced today aim to facilitate the continued flow of trade by easing the cashflow and operational pressures faced by businesses tackling supply chain disruptions. We are committed to supporting our customers and will introduce more initiatives that will provide near-term relief.”

Wider bank measures

Today’s announcement forms part of a wider response HSBC has taken to support businesses, individuals and communities in Singapore, China and Hong Kong that have been impacted by COVID-19 including:

  • On 10 February, HSBC Life Singapore, launched a COVID-19 Complimentary Special Benefits to our life insurance customers and their immediate family in Singapore.  These customers and their family members will receive additional benefits on diagnosis, hospitalisation and death-related to the COVID-19 at no additional cost.
  • HSBC Singapore are expediting internal approval processes to better enable the flow of transactions
  • More broadly, HSBC is working with individuals or businesses facing financial distress as a result of Coronavirus outbreak to review their current situation and identify appropriate arrangements.
  • On 5 February, HSBC donated RMB5 million (just over USD 700,000) to hospitals across Hubei, which are working at maximum capacity to treat the sick. They committed a further RMB2 million to China’s National Centre for Disease Control and Prevention, which is racing to contain the virus and develop the control mechanism to prevent other outbreaks

In addition to today’s announcement, the Bank is actively evaluating further and specific initiatives to support commercial and personal customers. Further announcements will be made shortly.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • COVID-19
  • HSBC
  • HSBC Singapore
  • Trade Support
dotlah.com

Previous Article
  • Lah!

“SG Clean” Campaign Launched To Rally Public And Businesses To Work Together To Keep Singapore Clean

  • February 17, 2020
View Post
Next Article
  • Cities

Surbana Jurong establishes New Fire Safety Consultancy Unit To Strengthen Fire Safety Standards And Compliance In Buildings

  • February 17, 2020
View Post
You May Also Like
View Post
  • Lah!

Tariffs, Trump, and Other Things That Start With T – They’re Not The Problem, It’s How We Use Them

  • John Francis
  • March 25, 2025
View Post
  • Lah!

Canonical announces 12 year Kubernetes LTS

  • John Francis
  • March 4, 2025
dotlah-smartnation-singapore-lawrence-wong
View Post
  • Artificial Intelligence
  • Featured
  • Features
  • Lah!
  • Machine Learning
  • Technology

Growth, community and trust the ‘building blocks’ as Singapore refreshes Smart Nation strategies: PM Wong

  • Dean Marc
  • October 9, 2024
dotlah-singapore-ndp-2024
View Post
  • Lah!

Here’s what to expect for NDP 2024!

  • dotlah.com
  • August 9, 2024
dotlah-singapore-airlines_may_21-1716298816
View Post
  • Lah!

Severe turbulence during Singapore Airlines flight leaves several people badly injured. One man died

  • majulah
  • May 22, 2024
dotlah-pm-lee-lawrence-wong-9656d4cd-1fa4-40ed-905d-e19e639b8476_728802dd
View Post
  • Lah!
  • People
  • Politics

End of Lee Era for Singapore as PM Steps Down

  • dotlah.com
  • May 16, 2024
DPM Lawrence Wong will be Singapore's fourth prime minister on May 15. ST PHOTO: LIM YAOHUI
View Post
  • Lah!
  • People
  • Politics

7 things to know about Singapore’s next prime minister Lawrence Wong

  • dotlah.com
  • May 15, 2024
When asked about his leadership style, DPM Lawrence Wong said he will be open and consultative, but he will not shirk from doing what is necessary for Singapore's future. ST PHOTO: LIM YAOHUI
View Post
  • Features
  • Lah!
  • People
  • Politics

‘We are prepared to relook everything’: Lawrence Wong on a changing society and his hopes for S’pore

  • dotlah.com
  • May 15, 2024


Trending
  • 1
    • Cities
    Raising The Bar For Smart Cities In Singapore
    • February 26, 2017
  • 2
    • People
    • World Events
    George Floyd’s Death Reflects The Racist Roots Of American Policing
    • June 3, 2020
  • 3
    • Lah!
    LTA: Mandatory Inspection For Registered E-Scooters From April 2020
    • October 7, 2019
  • 4
    • Cities
    CapitaLand Pledges Up To RMB1 Million In Donations To Support Flood Relief Efforts In Chongqing
    • August 25, 2020
  • 5
    • Technology
    Singapore On Track To Develop Vibrant 5G Ecosystem, Underpinned By A World-Class, Secure And Resilient 5G Infrastructure
    • June 29, 2020
  • fastest-growing-cities-2021-24298 6
    • Cities
    The Fastest Growing Cities In The World
    • February 26, 2021
  • 7
    • Cities
    Tips For Moving To An Expensive New City
    • July 10, 2020
  • 8
    • Lah!
    • Society
    Taking Training And Adult Education To The Next Level
    • October 28, 2020
  • 9
    • Cities
    • Society
    Our Home, Above All – RSAF50
    • April 26, 2018
  • public-bus-mitchell-johnson-nd5oU1Duhf0-unsplash 10
    • Cities
    Want To Create 5 Million Green Jobs? Invest In Public Transport In Cities
    • April 15, 2021
  • 11
    • Cities
    • Lah!
    Pilot Project To Develop High-Powered Fast-Charging Plaza For Electric Vehicles
    • August 3, 2021
  • 12
    • Animals
    • Cities
    • Environment
    • People
    Outbreaks Like Coronavirus Start In And Spread From The Edges Of Cities
    • February 18, 2020
Trending
  • 1
    It’s time to stop debating whether AI is genuinely intelligent and focus on making it work for society
    • June 8, 2025
  • 2
    PBBM asks Singapore to invest more in PH renewable energy projects
    • June 6, 2025
  • 3
    Singapore PM Wong arrives in Malacañang
    • June 4, 2025
  • 4
    Renewable energy, carbon credits are priority areas of cooperation for Singapore, Philippines: Lawrence Wong
    • June 4, 2025
  • 5
    Singapore businesses eye more investments in PH, says PM Wong
    • June 4, 2025
  • 6
    The Summer Adventures : Hiking and Nature Walks Essentials
    • June 3, 2025
  • 7
    Trump’s global trade plans are in disarray, after a US court ruling on ‘Liberation Day’ tariffs
    • May 29, 2025
  • 8
    315,000 Singaporeans have used new career and skills planning tool by SkillsFuture Singapore
    • May 23, 2025
  • college-of-cardinals-2025 9
    The Definitive Who’s Who of the 2025 Papal Conclave
    • May 8, 2025
  • conclave-poster-black-smoke 10
    The World Is Revalidating Itself
    • May 7, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.