HSBC SG’s liquidity and cash management support measures

HSBC Singapore today announces a series of customer support measures to help businesses manage their cash and liquidity amidst the ongoing outbreak of COVID-19.

Cash management and payments are a cornerstone of commerce but, in the face of COVID-19, many Singapore businesses are facing payment disruption and challenges in transitioning to their liquidity management Business Continuity Plans (BCP). HSBC Singapore’s measures are designed to ease the impact felt by corporate treasuries and support the ongoing collection, handling and deployment of cash.

Liquidity and Cash Management Business Support Measures

1. Cash Management BCP advisory service

Corporate treasuries are facing new and exceptional circumstances which may not have been captured in their existing BCP. Putting BCP into practice can expose areas of weakness in a business which were previously not accounted for. For instance, the need to move procurement, expense claims and cash monitoring from paper-based systems to digital platforms quickly, or the process and responsibilities of establishing new services such as virtual cards and virtual accounts.

To support businesses adapting their own continuity plans, HSBC has assembled a Liquidity & Cash Management BCP Advisory team. The team will support in identifying and rectifying gaps in customer’s treasury BCP models by providing timely updates and practical advice, for example reviews of treasury frameworks. This tailor-made service is designed to complement customers’ existing BCP arrangements and enable the smooth operation of their treasury functions.

2. Expedited handling for urgent payments

During this period of disruption, there may be instances where customers require urgent support due to order cancellations for manual payments such as client refunds. On a case-by-case basis, the Bank will prioritise and assist clients requiring expedited manual payment handling.

3. Digital submission of payment documentation and extended submission deadline

HSBC recognises that many of its existing or new customers will be in a virtual or BCP work environment where conventional paper flow is disrupted.  To remove the requirement for physical meetings, HSBC will accept electronically submitted documentation via HSBCnet and email. This will enable Board Resolutions, payment instructions or new cash management solutions to be completed virtually. In recognition of potential delays caused by the current environment, a 90-day moratorium will be granted for the submission of originally signed documentation.

In addition, HSBC will provide additional resources to assist existing and new customers shifting to electronic banking platforms.

Today’s announcement follows the introduction of a series of trade support measures for business customers of HSBC Singapore to help Singapore’s flow of commercial trade.