Tony Cripps, CEO, HSBC Singapore shared: “HSBC applauds the MAS’s move to develop a common set of relief programmes for the most impacted across Singapore, which we will be adopting. With Singapore’s international openness, we understand that the impact for our individual and business clients extends beyond these shores.”
“That is why for our retail clients, HSBC Singapore will extend the mortgage relief measures to those who own homes in Singapore or overseas. And for our business and corporate clients who have overseas business partners and supply chains, HSBC has in place relief measures across several key markets - including Malaysia, China, Hong Kong, and Australia - to support our business clients there.”
The additional measures that the bank will be implementing includes:
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Special Financial Relief Measures |
How it works |
Individuals |
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Insurance |
To ensure that individuals’ long-term protection needs remain unaffected during this challenging time, qualified policyholders will be able to defer their premium payments for up to 6 months, interest free For more information: https://www.insurance.hsbc.com.sg/ |
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Mortgage |
From 6 Apr to 31 Dec 2020, we will be offering the following relief options to existing HSBC mortgage customers for both their Singapore & Australia properties:
For more information: https://www.hsbc.com.sg/help/important-notices/coronavirus-relief-measures/ |
Once the relief programme is offered,
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Personal loan including credit card |
Available from 6 Apr to 31 Dec 2020, we will be introducing a new term loan to all existing unsecured credit customers including credit cardholders. Key features are:
For more information: https://www.hsbc.com.sg/help/important-notices/coronavirus-relief-measures/ |
Once the relief programme is offered,
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SMEs |
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Secured Term Loans |
As part of our commitment to our clients, we are offering our SME clients an option to defer principal payments on their secured term loans up to 31 December 2020.
*The deferral of principal payments is subject to HSBC’s credit and internal approvals. |
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Other measures for SMEs
HSBC is a participating bank for the enhanced measures extended via the following Enterprise Singapore financing schemes, as announced by the Singapore Government in the Unity, Resilience and Solidarity Budgets. Below is a short summary of measures which may be of importance to SMEs:
Additionally, the Government announced on 6th April that it will increase the risk share of loans from 80% to 90%, effective 8th April, applying to the Temporary Bridging Loan Programme, the Enterprise Financing Scheme – SME Working Capital Loan, and the Enterprise Financing Scheme – Trade Loan.
HSBC wider measures
Today’s announcement follows the introduction of a series of other relief measures by HSBC in support of individuals, businesses and communities in Singapore that have been impacted by COVID-19. These include:
More broadly, HSBC is working with individuals or businesses facing financial distress as a result of COVID-19 outbreak to review their current situation and identify appropriate arrangements.