HSBC Singapore announces the extension of key trade measures to support corporate customers impacted by the ongoing disruption caused by COVID-19, following on from the Bank’s initial trade measures announced on 14 February.1
For customers with a sound trade finance record, the Bank has increased its pre–approved extension of import trade loans from 30 days to 60 days, for loans maturing on or before 30 June 2020 without any additional fee or penalty interest.
In addition, HSBC will extend the relief to include Export Trade Loans. This supports clients working capital needs which may be impacted by the delay in clearing goods at ports or the lockdown restrictions hampering delivery of documents reaching certain destinations.
In addition, the Bank will continue to enable its corporate customers to access previously announced measures2, including:
Iain Morrison, Head of Global Trade and Receivables Finance, HSBC Singapore: “With the extension of Singapore’s Circuit Breaker and enduring global disruption, it’s clear that our clients require a second wave of support. Singapore remains a key international trading hub and these extended measures aim to ease the working capital demands on our clients and their supply chains and, therefore, support the continued flow of Singapore’s commercial trade.”