HSBC Malaysia Announces Multi-Prong Customer Relief Measures Following Covid-19 Resurgence

HSBC Malaysia has put in place a range of specific loan and financing relief measures to support its most vulnerable personal and business customers whilst announcing broader strategies to develop financial resilience amongst its wider customer base. HSBC customers can apply for a three-month loan or financing deferment or reduce their monthly instalments by up to 50% for six months if they:

 Lost their jobs in 2020 or 2021
 Had incomes or household incomes affected by Covid-19
 Are micro-enterprises and/or SMEs that are not permitted to operate during the Movement Control Order 3.0

Upon receiving customer requests, HSBC will straight-through applications subject to the loans or financing facilities meeting the criteria set out. Beyond its relief measures for the most financially vulnerable, HSBC commits to building financial resilience amongst its wider base by helping customers to:

 Rebuild their personal and business finances by continuing to lend to them in order to help personal and commercial re-growth.
 Reconnect to opportunities particularly those requiring cross-border commercial navigation.
 Renew their financial education and inclusion with many programmes planned and underway to build people’s financial literacy at all ages and life stages.
 Reimagine their lives and business models including moving to digital and transitioning to lower carbon – both of which are global transitions that are particularly relevant and fast moving within the Southeast Asia region.

Stuart Milne, Chief Executive Officer of HSBC Malaysia, said, “HSBC remains steadfast in supporting our customers and the economic greenshoots that have emerged in Malaysia this year. Whilst unwavering, our support needs to be more nuanced than the blanket relief approach that has been applied in 2020.”

“This means helping our most financially vulnerable with specific relief measures, whilst using wider measures to financially back-stop the remainder of our customer base. Taking this more nuanced and multi-pronged path is a better avenue for the sustainable future of our economy because it helps build financial resilience over financial reliance.”

In the past year, HSBC has supported more than 600 government schemes and moratoria. Globally, the bank have provided more than US$26 billion of relief to our personal customers and more than US$52 billion to our wholesale customers across more than 600 government schemes and moratoria.

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