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Press Release 13 February 2020

HKAB Welcomes More Relief Measures By Banks To Strengthen SME Support Amid the Outbreak



(13 February 2020) The Hong Kong Monetary Authority (HKMA), the banking industry and the Hong Kong Mortgage Insurance Limited (HKMCI) held a special telephone conference under the Banking Sector SME Lending Coordination Mechanism on 11 February. During the call, we discussed how to strengthen support for small and medium-sized enterprises (SMEs) amid the ongoing novel coronavirus outbreak. 

The Hong Kong Association of Banks (HKAB) welcomes various relief measures introduced by member banks in view of the current outbreak. These measures aim to relieve the cash flow pressure on SMEs, including allowing customers to extend or restructure their repayment period, fees reduction and offering different types of unsecured loans to SMEs. In addition, to meet the pressing needs of the public, the banking industry also offers principal moratorium for residential mortgage loans and fees reduction to individual customers affected by the outbreak. 

The HKAB encourages member banks to maintain close communication with SMEs and proactively consider and introduce various measures following the guidelines by HKMA. Member banks shall help customers ride out the current difficult times by providing timely assistance to enterprises affected by the outbreak.

 

The Hong Kong Association of Banks

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