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Press Release 17 April 2020

HKAB Welcomes Increased Support to Enterprises Affected by the Outbreak



(17 April 2020) The Hong Kong Association of Banks (HKAB) welcomes the "Pre-approved Principal Payment Holiday Scheme" introduced by the Hong Kong Monetary Authority together with the "Banking Sector SME Lending Coordination Mechanism". Our member banks will provide full support to the Scheme to render further assistance to enterprises by alleviating their cash flow pressure amidst the outbreak. 

As always, our member banks will actively support the Special 100% Loan Guarantee under the SME Financing Guarantee Scheme (SFGS) administered by HKMC Insurance Limited (HKMCI), and assist enterprises in obtaining financing through expedited processing of application.

The banking industry is also committed to assisting individual customers affected to cope with their urgent needs by offering measures such as principal moratorium for mortgage loans, relief loans and fee reductions.

Amidst the current economic downturn, the HKAB encourages member banks to maintain close communication with customers and ride out the current difficult times with customers by introducing various timely measures following the guidelines by HKMA.

The Hong Kong Association of Banks

 

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