• February 12, 2020
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CIMB Bank Singapore offers financial support to businesses and individuals affected by 2019-nCoV

CIMB Bank Berhad, Singapore branch (CIMB) announced financial support for businesses and individuals in Singapore affected by the Novel Coronavirus (2019-nCoV).

During this challenging period, many affected companies may require longer credit terms from their suppliers to conserve cash flow. CIMB is expecting to bump up its e-supply chain financing programme with a limit of up to $72.1 million (SGD 100 million) set aside to make available working capital financing support for the suppliers’ community on the platform of its e-procurement service provider partners.

Companies such as NTUC, Singtel, SATS, SIA and SRC among others are already utilising the e-invoice processing platform that CIMB has with their partners.

Victor Lee, chief executive office of CIMB Bank Singapore, said, “In light of the uncertainties from the Novel Coronavirus (2019-nCoV) outbreak, we understand the constraints that businesses and companies will face, especially from their suppliers. Leveraging on our e-supply chain financing programme with our trusted partners, technology enables working capital funding to be promptly transferred to our customers. We are here to fill the gap and make financing solutions available conveniently to ease the liquidity requirement of businesses.”

In addition, CIMB consumer banking will accommodate requests from CIMB customers who are affected by the 2019-nCov outbreak to restructure or reschedule their loans and financing.

“Our social responsibility as a bank extends to providing that one-stop financial solution for businesses and individuals in this trying time. We are always here to address our customers’ needs, and welcome businesses and customers that require any financial support to find out more,” Lee added.

Re-disseminated by The Asian Banker