DBS to offer broad range of COVID-19 liquidity relief measures for SME and retail clients

February 13, 2020
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DBS to offer broad range of COVID-19 liquidity relief measures for SME and retail clients

DBS announced that it will introduce a range of liquidity relief measures and other initiatives to help businesses, retail customers and communities impacted by the COVID-19 situation.

Liquidity relief package for SMEs and retail customers

In early February, DBS conducted a dipstick poll of about 100 SME clients to ascertain their top financial concerns and challenges at this time. The poll revealed that SMEs’ top concern during this period was ensuring consistent cashflow for ongoing operating costs. To address these concerns, DBS will provide liquidity relief packages to address their most urgent cashflow needs.

In particular, the bank will provide a six-month principal repayment moratorium for SME property loans. It will also offer an extension of import facilities of up to 60 days to act as immediate cashflow support for businesses coping with disruptions from the coronavirus situation. These initiatives will be available upon application to customers with good repayment histories.

Similarly, affected retail customers with good repayment histories can apply for a six-month principal repayment moratorium for mortgage loans. Further details will be shared on DBS/POSB’s website from 17 February onwards.

Support for Singaporeans’ education and transport needs

To help Singaporeans navigate these challenging times, the bank is also working with partners to provide them with subsidised or complimentary services:

DBS has partnered with 88Tuition to offer unlimited free online supplementary lessons for primary and secondary school students from 17 February till 30 April 2020. This will give those with children added peace of mind, as their children can continue to have access to classes, while minimising physical contact with others. Further details will be shared on DBS/POSB’s website from 17 February onwards

DBS is partnering ComfortDelGro in its initiative to encourage commuters to use the bank’s debit or credit cards for street hail fares, which will also help in contact tracing

Support and care for the healthcare community

To show solidarity and support to healthcare workers and the broader frontline community, the bank will also work with community partners to provide them with tokens of appreciation, such as care packages and F&B treats. More details on the support and care packages for healthcare and frontline workers will be announced soon.

Said DBS Singapore Country Head Shee Tse Koon: “In these difficult times, we feel it is incumbent upon us as Singapore’s largest bank to lend a helping hand to our clients and the public-at-large. We hope the liquidity measures will go some way in easing the financial pressure that some individuals and SMEs may face. Other initiatives are intended to help customers adjust to the little changes they may have to make in daily living. Overall, we hope that these small gestures will go a long way in encouraging the community to press on.”

Re-disseminated by The Asian Banker