• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

HSBC provides liquidity and cash management support to outbreak-battered Singapore companies

by Has
23/02/2020
in Business, Current Affairs
Reading Time: 2 mins read
0

Photo: coinsnetwork.com

In the wake the novel coronavirus Covid-19 epidemic, the Singapore branch of the financial services corporation, HSBC Singapore (HSBC) will assist firms by speeding up the handling of urgent payments and providing cash management advice in order to aid firms in their liquidity and cash management.

On Friday (21 Feb), HSBC made a media statement: “In the face of Covid-19, many Singapore businesses are facing payment disruption and challenges in transitioning to their liquidity management business continuity plans (BCP)… HSBC Singapore’s measures are designed to ease the impact felt by corporate treasuries and support the ongoing collection, handling and deployment of cash.”

For example, firms may find themselves needing to move cash monitoring, procurement and expense claims from paper-based systems to digital platforms swiftly or establish new services such as virtual accounts and virtual cards.

With the aim to facilitate these processes, HSBC put together cash and liquidity management BCP advisory team whose task is to assist clients to identify and solve gaps in their treasury BCP models.

Added to this, clients that need expedited manual payment handling on a case-by-case basis will be prioritised by HSBC, such as firms that need urgent support due to the cancellation of orders.

Also, physical meetings will not be necessary as HSCB will permit that documents be submitted digitally. A 90-day moratorium for the submission of originally signed documents will be granted to firms because the Covid-19 outbreak may cause delays in the submission process.

Previously, HSBC alongside several other banks in the country have announced their initiatives to assist firms as they weather the storm of the Covid-19 outbreak. Banks that are rolling out their intitiatives include OCBC, DBS, UOB, Standard Chartered and CIMB. These initiatives include a series of trade support measures.

The trade support measures were introduced on Friday (14 Feb) and they include issuing shipping guarantee within one hour instead of the standard “same-day” issuance, extending maturity to current trade loans summing up to S$600 million to lighten company cash flow pressure, granting waiver of amendment fees on Letters of Credit that are delayed, as well as boosting digital support for online trade applications.

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

Grab SG appoints PAP MP Tin Peiling as director of public affairs and policy
Politics

Netizens question Tin Pei Ling’s conflict of interest as Grab’s director of Public Affairs and Member of Parliament

05/02/2023
Why is Gautam Adani’s Indian empire in turmoil?
AFP

Indian regulator reassures investors after Adani rout

05/02/2023
Cognizant India transfers staff to work in Singapore as recently as this year
Labour

Local IT grads can’t find jobs while engineers constantly transferred from India to work in SG under CECA

05/02/2023
Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police
Indonesia

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

04/02/2023
【财政预算案2021】2020年预算赤字达649亿元 占国内生产总值13.9%
AFP

China’s mega-rich move their wealth, and partying, to Singapore

04/02/2023
2024 Olympic torch relay to start in Marseille
AFP

2024 Olympic torch relay to start in Marseille

03/02/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

Grab SG appoints PAP MP Tin Peiling as director of public affairs and policy

Netizens question Tin Pei Ling’s conflict of interest as Grab’s director of Public Affairs and Member of Parliament

05/02/2023
Why is Gautam Adani’s Indian empire in turmoil?

Indian regulator reassures investors after Adani rout

05/02/2023
Cognizant India transfers staff to work in Singapore as recently as this year

Local IT grads can’t find jobs while engineers constantly transferred from India to work in SG under CECA

05/02/2023
Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

04/02/2023
【财政预算案2021】2020年预算赤字达649亿元 占国内生产总值13.9%

China’s mega-rich move their wealth, and partying, to Singapore

04/02/2023
2024 Olympic torch relay to start in Marseille

2024 Olympic torch relay to start in Marseille

03/02/2023
India’s Adani shares plunge again after stock sale cancelled

India’s Adani denies rise due to Modi as shares fall again

03/02/2023
TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn

TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn

03/02/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
25

...

They have done a fine job of confusing us about the jobs situation

They have done a fine job of confusing us about the jobs situation

by Augustine Low
01/02/2023
47

...

Adani’s brother runs SG company and registers as director with local ID

Adani’s brother runs SG company and registers as director with local ID

by Correspondent
03/02/2023
25

...

Excessively charging for an essential need, and calling it affordable because people still can pay for it?

by Terry Xu
31/01/2023
40

...

Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

by The Online Citizen
02/02/2023
19

...

高庭驳回迪哥达索取警方录供的刑事动议

CEO of D1 Racing sues a woman to claim S$3 million for “emotional trauma” suffered from being friend-zoned

by Yee Loon
01/02/2023
7

...

February 2020
M T W T F S S
 12
3456789
10111213141516
17181920212223
242526272829  
« Jan   Mar »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz