05 May 2020

HSBC widens trade support measures for Singapore businesses

HSBC Singapore today announces the extension of key trade measures to support corporate customers impacted by the ongoing disruption caused by COVID-19, following on from the Bank's initial trade measures announced on 14 February1.

60-day extension of Trade Loans

For customers with a sound trade finance record, the Bank has increased its pre-approved extension of import trade loans from 30 days to 60 days, for loans maturing on or before 30 June 2020 without any additional fee or penalty interest.

In addition, HSBC will extend the relief to include Export Trade Loans. This supports clients working capital needs which may be impacted by the delay in clearing goods at ports or the lockdown restrictions hampering delivery of documents reaching certain destinations.

Extension of additional measures

In addition, the Bank will continue to enable its corporate customers to access previously announced measures1, including:

  • Continued waiver of amendment fees on Letters of Credit (LC) impacted by delays - the Bank will continue to waive amendment fees for import documentary credit, including amendments such as extension of Documentary Credit (DC) validity, latest shipment date and presentation period.
  • 1-hour turnaround on issuance of Shipping Guarantees - to help customers experiencing delays in receiving shipping documents from counterparties, the Bank will continue to issue shipping guarantees within 1 hour, as opposed to the standard 'same-day' issuance. This means a customer can take transfer or receive imported goods faster and also avoid demurrage charges.
  • Enhanced digital support for online trade applications – HSBC will continue to provide additional resources to assist customers in shifting on to digital platforms, including HSBCnet, Trade Transaction Tracker and Instant@dvice.

Iain Morrison, Head of Global Trade and Receivables Finance, HSBC Singapore: "With the extension of Singapore's Circuit Breaker and enduring global disruption, it's clear that our clients require a second wave of support. Singapore remains a key international trading hub and these extended measures aim to ease the working capital demands on our clients and their supply chains and, therefore, support the continued flow of Singapore's commercial trade."

Disclaimer

This article was prepared by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch.

The article is intended for those who access it from within Singapore and is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.

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Copyright © The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch 2020.

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