DBS to offer broad range of COVID-19 liquidity relief measures for SME and retail clients
Singapore.13 Feb 2020
Community support and care for healthcare workers also in the works
Singapore, 13 Feb 2020 - DBS today 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:
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.”
For more information on DBS’ latest COVID-19 relief measures, SMEs can call the dedicated DBS SME Banking BusinessCare team at 1800 222 2200. Retail customers can call the general hotline at 1800 111 1111.
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 11 consecutive years from 2009 to 2019.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 28,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
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.”
For more information on DBS’ latest COVID-19 relief measures, SMEs can call the dedicated DBS SME Banking BusinessCare team at 1800 222 2200. Retail customers can call the general hotline at 1800 111 1111.
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About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 11 consecutive years from 2009 to 2019.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 28,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
