UOB Malaysia on Friday announced immediate liquidity relief assistance for customers affected by COVID-19, as the government activated the army to enforce its restricted movement order.
Two days after the Malaysian government enforced a Movement Control Order (MCO) to curb the spread of COVID-19, UOB Malaysia announced a slew of measures to help its corporate clients, especially small- and medium-sized enterprises (SMEs), and individual customers, to have more flexibility in their cash flow management and to ease their financial burden.
«We are committed to supporting and helping our customers who are impacted by COVID-19 and we will respond swiftly in helping them alleviate their financial burden,» said Wong Kim Choong, Chief Executive Officer, UOB Malaysia said in a media statement.
Up To A Year
UOB Malaysia’s measures for its customers will be assessed and approved on a case-by-case basis. The bank will continue to evaluate its list of relief measures for both its conventional and Islamic banking customers to ensure it provides them with an adequate level of support to help them through this difficult time. Relief measures introduced by UOB Malaysia for both its conventional and Islamic banking customers include:
- Moratorium on their loan repayments for up to one year;
- Flexibility to request an extension of trade bills maturing between 18 and 31 March 2020 for clients with good track records. Clients can also choose to repay their trade repayments at the original maturity date;
- Applications for the government-administered Special Relief Facility through UOB Malaysia; and
- Review to grant additional facilities based on clients’ financing needs for those who need access to additional financing.
