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Local banks go all out to assist Singaporeans

Goola Warden
Goola Warden4/3/2020 07:00 AM GMT+08  • 5 min read
Local banks go all out to assist Singaporeans
 
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SINGAPORE (Apr 3): On Apr 1, the Monetary Authority of Singapore (MAS) said that the Temporary Measures Bill will provide needed temporary protection for SMEs, while being carefully scoped to avoid impairing the interests of banks and Singapore’s role in international financial transactions.

The proposed Bill covers only SME loans with specific security located in Singapore, namely commercial or industrial property in Singapore, or plant, machinery or fixed assets in the country that are used for business purposes.

As part of the package of relief measures announced by MAS on March 31, 2020, banks have already undertaken to defer principal payments on secured loans to SMEs until the end of the year, subject to assessment of the quality of the security. The proposed Bill pro-vides legal protection for the specific security and hence complements banks’ relief measures for SMEs.

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