Standard Chartered Bank Vietnam rolls out COVID-19 relief measures for clients

22:47 | 07/04/2020
Standard Chartered Bank Vietnam has introduced a series of relief measures to support its corporate banking and retail banking clients to alleviate their financial burdens amidst the COVID-19 outbreak.
standard chartered bank vietnam rolls out covid 19 relief measures for clients
Standard Chartered Bank Vietnam was named the Best International Bank in Vietnam by Asiamoney in 2018 and 2019

The measures Standard Chartered Bank Vietnam introduced include exemption or reduction of interest rates, provision of credit facilities to serve production and business activities, and a moratorium on loan repayment. A repayment moratorium will be considered for loans which are current or are overdue for no more than 10 days in the period from January 23, 2020 until the 90th day after the government announces the pandemic is over in Vietnam.

The bank will assess the measures at clients’ requests and approve them on a case-by-case basis, with priority given to those severely impacted by COVID-19.

In addition, Vietnamese businesses can also benefit from Standard Chartered’s global commitment of $1 billion financing for companies that provide goods and services to help the fight against COVID-19, and those planning the switch into making products that are in high demand to fight the global pandemic.

Companies in scope include all those associated with the fight against COVID-19, including manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output – goods in scope include ventilators, face masks, protective equipment, sanitisers, and other consumables.

Along with the relief measures, the bank has launched a credit card cashback campaign to support and encourage clients to make online and cashless transactions.

Nirukt Sapru, CEO Vietnam and ASEAN and South Asia Cluster Markets, Standard Chartered Bank, said: “We understand that individuals and businesses in Vietnam are facing unprecedented challenges. We hope that the relief measures will help our clients tide over this stressful period."

“We will continue to review the measures to ensure that we provide adequate support to our clients. As the Best International Bank in Vietnam with a history of over 115 years in the country, we are committed to being with our clients through good times and bad, in line with our brand promise to be 'Here for Good'.”

Along with the relief measures, the bank has launched a credit card cashback campaign to support and encourage clients to make online and cashless transactions.

In the month of April 2020, the bank offers its credit card holders 10 per cent cashback on all purchases on e-commerce platforms including Lazada, Tiki, and Sendo, orders of food delivery and ride services on the Grab application, and POS transactions at all pharmacy stores of Phano Pharmacy and Pharmacity.

The cashback amount is capped at VND250,000 ($10.87) per month, eligible for all credit card variants of Standard Chartered Bank Vietnam. The campaign will run in parallel with other existing online spending offers for the bank’s credit cards, including a 50 per cent discount of up to VND50,000 ($2.17) on Foody/Now App every Friday; and 15 per cent discount, maximally VND300,000 ($13.04) on Shopee every Thursday.

By Anh Duc

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