Covid-19 financial support measures for financial institutions, SMEs and individuals

6 May 2020

The Monetary Authority of Singapore (“MAS”), together with the Association of Banks in Singapore (“ABS”), the Life Insurance Association, the General Insurance Association and the Finance Houses Association of Singapore (“FHAS”), announced on 31 March 2020 a package of measures to help ease the financial strain on SMEs and individuals caused by the Covid-19 pandemic. On 30 April 2020, MAS, ABS and FHAS announced a second package of measures to support individuals facing financial difficulties due to the pandemic. On 7 April 2020, MAS announced that selected regulatory requirements and supervisory programmes will be adjusted to allow financial institutions to focus on handling Covid-19 related issues and to support their customers during this difficult period.

This infographic provides an overview of these measures and their key features along with the implementation details. To read more, please click here.

Further information

Allen & Gledhill has a Covid-19 Resource Centre on our website www.allenandgledhill.com that contains knowhow and materials on legal and regulatory aspects of the Covid-19 crisis.

In addition, we have a cross-disciplinary Covid-19 Legal Task Force consisting of Partners across various practice areas to provide rapid assistance. Should you have any queries, please do not hesitate to get in touch with us at covid19taskforce@allenandgledhill.com.