Kuala Lumpur – Standard Chartered Malaysia and Standard Chartered Saadiq Malaysia continue to provide financial support to clients affected by the pandemic through its Targeted Repayment and Payment Assistance (TRA) Programme. The programme will enable impacted individuals and businesses to choose flexible repayment options as well as extensions on their loans and financing with the Bank.
Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia, said, “This is a challenging time for many in Malaysia and around the world. Our pandemic-ravaged economy means a great number of people and businesses are in urgent need of financial assistance to stay afloat. More than ever, it is crucial that we channel help to where it is needed most by buoying cash-strapped businesses, provide liquidity to financial markets and aid people suffering from loss of income. Applying an approach that is flexible yet targeted and adjusting them when a recovery is firmly in place, will set the stage for a more durable and sustainable recovery.”
Catering to different client segments, the TRA Programme covers a wide range of financial assistance ranging from personal financing, residential and commercial mortgage, business loans to trade financing facilities. Borrowers who meet the following criteria are eligible for the programme:
- Individuals who had suffered a loss of employment and/or a reduction in income (applicable to the B40, M40 and T20 groups)
- Registered recipients of the Bantuan Sara Hidup or Bantuan Prihatin Rakyat
- Microenterprise companies
- Businesses that are not allowed to operate during the Full Movement Control Order
As at December 2020, approximately 90% of Standard Chartered’s borrowers have resumed payment, a strong indication signalling the recovery of the Malaysian economy Abrar adds, “Nursing individuals and businesses back to recovery is crucial to getting our nation back to health. This will involve the active participation and support from various institutions and community to complement the government’s ongoing efforts to jumpstart an ailing economy. As the country’s first Bank, our role as a financial services provider is crucial in easing our clients’ financial woes. Our advisory support and digital capabilities.