Shinhan Bank Provides Emergency Financial Support to Export SMEs Affected by COVID-19

[Asia Economy Reporter Kwon Haeyoung] Shinhan Bank announced on the 5th that it will provide emergency financial support to export small and medium-sized enterprises (SMEs) affected by the novel coronavirus infection (Wuhan pneumonia).

This financial support was prepared to prevent damage to domestic export companies caused by the extension of the Chinese government's Lunar New Year holiday due to the novel coronavirus, delays in payment by Chinese import companies, and disruptions in banking operations in China.

Shinhan Bank will reduce interest burdens by exempting the additional interest rate (1.5%) on interest incurred from delayed foreign exchange deposits for one month for SMEs and mid-sized companies exporting to China. If payment delays caused by the novel coronavirus, such as delayed payments by import companies located in Wuhan, China, and suspension of local banking operations, are confirmed, the bank will defer the dishonor of export bills of exchange for one month from the scheduled dishonor date.

In addition, a rapid response team will be established to support export companies by providing information related to import and export, such as the status of trade settlements with China, and actively assist in resolving financial difficulties faced by export companies.

A Shinhan Bank official stated, "We have quickly prepared support measures to minimize the damage to export companies caused by the novel coronavirus and to support SMEs and mid-sized companies."

This content was produced with the assistance of AI translation services.