Shinhan Bank Provides Free Export Safety Net Insurance to Chinese Export Companies Affected by COVID-19

Fee Waivers for Non-Face-to-Face Channels Starting from the 3rd to Ease Financial Burden on Customers in Daegu and Gyeongbuk Regions

[Asia Economy Reporter Kwon Haeyoung] Shinhan Bank announced on the 2nd that it will implement additional support measures for Chinese export companies and customers in the Daegu and Gyeongbuk regions who are experiencing difficulties due to the novel coronavirus infection (COVID-19).

First, Shinhan Bank will provide free support for subscribing to export safety net insurance that guarantees 95% of losses, up to a maximum of $20,000 annually, if domestic export companies suffer losses due to not receiving export payments from import companies in China because of COVID-19. The support targets companies with annual export performance of $100,000 or less, and coverage is provided for one year for general exports, consignment processing trade, and intermediary trade transactions.

Shinhan Bank has established a rapid response team at its headquarters to support export companies by providing information related to import and export, such as the status of trade settlements with China, and resolving financial difficulties faced by export companies.

Additionally, to alleviate financial burdens and provide convenience for customers in the Daegu and Gyeongbuk regions, which are special management areas for COVID-19 infectious disease, fees for non-face-to-face channels will be waived starting from the 3rd. Shinhan Bank customers in the Daegu and Gyeongbuk regions can be exempted from transfer fees via Shinhan SOL and internet banking, as well as withdrawal and transfer fees at automated teller machines, regardless of bank business hours. This excludes the use of automated machines from other banks or brand-affiliated devices.

A Shinhan Bank official stated, "We have established a customer support team for COVID-19 damage assistance and are implementing support measures that can provide practical help to affected customers," adding, "We will continue to implement all possible support measures that the bank can provide as quickly as possible to overcome the COVID-19 damage."

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