The donation is part of similar moves by Asia-based banks to help people hit by the COVID-19 pandemic.

HSBC has donated more than HK$60 million ($7.74 million) to assist people affected by the COVID-19 pandemic in Hong Kong, continuing a number of similar moves by banks in Asia. 

The Hong Kong/London-listed HSBC has teamed up with four existing charity partners – The Hong Kong Council of Social Service, Food Angel, The Hong Kong Red Cross and St James’ Settlement – to provide food and hygiene assistance to those most in need, it said in a statement yesterday. 

The donation will support more than 600,000 people, including senior citizens and other vulnerable communities across Hong Kong. Support ranges from delivering immediate food and hygiene supplies to enabling longer-term recovery and nurturing future skills of disadvantaged communities. 

To take a similar example, Singapore-based DBS and local telecoms firm Singtel are helping frontline workers, non-profit organisations and marginalised communities hit by fallout from the virus. DBS is putting aside S$2.5 million ($1.75 million) to help feed vulnerable groups in Singapore, while Singtel is spending about S$2 million to assist frontline medics, among other groups (source: Straits Times, 16 April). Another Singapore-based bank, OCBC, has worked with charities on projects in the city-state, Malaysia, Hong Kong and Macau.