Asian Banks Extend Anti-Virus Fight

Editorial Staff

18 February 2020

The said it was partnering with Chubb, the insurer, to offer all of its five million clients in Singapore complimentary insurance coverage over the coronavirus outbreak.

BEA said that its donation will help no fewer than 20,000 who are underprivileged, elderly with limited mobility, residents of elderly homes and sick and disabled people.

The moves run alongside those of other banks in recent days as the virus has claimed more lives and been contracted by more people. For example, HSBC has announced that it will provide more than HK$30 billion ($3.9 billion) in additional liquidity relief to Hong Kong businesses pressured by the effects of the virus. ICBC Asia, part of Industrial and Commercial Bank of China, has joined efforts. Bank of China Hong Kong, Bank of East Asia, China Citic Bank International, Hang Seng Bank, a subsidiary of HSBC, and Standard Chartered have all said that they would undertake measures to help consumers and small business owners.

The 10 NGOs that BEA Foundation will be partnering with are Caritas Hong Kong, Christian Action, Hong Kong Association of the Deaf, Christian Family Service Centre, Hong Kong Christian Service, The Hong Kong Chinese Christian Churches Union Kwong Yum Care Home, Po Leung Kuk, Ronald McDonald House Charities of Hong Kong, The Salvation Army and St James’ Settlement.

Rating agency recently commented on how banks' assistance for businesses affected by the virus crisis will help alleviate some financial pain.

DBS extends cover
DBS said that it was working with Chubb Insurance Singapore Limited (Chubb). Both parties are also in discussions to introduce similar coverage policies for customers in the regional markets in which DBS operates.

Launching on 24 February, the COVID-19 Hospital Cash policy is a 30-day free cover that provides a daily cash benefit for hospital confinement and a lump sum pay-out for ICU confinement, in relation to COVID-19.

The policy also gives worldwide coverage for policyholders who have to travel during this period. DBS/POSB customers who are Singapore residents aged 18 and above can apply for the COVID-19 Hospital Cash policy as the main policyholder, and include their immediate family members as additional insured persons. There is no age limit, though the policy can only insure those who are one month and above, and family members do not have to be DBS/POSB customers, DBS said.