Help is available for individuals and businesses impacted by COVID-19 pandemic
Kuala Lumpur, 14 September 2020 - Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) is offering various Payment Relief Assistance packages to help ease customers’ financial and cash flow constraints when the moratorium ends on 30 September 2020.
The Bank is extending assistance to individuals of targeted segments including those who have lost their jobs, the B40 segment, or those who work in highly-impacted sectors such as hotel, tour operator, restaurant, or aviation.
“Our priority is to help our customers weather the crisis and emerge stronger post-pandemic. As the moratorium period will soon end on 30 September 2020, we advise our customers to plan ahead and discuss their financial situation with us as soon as possible to determine the relief package best suited to them,” said Mr. Joel Kornreich, group chief executive officer of Alliance Bank.
For individuals who have lost their jobs or are in highly impacted sectors1, the Bank is extending an additional 3-month moratorium until 31 December 2020. Those who experienced a reduced income can opt to pay lower monthly instalment for up to 12 months. For other individuals not within these categories who also require help with their loans, the Bank is ready to support via loan modifications to suit customers’ loan repayment affordability.
The Bank also offers payment relief packages to businesses that are experiencing a reduction of business income, or operating in a highly impacted sector1. Since March 2020, the Bank has provided its customers loan moratorium, Special Relief Facility amounting to over RM600 million, and various loan modification programmes.
The Payment Relief Assistance is an extension of Alliance Bank’s commitment to help customers financially through these difficult times. Customers can leave their contact details at www.alliancebank.com.my for the Bank to contact them to discuss how Payment Relief Assistance can help ease their financial commitment.
The Bank has also provided non-financial assistance via different platforms such as the #SupportLokal initiative and BizSmart® Solution portal. The #SupportLokal initiative helps local businesses widen their reach to more consumers online by providing digital branding and marketing support. To date, this initiative has reached over 8 million Malaysians on social media platforms and attracted more than 58,000 visits to the websites of the participating SMEs. Its BizSmart® Solution portal helps business owners transform and digitise their business, access relevant business solutions and resources, as well as to manage operational expenses.
“Children always learn better when enticed with a reward. This is why it is important that we engage in a fun way to impart money-related education to children as young as five years old. When it comes to financial management, practice really does make perfect,” added Ms. Gan.
For more information on Alliance Bank’s Payment Relief Assistance, please visit www.alliancebank.com.my.
1Refers to tour operators, hotels, restaurants, and aviation.