HKMA Announces Pre-approved Principal Payment Holiday Scheme amid COVID-19 Pandemic

Altug GuzeldereManaging Partner, Guzeldere & Balkan Law Firm

The Hong Kong Monetary Authority (HKMA) and the Banking Sector SME Lending Coordination Mechanism (established by the HKMA in October 2019) have announced a scheme for banks to provide a six-month principal payment holiday to eligible corporate customers aimed at providing relief for SMEs affected by the COVID-19 outbreak (the Principal Payment Holiday Scheme). The scheme is expected to launch on 1 May 2020 and details are set out in the Annex [1] to HKMA’s press release of 17 April 2020.[2] Read More…