Standard Bank Malaysia has waived fees on letters of credit (L/Cs) as part of its efforts to help small- and medium-sized enterprises (SMEs) weather the impacts of the coronavirus pandemic.

Like many countries across the world, Malaysia is seeing a resurgence of cases of the virus after a lull of a few months, prompting many businesses to send their workers home once again.

L/C focus

Waivers of L/C fees are part of Standard Bank's SME Assist programme which focuses on helping smaller businesses recover from the impacts of the pandemic.

For trade-oriented SME clients, the bank is waiving trade facilities fees for conventional and Islamic L/Cs and export handling charges.

Other assistance

The bank is also offering preferential foreign exchange rates to help SMEs manage liquidity challenges.

It is also waiving structuring and digital platform fees, and offering a comprehensive range of insurance or takaful coverage to suit business needs.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.