Malaysia’s Financial Services Sector to Assist SMEs Ride out the Impacts of the COVID-19 Pandemic

Malaysia’s Economic Stimulus Package 2020 introduced by the Government of Malaysia, (GoM) aims to effectively deal with the economic risks posed by the novel COVID-19 pandemic. In particular, the GoM is concerned about the effect of the COVID-19 outbreak on the Small-Medium Enterprises (SMEs).

Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Malaysia’s Finance Minister stated that local banks had initiated various programs to provide support to SMEs and affected individuals. Part of these support measures for SMEs include loan facilities, repayment rescheduling and restructuring, as well as a six-month moratorium for SMEs and individuals.

He also noted that insurance companie...