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 Business

HSBC Malaysia supports glove manufacturers

29th May, 2020

KUALA LUMPUR: HSBC Malaysia continues to support 70 per cent of the top glove manufacturers during the COVID-19 pandemic.

HSBC country head of commercial banking, Andrew Sill said the bank is a long-standing partner to glove manufacturers and have provided them banking facilities and trade extensions.

“The bank also stepped up during the early period of the Movement Control Order and enabled clients to continue to perform day-to-day transactions by accepting e-signatures and acknowledging documents in soft copies, while maintaining a high level of service standards and security.

“These actions have demonstrated HSBC’s agility and ability to adapt to digital-first solutions, and clients have also showed their appreciation towards HSBC’s e-Channel solutions and consistent quick turnaround, ensuring minimal disruption to their businesses in the face of a ‘new normal’,” he said in a statement Thursday.

Sill said Malaysian glove companies are operating at full capacity to meet the urgent need for medical gloves due to the pandemic.

“As the world’s largest medical glove supplier producing as many as three out of four gloves in the market, HBSC has seen a steep increase in order and demand for gloves even as most of Malaysia’s economy remains sluggish,” he said.

In 2019, Malaysia exported about 182 billion gloves and for 2020, due to the on-going COVID-19 global pandemic, the Malaysian Rubber Glove Manufacturers Association estimated it to be as high as 240 billion pieces.

HSBC Malaysia said there continues to be a growing demand for medical gloves globally and this need may outpace the supply available to frontline and healthcare organisations during this outbreak.

Meanwhile, HSBC Malaysia remains committed to serving clients and supporting the local economy, especially in these challenging times.

“We have contributed RM1 million to the Association of Banks in Malaysia for Mercy Malaysia in aid of the health care system and those in need. In addition, HSBC has contributed approximately RM200,000 to various charities to support the low-income earners in terms of necessities, income generation as well as providing aid to hospitals in the country that are committed to fighting the pandemic.

“At the same time, we at HSBC Malaysia are also working hand in hand to raise funds for the underprivileged communities with necessities during this period,” Sill added. –Bernama

   
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