It has been only two months since the World Health Organization declared the COVID-19 outbreak a pandemic, but the world has probably seen only a fraction of the likely long-lasting economic and social impacts of the pandemic. Whilst various social distancing and lockdown restrictions imposed across the world have slowed down the rate of outbreaks, myriad financial losses to both corporate entities and individuals have already skyrocketed. Many affected persons are likely to turn to and eagerly expect their existing insurance coverage to defray some or all of these losses.
This Update discusses the following potentially difficult coverage issues under some of such existing (and pre COVID-19) commercial insurance policies:
- Loss of profit/revenue and business interruption;
- Event cancellation;
- Credit insurance;
- Public liability; and
- Management liability.
On 13 May 2020, the Monetary Authority of Singapore ("MAS"), Singapore FinTech Association, AMTD Group and AMTD Foundation launched a S$6 million MAS-SFA-AMTD FinTech Solidarity Grant ("Grant") to help Singapore-based FinTech firms weather the storm caused by the COVID-19 pandemic. Eligible FinTech firms may apply for the Grant from 18 May 2020 to 31 December 2021.
The Grant complements the S$125 million support package announced by MAS on 8 April 2020 ("Support Package") to sustain and strengthen capabilities in the financial services and FinTech sectors amid the current economic slump. The Support Package took effect from 8 April 2020.
This Update highlights the key features of the Grant and the Support Package for FinTech firms in Singapore.Singapore | Financial Institutions | 15 May 2020
List show all articles in Financial-Institutions Subject Matter. Click here to see recent 5 articles.