Standard Chartered bank has partnered with Chemopharm to ramp up supply of products to meet the increased healthcare demand resulting from the COVID-19 crisis.
The partnership is part of the Bank’s commitment to financially back manufacturers and distributors who are contributing to the battle against the coronavirus disease.
Everlife-backed Chemopharm is one of the leading distributors of diagnostic and scientific equipment, which include medical devices and diagnostic kits that could be used in the diagnosis, treatment and monitoring of COVID-19 patients.
Mok Hueh Min, Chemopharm Group Chief Executive Officer said “COVID-19 created an urgent need for medical services throughout the country. Standard Chartered’s funding will enable us to work with key stakeholders to ensure that the tools critical to fighting COVID-19 are available in the market as soon as possible. Standard Chartered has been our banking partner for some time, and we look forward to a long-term partnership with them well beyond the COVID-19 crisis.”
Under the initiative, Standard Chartered has committed to provide USD1 billion in financing on a non-profit basis to businesses associated with tackling the pandemic in the form of loans, import and export finance as well as working capital facilities used for daily operations and to get the products to the market.
Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia, said: “We understand that our clients want to do more to contribute to the fight against COVID-19 but may lack the immediate funds to do so. To demonstrate how we as a Bank can be a force for good, especially in this critical time when what we do today determines tomorrow’s outcome, we are providing Chemopharm with the necessary resources.”
Chemopharm is part of Everlife Holdings Pte Ltd, a group of companies in South East Asia and India that represents more than 200 international principals in the healthcare, analytical and life sciences industries. In Malaysia, Chemopharm has been providing healthcare solutions for clinical diagnostics and hospital equipment for over 40 years.
Businesses that are eligible to apply for the initiative include those in the pharmaceutical industry and healthcare providers. The financing is also open to non-medical companies planning to add the capability to provide goods such as ventilators, face masks, protective equipment, sanitizers and other consumables to their manufacturing output.