SINGAPORE – OCBC has been named the best managed bank during the Covid-19 crisis at this year’s Asian Banker Leadership Achievement Awards.
Chief executive Samuel Tsien also won the Leadership Achievement Award for best Covid-19 response in Singapore.
The Asian Banker said on Thursday (Oct 16) that OCBC had rolled out various relief measures for customers, including deferring loan repayments.
The bank extended moratorium relief across the region that amounted to $19.4 billion, of which 88 per cent is secured. This accounted for about 10 per cent of its total loans.
Other measures included lowering interest for personal unsecured credit, waiver of fall-below bank account service fees and failed Giro deduction charges, and extension of debt consolidation plan loan tenure.
The Asian Banker said Mr Tsien drove the bank’s digitalisation efforts during the crisis that saw “significant” enhancements in security, process efficiency as well as customer experience.
The bank saw a sharp uptake in the adoption of digital banking services in the first half, with over 100,000 new users while
PayNow Corporate transactions jumped 8.7-fold.
The bank also offered $1.8 million worth of aid to help health workers, seniors, migrant workers and needy families affected by the pandemic.