Small and medium-sized SME exporters are to reap the benefits of a new alliance between Hang Seng and the Hong Kong government-owned Export Credit Insurance Corporation ECIC.
Under an Export Finance Insurance Policy signed between Hang Seng and ECIC, the insurance agency will insure the bank against losses arising from non-payment by exporters post shipment. ECIC will indemnify the bank up to 90% of the losses incurred due to buyer risk and risks associated with a particular country. The project has been named Export Ease.
Exporters need not come to us, says Joyce Yan, deputy general manager of ECIC. Hang Seng will buy insurance from ECIC based on the finance...
