HKECIC launches "SME Protect Plus" pilot scheme to offer comprehensive risk protection for exporters

The Hong Kong Export Credit Insurance Corporation said on Monday that it will launch the "SME Protect Plus" pilot scheme in July to provide more comprehensive risk protection for small and medium-sized enterprises exporting to higher-risk buyers, which will run for one year.

The scheme offers holders of "Small Business Policy" coverage for a maximum liability of HK$600,000, specifically for buyers who normally would not be approved for credit limits due to risk-related reasons, including those with shorter establishment periods, smaller-scale operations, weaker financial conditions, or insufficient buyer information, the HKECIC said.

HKECIC added that the scheme will provide an indemnity of 70 percent, covering risks such as post-shipment buyer insolvency, payment defaults, failure or refusal to take delivery of goods, or inability to recover payments due to political and social factors in the buyer's region.

Besides, amid uncertainties in the Middle East and rising oil prices, the government extended the "Special Enhanced Measures" and the 15 percent premium discount for the "Online MicroBusiness Policy" until June 30, 2027.

Terence Chiu Man-chung, Commissioner of HKECIC, said that the "Special Enhanced Measures", which were introduced in the backdrop of the escalation of the Sino-US trade conflict last year, have provided coverage for total shipments valued at approximately HK$4.1 billion as of March 31.

 

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓