Standard Chartered supporting colleagues, clients and communities

 

LONDON-The Board and Management Team of Standard Chartered PLC “the Group”, alongside all of our 84,000 colleagues, are committed to supporting our clients, and the communities in which we operate, both through the current pandemic crisis and the longer-term support and renewal phase.

Given the underlying resilience of the Group, we are in a strong position to help. We have announced a number of measures to provide support:

• US$1 billion of financing for companies that provide goods and services to help the fight against Covid-19, and those planning the switch into making products that are in high demand to fight the global pandemic. We are seeing high demand for funding and have already approved over US$75m of facilities in the first week.

• We have put in place a comprehensive support scheme for retail and business customers, including loan repayment holidays, fee waivers or cancellations and loan extension facilities.

• A US$50 million global fund, providing assistance to those affected by the Covid-19 pandemic. The Group will immediately donate US$25 million to support emergency relief in our most affected markets. The additional US$25 million will be raised from bank colleagues and directors, matched by the Group, to help communities to recover from the economic impact of the virus.

• The Group Chief Executive and Group Chief Financial Officer will make significant personal donations to the Covid-19 assistance fund. The Group Chairman, members of the Board, and the Management Team, will also make personal donations.

In addition, the Group Chief Executive and Group Chief Financial Officer will voluntarily forego any entitlement to a cash bonus in respect of 2020 performance.

The remuneration committee has committed to ensure that decisions regarding 2020 remuneration will be taken in the light of the Group’s overall performance and the challenges faced by the Group’s various stakeholders resulting from the spread of Covid-19.

We are also providing support for our colleagues across the Group:

• No colleagues have been asked to leave the Bank due to the impact of Covid-19, nor do we intend to make any layoffs as a result of the pandemic. We have not furloughed any of our 84,000 colleagues across 59 markets, all of whom are working hard to support our clients and customers.

The Group’s leadership, and all of our colleagues, are clear that the trust in the Group is underpinned by our claim to be ‘Here for good’. We are determined to live up to our brand promise.

 

 

JS Bank and clients deploy 110m fund for immediate COVID-19 response

 

KARACHI -Responding to the unprecedented challenges faced by the nation by the Corona Virus (COVID-19), JS Bank has established a 110 million rupees fund in association with key partners to help address the impact of the pandemic during the month of April.

Based on a pledge matching initiative wherein JS Bank equally matched all support pledges made by its partners, this fund is rooted in JS Bank’s philanthropic philosophy of collaborative efforts and will focus on addressing some of the immediate and long-term issues related to the pandemic.

The three-tiered strategy will revolve primarily on providing immediate relief, pandemic control and future response capacity building. The first phase will focus on provision of rations and necessities worth 30 million Rs to food insecure families while the second phase will see distribution of Personal Protective Equipment (PPE) and donations worth 50 Million Rs to medical and other frontline institutions including non-governmental organizations.

Understanding the necessity of a long-term solution, the third phase of the program will focus on mitigating the long-term health impact of the virus through medical and technological Research and Development. The focus area will include studies on the transmission, evolution and impact of the virus on the Pakistani population including pregnant women with the overarching aim of developing a vaccine, improving the specificity and sensitivity of diagnostic kits and development of rapid testing kits.

“This is a global pandemic and as a responsible corporate entity, it is our duty to stand shoulder to shoulder with the people of Pakistan in this hour of need,” said Basir Shamsie, President & CEO, JS Bank. He added, ‘We are thankful to the government of Pakistan, the medical fraternity and all other parties who are playing a critical role in combating this disease. We would also call upon other organizations to come forward and play their role in combating this disease.’

 

 

 

Mastercard extends access to its signature STEM curriculum

 

KARACHI-Mastercard has extended access to its signature Science, Technology, Engineering, and Math (STEM) curriculum, Girls4Tech™, through a suite of new online, creative educational resources. The program has been designed to help parents and teachers engage and inspire kids, ages 8-12.

Through the newly launched website Girls4Tech Connect, as well as through activities made in collaboration with Mastercard’s education partner Scholastic, teachers and parents in Pakistan and across the globe can download lessons to help students learn about STEM topics from the comfort of their homes. These activities are built on global science and math standards – and incorporate Mastercard’s deep expertise in payments technology and innovation – to enable children to discover a range of STEM careers, such as Fraud Detective, Data Scientist and Software Engineer.

Girls4Tech has engaged more than 800,000 students across the globe through inquiry-based activities and real-world challenges, all with the goal of inspiring more girls to pursue STEM careers and reduce the gender gap in these fields. “Mastercard is pleased to launch Girls4Tech Connect, a fun, engaging and motivating learning platform with plenty of activities and resources to encourage youngsters to pursue STEM disciplines from home.

Mastercard recognizes the fact that we are living in a challenging era, which has propelled educators and parents to rethink and adapt to new and innovative ways of learning. Through Girls4Tech, we strive to encourage young ladies to follow careers in STEM fields, which is in line with our commitment to achieving gender parity across the region,” said Magdy Hassan, General Manager – Egypt & Pakistan, Mastercard.