BNM to Transfer Small Debt Resolution Scheme to AKPK
BNM announced transfer of the Small Debt Resolution Scheme (SDRS) function from BNM to the Credit Counselling and Management Agency (AKPK). Effective September 01, 2020, AKPK will start offering specialized solutions to help small and medium enterprises (including micro enterprises) to manage their debt and promote sound financial management practices. With this transfer, AKPK will serve as the one-stop platform for individuals and SMEs seeking debt restructuring services.
AKPK can now provide more efficient and holistic debt restructuring and advisory services for small and medium enterprises (SMEs) that have loans with multiple banks. With the automatic moratorium period ending on 30 September 2020, SMEs still facing difficulties to service their loan obligations are urged to seek early advice on repayment assistance from their respective banks. The SDRS under AKPK is an additional avenue for SMEs to obtain help and advice on debt restructuring and rescheduling, complementing the efforts of the banking industry to provide relief to distressed SMEs. The SDRS was established by BNM in 2003 to provide assistance to viable SMEs in all economic sectors that are facing difficulties in servicing their debt with multiple financial institutions, by facilitating the restructuring or rescheduling of loans.
Related Link: Press Release
Keywords: Asia Pacific, Malaysia, Banking, SME, Small Debt Resolution Scheme, Credit Risk, SDRS, Debt Management Program, AKPK, Loan Moratorium, BNM
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