Foreign banks and insurers continue chipping in to support relief efforts against the deadly coronavirus outbreak.

Yesterday, UBS announced that its China business would donate $1 million to frontline responders with a focus on «timely delivery of medical supplies to the needy, screening and treatment of suspected cases, the development of treatments and vaccines and the construction of medical facilities in the community».

«This a challenging time for many of our employees and customers, their families and the local community. Our thoughts are with the many impacted by the coronavirus outbreak,» said David Chin, APAC head of investment banking and China country head at UBS. «It is a critical time for us to give back to the community and help authorities in the most affected areas.»

Other foreign lenders that have made similar moves include J.P. Morgan which donated $1 million to the China Foundation for Poverty Alleviation; Societe Generale which donated 150,000 yuan ($21,370) to the Hubei Charity Federation; and HSBC’s China entities which donated 7 million yuan ($1 million) to 10 hospitals in the province and the country’s National Center for Disease Control and Prevention.

Insurer Support

Banks aside, foreign insurers have also joined the relief efforts including Allianz which said it would set up a 4 million yuan ($570,000) emergency fund to help combat the crisis. Other foreign insurers such as AIA, AXA, HSBC Life, Prudential and Tokio Marine have all offered to provide additional payouts to policyholders infected by the coronavirus.

Foreign financial institution’s coronavirus relief efforts coincide with the ongoing opening of China’s financial industry which is slated to scrap foreign ownership limits for various businesses including securities, futures and asset management companies. But despite the charitable initiatives, contributions from foreign institutions pale in comparison to domestic counterparts including 30 technology and new economy firms which have collectively donated more than $430 million to related causes.