Alibaba's Tmall implements measures to help brands minimise business impact of coronavirus

Specifically, Tmall will waive its annual service fee for the first six months of the year as well as offering merchants its set up tool for free. Further measures include reductions in warehouse rent and logistics fees through February.

Overseas merchants agreeing contracts with third-party agencies to facilitate operating stores on Tmall Global will also benefit from three months exemption from agency fees until 31 March. Over the same period low-interest loans will be made available to merchants at a rate one percentage point lower than before.

Alvin Liu, Tmall import and export general manager, said: “It has always been Alibaba’s mission to make it easy to do business anywhere, and now it’s the time to commit.

"Tmall Global will stand firmly with merchants from all over the world, supporting them and uniting as one to overcome challenges and difficulties at this special moment.”

The Singapore government has stepped in to play its part to stem coronavirus concerns by clamping down on the spread of fake news, ensuring that citizens are furnished solely with the facts in relation to the outbreak.

This follows measures by real estate firm CapitaLand to provide a $10m marketing assistance programme for tenants of its shopping malls.