MAS opens door to gradual reopening of financial services sector as virus eases

The Monetary Authority of Singapore (MAS) has announced that financial institutions (FIs) will be allowed to reopen more customer service locations from 2 June 2020, as the country attempts to gradually return to normal as the Covid-19 pandemic eases. But the authority said the move will be controlled by “strict risk management guidelines”. Singapore has suffered a total of 32,343 confirmed cases since the pandemic outbreak, of which 383 were classified as new by the World Health Organization on 27 May. This compares with 830 new daily cases reported at the pandemic’s peak in Singapore on 21 April. The total number of deaths in Singapore from the virus is 23. As elsewhere in the world, Singapore is keen to get its economy moving again and relax its lockdown rules. The MAS said: “This will be carried out with strict safe management requirements in place, to minimise the risk of Covid-19 infections, in line with the Ministry of Health’s (MOH) three-phased approach to resuming business operations.” The MAS will allow FIs more onsite staff to meet increased customer needs as some businesses reopen, as well as to serve customers using both online and offline channels more efficiently, it explained. “Most FI staff will continue to work from home, as telecommuting remains the default for jobs that can be performed from home. FIs are required to implement strict safe management measures, including staggered start times and flexible work hours, to ensure that safe distancing can be maintained at work premises and in the public transport system,” added the MAS. “Customer service locations of insurance companies, fund managers and brokers will reopen to process essential customer transactions, such as facilitating account opening, updating account information, dealing with insurance policy enquiries, and processing claims and applications for relief measures. Money changing services will also resume,” continued the MAS. The authority also said that FIs providing financial advice on banking, insurance and investment products, and private banks offering wealth management advice, will be permitted to have in-person meetings with their customers at their business premises but only with MAS approval and subject to additional safe management measures. MAS said that it “strongly advises” all FI customers to continue using digital financial services and e-payments as much as possible. Customers who need to visit an FI’s premises must adhere to the safe management measures at the FI’s premises, it added. “FIs are responsible for implementing all relevant safe management measures, including SafeEntry, prescribed by the MOH, prior to the reopening of customer service locations and resumption of workplace activities. The MAS will continue to conduct onsite inspections to check that safe management requirements are implemented at FIs’ premises, especially at customer-facing locations. Actions will be taken against FIs that fail to comply with the required safe management requirements,” it warned. “The MAS will continue to work closely with the financial industry to safeguard the safety of customers and staff, while progressively expanding the range of financial services offered and maintaining Singapore’s position as an international financial centre,” it concluded.

MAS opens door to gradual reopening of financial services sector as virus eases

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