Financial Services Remain Open and Available
Singapore, 3 April 2020… The Monetary Authority of Singapore (MAS) affirmed that financial services will remain open and available to all customers and counterparties in Singapore and globally. All financial markets in Singapore remain open, and payment services are unaffected. Financial services is one of the essential services exempted from the suspension of activities at workplace premises under the elevated safe distancing measures announced by the Ministry of Health (MOH) today.
2. All financial institutions will continue to operate, although with reduced staffing on their premises, in line with MOH’s advisory on maximising telecommuting. Banking services will continue to be available through online channels, ATMs and bank branches. Insurance, broking, custody, asset management, and financial advisory services will also continue to be available. Some branches of banks and finance companies and customer service centres of insurance companies may close temporarily because of reduced customer traffic.
3. Banks will maintain adequate cash in ATMs, and there is no need for members of the public to withdraw more cash than their normal needs. They are encouraged to use PayNow, FAST, Interbank GIRO, and debit/credit cards to make payments electronically.
4. Members of the public should minimise going to financial institutions’ branches or other premises, in line with MOH’s advice to reduce people’s movements and interactions. Customers should use online channels, such as internet banking or customer service portals, for their transactions.
5. Customers applying for the financial relief measures (e.g. deferral of bank loan and insurance premium payments) announced by MAS on 31 March 2020, are urged to contact their financial service providers through phone or email. They do not have to go to the financial institutions’ premises.
6. MAS has instructed financial institutions to ensure that their customer-facing locations adhere to all relevant guidance on safe distancing issued by MOH.