Ensuring Safe Management and Operational Resilience of the Financial Sector
MAS has issued guidance and advisories to address operational, technology and cyber risks.
MAS has also focused our surveillance, supervision and enforcement efforts on financial institutions’ pandemic response as well as operational and cyber resilience.
MAS will continue to monitor the impact of COVID-19, and will put in place additional measures and advisories as necessary.
MAS issued an advisory to all financial institutions in Singapore advising them to implement Safe Management measures in all aspects of their business operations, when they were allowed to re-open more customer service locations from 2 June 2020 under Phase One of the Ministry of Health (MOH)’s three-phased approach to resume business operations.
In line with the announcement by MOH on Phase Two re-opening, financial institutions in Singapore that re-open more branches and customer service locations from 19 June 2020 must ensure that Safe Management measures are in place. Financial institutions can increase the level of staffing they require at their work premises to meet resulting operational, business and customer needs, even as those who can work effectively from home should continue to do so. Branches and customer service locations that had remained closed during Phase One will progressively re-open. Financial institutions will also be permitted to resume in-person meetings with their customers on an appointment basis.
MAS strongly encourages customers to use online channels, such as internet banking or customer service portals, for their transactions. Customers applying for the financial relief measures are advised to contact their financial service providers through phone or email.
MAS will continue to work closely with the industry to ensure that Singapore’s financial sector remains resilient and contributes to the national effort against COVID-19.