The Monetary Authority of Singapore will allow financial institutions (FIs) to reopen more customer service locations from 2 June, according to a statement from the regulator.
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.
In addition, firms providing financial advice on banking, insurance and investment products, and private banks offering wealth management advice, will be allowed to have in-person meetings with their customers at their business premises. However, they will need approval from the MAS and will be subject to additional safe management measures.
These safety measures include that meetings are conducted strictly on an appointment basis and staff must be equipped with a face shield in addition to a face mask.
“MAS strongly advises all FI customers to continue using digital financial services and e-payments as much as possible,” the regulator said.
“Customers who need to visit an FI’s premises must adhere to the safe management measures at the FI’s premises.”
The MAS noted that it will continue to conduct onsite inspections to check whether safe management requirements are implemented, especially at customer-facing locations. Actions will be taken against firms that fail to comply with the required safety management requirements, it added.
The regulator’s move is in line with the Ministry of Health’s three-phased approach to resume business operations, the statement said.
In April, Singapore imposed a nation-wide lockdown, which it calls “circuit breaker”, to break the chain of Covid-19 transmissions. Last week, the Lion City’s Multi-Ministry Taskforce announced that Singapore will exit the circuit breaker on 1 June and embark on a three-phased approach to resume activities safely.
“The daily number of new community cases has declined significantly,” Singapore’s Ministry of Health said in a statement.
“Therefore, we will embark on a controlled approach to resume activities safely over three phases.”