Financial institutions to reopen customer service locations from 2 June: MAS

But most staff will continue to work from home.

Financial institutions (FIs) in Singapore will be allowed to reopen more customer service locations from 2 June, in line with guidelines set out by the Ministry of Health (MOH)’s three-phased approach to resume business operations, announced the Monetary Authority of Singapore (MAS).

Also read: Singapore to implement three-phase reopening plan

FIs will be allowed more onsite staff to meet increased customer needs as some businesses re-open, as well as to serve customers using both online and offline channels more efficiently.

However, most FI staff will continue to work from home as telecommuting remains the default for jobs that can be performed from home, according to MAS.

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 the regulator’s approval and subject to additional safe management measures.

Customer service locations of insurance companies, fund managers, and brokers will reopen to process essential customer transactions. These include facilitating account openings, updating account information, dealing with insurance policy enquiries, and processing claims and applications for relief measures.

Further, 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.

Money changing services will also resume from 2 June.

FIs are responsible for implementing all relevant safe management measures, including SafeEntry, prescribed by MOH, prior to the re-opening of customer service locations and resumption of workplace activities.

MAS will continue to conduct onsite inspections to check that safe management requirements are implemented at FIs’ premises, especially at customer-facing locations.