The Monetary Authority of Singapore (MAS) issued an advisory to all financial institutions (FIs) in Singapore, telling them to implement safe distancing measures in all aspects of their business operations, especially customer touch points, as part of the national effort to reduce the risk of further local transmission of COVID-19.
FIs were asked to strengthen their measures to meet the latest advisory from MAS and the relevant guidance issued by the Ministry of Health, Ministry of Manpower and Enterprise Singapore. This will help to safeguard the health of customers and ensure the financial sector’s continued operational resilience during the COVID-19 outbreak.
Reduce traffic at customer facing locations
To reduce traffic at customer facing locations – bank branches, customer service centres, etc – Fis should actively encourage all customers to use electronic platforms for financial transactions, where available, such as internet or mobile banking PayNow and PayNow Corporate as well as other e-payment services.
Other key measures that FIs should adopt at customer facing locations include:
Cancel or Defer All Physical Events
FIs should cancel or defer all non-critical events such as marketing and promotional roadshows, as well as investment or education seminars.
Promote Safer Workplace
To safeguard the health of employees and ensure business continuity, FIs should adopt safe distancing measures at workplaces, including:
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.
Re-disseminated by The Asian Banker