The Monetary Authority of Singapore (MAS) on Tue (24 Mar) issued a “safe distancing” advisory to all financial institutions in Singapore in a bid to curb the spread of COVID-19 in the country.
Financial institutions in the Republic are encouraged to implement “safe distancing measures in all aspects of their business operations, especially customer touchpoints”.
These institutions have also been told to bolster measures in accordance with the latest advisories and guidance not only from MAS, but also Enterprise Singapore, the Ministry of Health and the Ministry of Manpower.
These measures will serve to “safeguard the health of customers and ensure the financial sector’s continued operational resilience” during this current COVID-19 spread.
Financial institutions are also urged to actively encourage their customers to conduct financial transactions via electronic platforms where possible and to minimise traffic in customer-facing places such as customer service centres and bank branches.
Additional key measures comprise social distancing of at least 1 metre apart between customers, limiting the number of people in the premise, as well as prioritising the service of vulnerable customers like pregnant women and the elderly to minimise time spent at financial institutions’ premises.
Furthermore, visitors are recommended to submit their details for contact-tracing purposes.
Non-critical events such as investment or education seminars, alongside marketing and promotional roadshows, should be deferred or cancelled as advised to the financial institutions.
Among the measures that should be practised by workers are safe-distancing measures such as working from home or staggering start times for work and lunch hours so that overcrowding can be prevented at lift lobbies and building entrances. This will in turn “safeguard the health of employees and ensure business continuity”.
“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,” the central bank reassured.
