Financial institutions should strengthen safe distancing measures: MAS

Monetary Authority of Singapore (MAS) has urged all financial institutions (FIs) in Singapore to implement safe distancing measures in all aspects of their business operations, especially customer touch points. 

This is part of the national effort to reduce the risk of further local transmission of COVID-19, MAS said in a statement. 

Photo courtesy: Capitaland
Photo courtesy: Capitaland

Releasing the latest guidelines, the central bank has asked FIs to reduce traffic at customer facing locations, including bank branches and customer service centres. FIs should actively encourage all customers to use electronic platforms (such as online or mobile banking) for financial transactions, where available.

Other key measures that FIs should adopt at customer facing locations include:

  • limiting the number of people waiting at the premises and ensuring a separation of at least one metre between customers;
  • prioritising service to vulnerable customers, such as the elderly or pregnant women, to reduce their time spent at these locations;
  • as well as collecting details of visitors for contact tracing purposes.

FIs were also asked to cancel or defer all non-critical events, such as marketing and promotional roadshows, as well as investment or education seminars.

In  addition, to safeguard the health of employees and ensure business continuity, FIs should adopt safe distancing measures at workplaces.

These include: 

  • arrangements to allow employees to work from home, or at another location, where possible;
  • wider physical spacing of at least one metre between staff at workstations, meeting rooms or other common areas; and
  • staggering of start times for work and lunch hours to avoid congestion at building entrances and lift lobbies.