Financial services to remain open in Singapore amid new restrictions to battle coronavirus outbreak

All financial institutions will continue to operate, although with reduced staffing on their premises, said MAS. Photo courtesy: Capitaland
All financial institutions will continue to operate, although with reduced staffing on their premises, said MAS. Photo courtesy: Capitaland

The Monetary Authority of Singapore (MAS) has said that financial services will remain open and available to all customers and counterparties in Singapore and globally as stricter measures are enforced in the island nation to break the spread of the novel coronavirus. 

All financial markets in Singapore remain open, and payment services are unaffected, said an MAS press release. 

All financial institutions will continue to operate, although with reduced staffing on their premises, in line with MOH’s advisory on maximising telecommuting. 

Banking services will continue to be available through online channels, ATMs and bank branches. Insurance, broking, custody, asset management, and financial advisory services will also continue to be available.  

Some branches of banks and finance companies and customer service centres of insurance companies may close temporarily because of reduced customer traffic, said the statement.

MAS also assured citizens that banks will maintain adequate cash in ATMs, and “there is no need for members of the public to withdraw more cash than their normal needs”.  

The MAS also said that the public should minimise going to financial institutions’ branches or other premises, in line with MOH’s advice to reduce people’s movements and interactions and that customers should instead use internet banking or customer service portals, for their transactions. 

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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