MAS Issues Directions on Safe Re-opening of Financial Sector

Source: Regulation Asia Editors, Regulation Asia 2020-06-17

Although access to in-person services will expand, MAS “strongly encourages” FIs and their customers to continue using digital financial services and e-payments as much as possible.

MAS (Monetary Authority of Singapore) has directed financial institutions (FIs) to ensure that Safe Management measures are in place if they plan to re-open more branches and customer service locations and resume more in-person financial services on Thursday (18 June).

This directions are in line with an announcement from the MOH (Ministry of Health) that Singapore will be moving into Phase Two of its re-opening after 18 June 2020, 23:59 hours.

“By limiting close contact among individuals, while maintaining hygiene and safe management principles, we will be able to resume more activities without substantially raising the risk of new clusters of infections,” the MOH said.

The MOM (Ministry of Manpower) had earlier issued requirements for Safe Management measures at the workplace, available here.

As such, FIs can have more staff return to their work premises to meet their customer, business and operational needs, MAS says, adding, “those who can work effectively from home should continue to do so”.

Branches and customer service locations that had remained closed during Phase One will progressively re-open. FIs will also be permitted to resume in-person meetings with their customers on an appointment basis, at their business premises or elsewhere.

“In doing so, FIs must ensure that they implement all necessary Safe Management measures” – including wearing of masks, practising safe distancing, and using SafeEntry, a national digital check-in system that records visitors to business venues and supports contact tracing.

For meetings at places without SafeEntry, FIs should themselves maintain a record of the meetings to facilitate contact tracing, MAS says.

Although access to in-person services will expand, MAS “strongly encourages” FIs and their customers to continue using digital financial services and e-payments as much as possible.

MAS will continue to work with FIs to enhance their ability to operate in a pandemic and remain resilient against any resurgence of Covid-19 infections.

MAS Issues Directions on Safe Re-opening of Financial Sector

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