Singapore central bank affirms financial services will remain open

The Monetary Authority of Singapore has affirmed that financial services will remain open and available to all customers and counterparties in Singapore and globally.

“All financial markets in Singapore remain open, and payment services are unaffected,” the central bank said in a statement today.

As more local cases and new clusters emerged, Singapore today decided to impose significantly stricter measures for a month starting next week, including closure of most workplaces.

The central bank noted that financial services is one of the essential services exempted from the suspension of activities at workplace premises under the elevated safe distancing measures.

Meanwhile, all financial institutions will continue to operate, although, with reduced staffing on their premises in line with the Ministry of Health's advisory on maximising telecommuting, it said.

“Banking services will continue to be available through online channels, automated teller machines (ATMs) and bank branches.

"Insurance, broking, custody, asset management, and financial advisory services will also continue to be available,” it said.

However, the central bank said some branches of banks and finance companies and customer service centres of insurance companies may close temporarily because of reduced customer traffic.

“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,” it said. - Bernama