Singapore allows finance firms, insurers to reopen select locations starting 2 June

But most staff will continue to work from home.

Financial institutions (FIs) in Singapore will be allowed to reopen more customer service locations from 2 June, in line with guidelines set out by the Ministry of Health (MOH)’s three-phased approach to resume business operations, announced the Monetary Authority of Singapore (MAS).

Customer service locations of insurance companies, fund managers, and brokers will be allowed to reopen to process essential customer transactions. These include facilitating account openings, updating account information, dealing with insurance policy enquiries, and processing claims and applications for relief measures.

FIs will be allowed more onsite staff to meet increased customer needs as some businesses re-open, as well as to serve customers using both online and offline channels more efficiently.

However, most FI staff will continue to work from home as telecommuting remains the default for jobs that can be performed from home, according to MAS.

Institutions that provide financial advice on banking, insurance and investment products, and private banks offering wealth management advice, will also be permitted to have in-person meetings with their customers at their business premises, but only with the regulator’s approval and subject to additional safe management measures.

Further, FIs are required to implement strict safe management measures, including staggered start times and flexible work hours, to ensure that safe distancing can be maintained at work premises and in the public transport system.