Face-to-face client meetings and more bank branches to open when financial sector moves to Phase 2: MAS

SINGAPORE financial institutions can reopen shuttered branches and staff can meet their customers face to face again from Friday, the Monetary Authority of Singapore (MAS) has said.

The move, which was announced on Monday, is in line with wider national plans to move to the second phase of a three-stage social and economic reopening, after the deadly coronavirus pandemic forced a two-month "circuit breaker" or quasi-lockdown in April and May.

But the regulator noted that financial institutions must first enact safe management measures such as mask-wearing, safe distancing, and the use of SafeEntry or other records for contact tracing.

Despite customers' greater access to in-person financial services, the MAS "strongly encourages (financial institutions) and their customers to continue using digital financial services and e-payments as much as possible", it added.

Under the latest advisory from the central bank, staff "who can work effectively from home should continue to do so", while in-person meetings with customers must be by appointment only.

Noting that the financial industry upheld "a high level of service to its customers" during the circuit breaker and the first phase of reopening, the MAS also said that it would continue to work with institutions to enhance their ability to keep running in a pandemic.