Singapore regulator urges clients to refrain from visiting financial firms

They are encouraged to use digital channels for their financial needs.

The Monetary Authority of Singapore (MAS) has urged clients to reduce physical interactions at financial institutions (FIs) and instead utilise digital channels, according to a news release.

This is in line with the guidance issued by the Ministry of Health (MOH) on 14 April to minimise people moving around.

The regulator reiterated that clients do not need to visit bank branches to make payments, open or close accounts, apply for loan relief measures or renew fixed deposits, urging them to use ATMs to withdraw money or deposit cheques. Those who want to receive financial advice and other assistance should do so over the telephone or on the respective FIs’ mobile apps.

Whilst financial services are exempted from the suspension of workplace premises as announced by the Ministry of Trade and Industry (MTI) on 3 April, reduced customer traffic due to heightened distancing measures have spurred the closure of half of bank branches in Singapore.

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