These measures are in line with the Ministry of Health (Singapore)’s three-phased approach to resume business operations, following the end of the «circuit breaker.»
The Monetary Authority of Singapore will allow customer service locations of financial institutions, including insurance companies, fund managers, and brokers, to reopen more locations from June 2 to process essential customer transactions, and will allow more on-site staff to meet increased customer needs.
Telecommuting will still remain the default, and financial institutions are required to implement strict safety management measures, including staggered start times and flexible work hours, MAS said in a statement on Tuesday.
In addition, financial institutions providing financial advice on banking, insurance and investment products, and private banks offering wealth management advice, will be permitted to have in-person meetings with their customers at their business premises with MAS approval.
Phased Approach
Singapore announced that its «circuit breaker,» ongoing since April 7, would be lifted on June 2, with selected businesses given permission to open provided they meet the necessary Safe Management Measures.
Daily activities will be allowed to resume, but gradually and in three phases. The first phase, which allows economic activities that do not pose a high risk of transmission to resume, lasts for four weeks. The second phase, which will take place «over several months» could see small social gatherings permitted, and retail outlets, sports and recreation and outdoor facilities reopen.
Following this, the country will enter a «new normal,» during which social, cultural, religious and business gatherings can resume with sizes restricted until an effective vaccine or treatment for Covid-19 is developed.
