Singapore's so-called circuit breaker – a curb of all non-essential businesses and activities, and heightened social distancing – has dramatically changed the daily routine for professionals in the financial services sector, many of whom are now working from home. This series takes a look at how they are coping during the city's lockdown.
As recently as mid-March, the COVID-19 outbreak in Singapore appeared to be under control, when it had 200 cases. But Singapore's «gold standard» for coronavirus response is being tested, with cases now crossing 13,000 – the highest in Asia, with a growing number of infections linked to crowded foreign worker dormitories.
In a bid to «decisively» bring down coronavirus cases within the community, Singapore on last Tuesday extended its partial lockdown, ongoing since 7 April, for a further four weeks until June 1, though it remains to be seen how quickly the economy will be able to recover.
With workplaces forced to close during enforced social distancing, this period is also a test-bed for organizations to test the efficacy of their business continuity practices, Swiss private banker Evrard Bordier tells finews.asia in an exclusive interview.
The CEO and managing partner, Bordier (Singapore), is part of the fifth generation of the Bordier family, and along with partners Grégoire Bordier, Michel Juvet, and Christian Skaanild, is personally responsible for running the bank that was established in Geneva in 1844 (pictured below).
Its Singapore office, which serves as its Asian headquarters, was opened in 2011.
Evrard Bordier, the partial lockdown in Singapore has now gone on for several weeks. How has it affected your work so far, and how has Bordier adjusted to the «new reality»?
It has fundamentally changed the way we operate. On the bright side, it provides an accurate test-bed that ensures the efficacy of our business continuity processes not just as a temporary measure, but also as a general tool in the foreseeable future.
«We are continuously looking at new tools to improve efficiency and security»
We can now fully operate remotely, including extensive filing and paperwork tasks such as in Compliance and Operations departments. Our Bordier team has adjusted seamlessly to the new reality and we are now looking at innovative ways to design a distributed workforce that works to our advantage.
Can you talk about the digital tools or processes that you have implemented for working from home? What are the biggest obstacles to operations?
Some processes that have been set up to work remotely include the core banking system, network drive as well as work phone and email accessibility. We use a myriad of available tools and apps including Jabber, Monday, Zoom and WhatsApp. However, we are continuously looking at new tools to improve efficiency and security.
«We have always promoted work-life balance»
However, the biggest challenge so far has been in maintaining the company’s strong DNA and retaining our close connection and familiar bond with one another.
With working from home becoming routine, how are you maintaining a work-life balance/separation?
We have always promoted work-life balance. It is for everyone to find it but after this period of adjustment, each individual can gauge their own productivity while also having the flexibility to spend more time with their family.
With the circuit breaker period extended by another four weeks, how do you foresee its effects on Bordier and its business in Singapore? Has it affected any business plans for the year?
I don’t foresee any drastic changes to our business. It will however inevitably impact how we interact with our clients on a more individual level as we are unable to travel and connect more personally with them as we normally do.
How do you view the Singapore government’s handling of the crisis so far? Will the crisis affect Singapore’s standing as a financial hub?
The crisis will not affect Singapore as a financial hub. Although the government has taken a strong position to ensure that people stay safe, only time will tell if current measures will protect the most vulnerable population.
«Until a vaccine is discovered, I think we will continue to have some limitations»
Nevertheless, I trust that it would flatten the curve in due course and not overwhelm medical services. Until a vaccine is discovered, I think we will continue to have some limitations (social distancing, masks, etc.) as we slowly resuscitate the economy.
Evrard Bordier is managing partner and chief executive officer of Bordier (Singapore). He also serves as president of the board of Bordier International Bank & Trust, Providenciales, Turks & Caicos Islands, since 2000. Prior to his current role in Singapore, he was managing director of Bordier International in London for ten years. Between 1997 and 2000, he served as chief of staff for the Financial Planning and Wealth Management business division of UBS in Zurich. He was also a client adviser in the private banking department of Swiss Bank Corporation in Singapore, covering Indonesia and Taiwan. He first moved to Asia in 1994 as a broker at Nomura International in Hong Kong. He began his professional career as a lawyer at Lenz & Staehelin in Geneva, specializing in banking and finance.
