The city-state has imposed tighter controls to enforce social distancing and fight the pandemic. The regulator and a banking association assured customers and counter-parties that business will continue.

Singapore’s central bank and main regulator say that financial services will remain open for clients and counterparties at home and overseas after the Asian city-state tightened controls last week to fight coronavirus. 

“All financial markets in Singapore remain open, and payment services are unaffected. Financial services is one of the essential services exempted from the suspension of activities at workplace premises under the elevated safe distancing measures announced by the Ministry of Health (MOH) today (Friday 3 April), the Monetary Authority of Singapore said in a statement. 

Financial institutions will continue working although staffing levels will be cut, in line with the MOH advice to encourage as many people as possible to work remotely, MAS said. 

Insurance, broking, custody, asset management, and financial advisory services will also still be available. Some branches of banks and finance companies and customer service centres of insurance companies may close temporarily because of reduced customer traffic, MAS said.

Most workplaces will be closed from tomorrow and all schools will move to full home-based learning a day later, as Singapore puts in place a "circuit breaker" to pre-empt escalating coronavirus infections, Prime Minister Lee Hsien Loong was quoted as saying by the Straits Times last Friday. Except for key economic sectors and essential services - such as food establishments, markets and supermarkets, clinics, hospitals, utilities, transport and key banking services - all other work premises will close, Lee was quoted as saying.

Such measures are designed to prevent a rebound in cases in the jurisdiction. Singapore, along with South Korea, Taiwan and Hong Kong, is widely cited as having responded more effectively to the outbreak than its European and North American counterparts. The jurisdictions have benefited from the experience of handling SARS in 2003 and other virus outbreaks in Asia over the past two decades. 

Singapore has made a big point of encouraging digital tech in wealth management, banking and insurance – a stance that appears to have paid dividends during the COVID-19 crisis. 

“In recent years, banks have significantly expanded their online, mobile and digital channels for customers to access banking services without having to visit branches. Customers are encouraged to use these digital channels and services in light of COVID-19,” according to a statement from the Association of Banks in Singapore.

“Banks in Singapore have robust continuity plans in place to ensure essential financial services are available in challenging times like these. We will increase resources where required to ensure that we are able to provide substantially the same level of service standards customers expected of us, including not impacting transaction cut-off times,” it said.

Last week Jeffries Research said that Singapore-based banks such as DBS, UOB and OCBC took a revenue hit of between 14 and 18 per cent this year because of the disruption.