OCBC Shutters Investors Hub During Circuit Breaker
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The bank hopes to encourage more people to stay home and comes in support of stricter social distancing measures implemented by the government to contain the spread of Covid-19.
OCBC Bank’s wholly-owned brokerage subsidiary, OCBC Securities, will temporarily close its Investors Hub at OCBC Centre South from 20 April to 4 May 2020, it announced in a statement on Friday.
The bank said customers will be able to continue to trade or make transactions through their trading representatives or on OCBC Securities’ digital platform, iOCBC, as the brokerage will continue to be operational during this time.
The Monetary Authority of Singapore also urged the public to minimize visits to their premises during the current circuit breaker period.
While financial services remain available as one of the essential services exempted from the suspension of activities at workplace premises announced by the Ministry of Trade and Industry (MTI) on 3 April 2020, customers are urged to use digital, email, and telephone channels as far as possible and minimize face-to-face interactions at FI premises,» the regulator said in a statement on Friday.
About half of the bank branches in Singapore have closed, along with most of the physical service locations of insurers, brokers and fund managers, in view of reduced customer traffic.
Questions & Answers
Q.When will OCBC Securities' Investors Hub be closed?
When will OCBC Securities' Investors Hub be closed?
The Investors Hub at OCBC Centre South will temporarily close from 20 April to 4 May 2020. This measure is in support of government social distancing efforts to contain Covid-19 spread.
Q.How can customers continue to trade or make transactions during the closure?
How can customers continue to trade or make transactions during the closure?
Customers can still trade or make transactions through their trading representatives. They can also use OCBC Securities’ digital platform, iOCBC, as the brokerage remains operational during this period.
Q.Is OCBC's decision consistent with broader financial sector guidance?
Is OCBC's decision consistent with broader financial sector guidance?
Yes, the Monetary Authority of Singapore urged the public to minimise visits to financial premises during the circuit breaker. Financial services are essential, but customers are encouraged to use digital and remote channels.
Q.Have other financial institutions also closed physical locations?
Have other financial institutions also closed physical locations?
Yes, around half of bank branches in Singapore have closed. Most physical service locations for insurers, brokers, and fund managers have also closed due to reduced customer traffic.
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