Covid-19: Essential financial services to continue operating

BANK Negara Malaysia (BNM) confirmed that the public will continue to have nationwide access to essential financial services.

In a statement today, the central bank said all banking institutions, development financial institutions, insurance companies and takaful operators will ensure the continued operation of:

Uninterrupted access to self-service terminals (e.g. ATMs, cash deposit machines) at all branches and accessible locations under the government’s Movement Control Order;
Electronic banking, mobile banking, money changing and remittance services, payment card services and any other online services;
Processing and approval of new loans or financing applications; and
Processing and handling of insurance/takaful claims, issuance of guarantee letters and annual renewal of insurance policies/takaful certificates.

BNM said the branches of these financial service providers will remain open during this containment period to provide essential services to the public.

“We urge all members of the public to remain calm and patient as the financial service providers roll out their respective crowd containment and management measures to ensure the safety and health of their customers and employees are prioritised and preserved throughout this period,” BNM said.

It added that selected non-bank money changers and remittance service providers will open at least three days in a week to ensure availability of money changing and remittance services throughout this period.

All e-payment providers have also been advised to ensure no interruptions to all payments and money transfer facilities transacted through their customers’ e-wallets and e-accounts.

“Members of the public are strongly encouraged to use electronic and online services to facilitate social distancing to ensure effective containment of Covid-19. Households and businesses who are facing financial distress resulting from the Covid-19 outbreak are advised to contact their financial service provider early to discuss alternative repayment measures,” BNM said. – March 17, 2020