Singapore issues advisory for financial sector amid higher virus alert level

Singapore's central bank on Sunday said it had advised financial institutions in the city-state to take additional measures and precautions after the government raised its coronavirus alert level. Among its recommended measures, the Monetary Authority of Singapore said financial institutions should "continue to maintain effective internal controls across their operations should split team arrangements be implemented."

It also advised them to anticipate and be prepared to manage any increase in demand for certain financial services, such as cash withdrawal or online financial services. On Friday, Singapore raised its coronavirus alert level and reported more cases not linked to previous infections or travel to China.