Banking association head provides assurance on backup services

President of the Macau Association of Banks, Ip Sio Kai, has given assurances that local banks are providing auxiliary services to their clients despite the recent series of SARS-CoV-2 infections in the city.

Ip is also a lawmaker representing the indirect election constituency.

In light of the recent series of infections, the government has decided to close all non-essential public service offices, such as post offices and libraries. Although not many private sector businesses are following suit, the banking sector announced a suspension directly after the government’s announcement.

Currently, branch services will be suspended until July 1, as with non-essential public services.

Ip also pointed out that the temporary closure of branches does not equate to a complete shutdown of the banking sector.

In an interview with local Chinese paper Macao Daily News, the banking association head said that the decision to suspend branch services was made to help contain the spread of SARS-CoV-2 and is in line with the government’s calls.

“However, the sector has not suspended operations,” the lawmaker explained. “Backend teams are still operating as usual to provide emergency or necessary assistance to clients.”

It is approaching the end of the month, and therefore many employers are trying to pay employees’ salaries. Ip addressed this concern, adding that companies will need clearance services near the end of the month.

Furthermore, the banking association head disclosed that local banks had designated officers and executives to handle the needs of their corporate clients. According to Ip, banks have required their staff to proactively contact their clients to notify them of the availability of these services.

Likewise, if clients require emergency or sudden assistance, such as matters involving large amounts of cash, they may contact their banks for help.

As for personal clients, local banks will also allow grace periods for some of their transactions. For example, clients who have set up direct debit instructions to settle credit card bills will either see their bills settled automatically on the set transaction date or else on July 4 if there are insufficient funds in their accounts.

Ip added that the branch suspensions should not cause too much inconvenience, as online banking tools have become more comprehensive.