Some of them are working shorter hours because of the lack of customers, an FMT survey showed.

This is in stark contrast to days before the movement control order (MCO) was implemented, when business was booming.

One money changer, who only wanted to be known as Sim, said there has been a big drop in customers, including on weekends.

“Usually, our people (Malaysians) who work in Singapore will stop by in the morning before going to work and after returning from work in the evening to change money.

“Now, I hardly see these workers. There are also no tourists and Singaporeans around. How can we survive?”

Another money changer, who identified himself as Foo, said if border remained closed until the end of the year, his employer may close down the business for good.

“Before this, we operated 24 hours a day, but now we are limiting our operating hours to reduce costs. If this continues and the border remains closed, we will become bankrupt,” he said.