Every HDB block to have an ATM, cashpoint or bank branch within 500m by end-2027

Every HDB block to have an ATM, cashpoint or bank branch within 500m by end-2027 The move ensures that seniors continue to have access to cash amid Singapore's digital payment push. SINGAPORE: Every public housing block in Singapore will have at least one automated teller machine (ATM), bank branch or cashpoint located no further than 500m by the end of 2027, the Association of Banks in Singapore (ABS) announced on Thursday (Jun 25). In the meantime, the three Singapore retail banks - DBS, OCBC and UOB - as well as NETS, will seek to have an ATM, branch or cashpoint within 500m of key public amenities by the end of 2026. These amenities include public transport hubs, hawker centres and major supermarkets. A cashpoint is a participating merchant that enables a customer of a Singapore bank to withdraw cash using a bank ATM or debit card while making a purchase via NETS in Singapore. Instead of searching for an ATM, money can be withdrawn during a regular shopping or grocery run. The moves are aimed at ensuring that seniors can conveniently access their cash, even as digital payments become more popular, said the association. Citing Singapore's rapidly ageing population, ABS said the four financial institutions will commit to the 500m criteria by end-2027 to benefit customers to whom cash still plays an important role. Doing so will reduce the risk of seniors feeling excluded or left behind as banking habits evolve, said ABS in a statement. This is also the first time there is a rubric agreed upon by the banks to determine whether to set up an ATM in a location. Currently, banks hear requests for new ATMs from Members of Parliament or customers, and decide whether to provide them based on each bank's business considerations. ABS chairman Tan Teck Long said the banking industry recognises that responding to Singapore's demographic shift requires a collective effort. "In July last year, we came together as an industry, first-of-its-kind in Asia, to look at how we can better support seniors and their families," said Mr Tan. As a result of that effort, ABS on Thursday published a playbook named Banking a Longevity Society, which outlined 20 banking initiatives catered for seniors, including the banks' commitment to provide more ATMs near HDB blocks. Five other initiatives are new to the industry, such as the streamlining of banking-related estate administration processes and partnering the Agency for Integrated Care to protect cognitively vulnerable seniors. Mrs Ong-Ang Ai Boon, director of ABS, said banks have always supported customers through their different life stages. “We have now come together as an industry to address the needs of senior customers holistically across the full ageing journey,” she said. CASH STILL KING FOR SENIORS In a briefing with reporters on Thursday, ABS said there are still pockets of customers that like to use cash, as well as merchants that only accept cash. Some banks likely already have branches, ATMs or cashpoints within 500m of all public housing blocks, the association said. But there are banks which will have to make some adjustments to meet the criteria by the end of 2027, it added without naming any bank. ABS acknowledged that digital banking transactions have grown in volume but said the need for cashpoints still remains, adding that the 500m target is a reasonable one. Across Singapore, the number of bank branches and ATMs that are located outside of the bank’s premises have been on the decline. Over the past decade, the number of bank branches and off-premise ATMs have decreased by an average of 2 per cent each year, Deputy Prime Minister Gan Kim Yong said in a written reply to a parliamentary question in January this year. Mr Gan, who is also chairman of the Monetary Authority of Singapore, said at the time that Singapore has more than 1,600 off-premise ATMs and over 150 retail bank branches operated by DBS, OCBC and UOB. NEW BANKING INITIATIVES Banks will also seek to reduce the administrative burden for those who have experienced a death in the family, said ABS. They will provide clearer guidance on the Lasting Power of Attorney, deputyship as well as documentation requirements. The enquiry processes for the deceased’s banking information will also be standardised across the three Singapore banks. By the first quarter of next year, there will be consolidated public guidance on estate administration through ABS, the association added. Banks will also try to provide more targeted support for vulnerable seniors, and will work with the Agency for Integrated Care to introduce a set of guidelines to help frontline staff spot possible signs of cognitive decline in customers by the end of the year. They will then pilot “clear and respectful escalation protocols” in 2027. “These measures will help banks to spot possible signs of cognitive decline earlier and connect vulnerable seniors to the right support sooner,” said ABS, adding that it helps to protect customers who may be at risk of financial abuse, scams or other harm.