SINGAPORE: Singapore’s public housing residents will have easier access to cash within the next two years, as the banking industry ensures every HDB block has an ATM, cashpoint or bank branch within 500m by the end of 2027.
The initiative, announced by the Association of Banks in Singapore (ABS) on June 25, is to help seniors who still rely on cash for daily spending despite the country’s transition towards digital payments.
For the first time, Singapore’s banks have agreed on a common standard for ATM location placement, Channel NewsAsia (CNA) reported (June 25).
Banks will place ATMs and cashpoints within walking distance of every HDB block
Before the nationwide target is completed, DBS, OCBC, UOB, and NETS will first work to place an ATM, bank branch, or cashpoint within 500 m of public amenities by the end of 2026. These include transport hubs, hawker centres, and major supermarkets.
A cashpoint allows customers of Singapore banks to withdraw cash while purchasing at participating NETS merchants. Shoppers can collect cash during a regular grocery trip instead of making a separate visit to an ATM.
Previously, decisions on where to install new ATMs were usually made in response to requests from Members of Parliament or customers, with each bank weighing its own commercial considerations. The new system introduces a shared benchmark across the industry.
Older residents will have easy access to cash despite Singapore’s digital payment system transition
ABS said Singapore’s ageing population was the reason behind the decision. While digital banking continues to upgrade, many older residents still prefer cash, and some businesses continue to accept only cash payments.
ABS Chairman Tan Teck Long said the banking industry recognised that supporting an ageing population requires banks to work together. He explained that the industry began collaborating last year to improve banking support for seniors and their families, leading to several new initiatives announced this week.
ABS Director Ong-Ang Ai Boon said banks have long supported customers through different stages of life and are now taking a more coordinated approach to meet the needs of older customers throughout the ageing journey.
Banks will simplify estate matters and strengthen protection for vulnerable seniors
The ATM commitment is part of ABS’s new guide, Banking a Longevity Society, which outlines 20 initiatives designed to make banking easier and safer for seniors.
Among the new measures, banks will simplify estate administration after a customer’s death by providing clearer guidance on Lasting Power of Attorney, deputyship and required documents. They will also standardise enquiries involving deceased customers’ banking information across DBS, OCBC and UOB. ABS expects to publish consolidated public guidance by the first quarter of 2027.
Banks will also work with the Agency for Integrated Care to help frontline staff recognise possible signs of cognitive decline. Guidelines are expected by the end of this year, followed by pilot escalation procedures in 2027 to better protect vulnerable seniors from scams, financial abuse and other risks.
Keeping essential banking services accessible as Singapore’s population ages
Singapore has spent years encouraging digital payments, but the latest update shows that cash is part of everyday life for many people, especially older residents. Making cash easier to access ensures that convenience doesn’t come at the expense of inclusion.
As Singapore’s population ages, services will increasingly need to balance digital progress with practical support for those who still rely on traditional banking. This initiative demonstrates that balance by recognising that modernisation works best when no one is left behind.
