All HDB blocks to have ATM, bank branch, or cashpoint within 500m by end-2027: S'pore banks

Three major Singapore banks — DBS, OCBC, and UOB — and NETS have committed to providing an ATM, bank branch, or cashpoint within 500 metres of every HDB block by the end of 2027.

This is to ensure that seniors continue to have access to cash and physical banking channels, even as Singapore moves towards digital payments, said the Association of Banks in Singapore (ABS) on Jun. 25.

This comes as part of a suite of 20 new initiatives by ABS, to better serve the banking needs of seniors in Singapore.

As an interim target, the three banks and NETS will work towards installing an ATM, branch, or cashpoint within 500 metres of key public amenities by the end of this year.

Amenities include public transport hubs, hawker centres, and major supermarkets. Cashpoints are participating merchants, such as supermarkets, that allow consumers to withdraw cash using their bank ATM or debit card while making a purchase via NETS.

The needs of seniors

The 20 new initiatives were published in a playbook, "Banking a Longevity Society", Jun. 25.

Speaking at the ABS annual dinner the same day, Deputy Prime Minister Gan Kim Yong pointed out that Singapore now has one in five citizens aged 65 and above, himself included.

"As our population ages, the financial needs of seniors will become even more important," he said.

He added that while some seniors are digitally confident, others may need more help, and banks must respond to this diversity.

"For seniors, trust is built not only through better apps. It is built through clearer choices, safer systems, easier processes, and better support when it matters.

I commend the ABS for making a concerted effort to examine how the sector can better serve an ageing society."

Other initiatives

Other initiatives in the playbook include improving processes to simplify and clarify matters of estate administration, as well as providing greater support to vulnerable seniors.

Currently, the different banks have different procedures for administrative tasks, such as the lasting power of attorney (LPA), deputyship, and closing accounts for the deceased.

They plan to align their procedures and publish a standardised resource of frequently asked questions (FAQs), to provide clearer guidance to families and caregivers by the first quarter of 2027.

Furthermore, also by 2027, the three banks intend to introduce a common set of guidelines to help frontline banking staff identify and respond to possible signs of cognitive decline in customers.

This will enable staff to better support seniors at greater risk of financial abuse, scams, or other harm.