Adequacy of ATMs for Withdrawing and Depositing Cash within Existing and New HDB Estates
Ministry of FinanceSpeakers
Summary
This question concerns the adequacy of ATMs and bank branches in HDB estates, with Mr Chua Kheng Wee Louis inquiring about the distribution of cash facilities and MAS’s oversight of physical banking networks. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong noted that over 1,200 of the 1,600 off-premise ATMs are in HDB towns, despite physical outlets declining by 2% annually due to increased digital banking adoption. MAS ensures banks consider footfall, population density, and transport proximity when siting facilities, while using urban masterplans to identify the banking needs of residents in new BTO developments. Banks further enhance accessibility through multi-function ATMs and cashback services at retail outlets like Sheng Siong and 7-Eleven across both mature and non-mature estates. MAS will continue to balance physical banking convenience with digital adoption to ensure all residents have adequate access to essential financial services.
Transcript
23 Mr Chua Kheng Wee Louis asked the Prime Minister and Minister for Finance (a) what is the current number of automated teller machines (ATMs) in each HDB town; and (b) whether HDB works with banks and other Government agencies to ensure adequate provision of cash withdrawal and deposit facilities within walking distance for existing and new HDB BTO estates.
24 Mr Chua Kheng Wee Louis asked the Prime Minister and Minister for Finance (a) what is the number of (i) off-premise automated teller machines (ATMs) and (ii) bank branches in each of the last 10 years; (b) how does MAS ensure adequate provision of ATMs and banking services through physical bank branches and ATMs; and (c) what are the operational requirements that are prescribed, if any, to banks.
Mr Gan Kim Yong (for the Prime Minister): There are currently more than 1,600 off-premise automated teller machines (ATMs) and over 150 retail branches operated by the three local banks across Singapore. More than 1,200 of the off-premise ATMs are located within Housing and Development Board towns. Over the past decade, both the number of off-premise ATMs and bank branches have decreased gradually by an average of around 2% annually, as banks rationalise their ATMs and branch network due to customers increasingly adopting online banking and cashless payments. Banks have also deployed more multi-function ATMs, so customers do not necessarily need to visit branches.
The Monetary Authority of Singapore tracks the number of ATMs and engages banks to ensure they carefully consider customers' ease of access to banking services. Banks consider various factors when siting ATMs and bank branches, including footfall, transaction volume, population density and proximity to public transport nodes. They prioritise locations that are central to residents' daily activities, such as heartland malls and food centres, to enhance convenience for customers. Banks also monitor the Urban Redevelopment Authority masterplan and Government tenders to identify where to site new bank branches and ATMs.
ATMs and bank branches are not the only places where consumers can withdraw cash. Banks also partner retail outlets such as 7-Eleven, Giant and Sheng Siong to enable customers to withdraw cash from their bank accounts when they make purchases at these locations. These outlets are present in mature and non-mature estates.
MAS will continue to work with banks to ensure there are enough ATMs and bank branches for the convenience of customers and also encourage customers to use digital banking services as an alternative to cash transactions.