Locations of ATMs
Prime Minister's OfficeSpeakers
Summary
This question concerns the measures taken by the Monetary Authority of Singapore to ensure adequate ATM provisions in HDB precincts, as raised by Dr Tan Wu Meng. Minister Lawrence Wong responded that Singapore has over 2,700 ATMs, providing a density of four per square kilometre, which is comparable to major cities like Hong Kong and Sydney. He explained that banks prioritize high-traffic locations such as transport hubs and town centres based on local cash demand and footfall. Furthermore, he highlighted that partnerships with various retailers and SingPost provide supplementary cash-back services to enhance withdrawal convenience for residents. Minister Lawrence Wong concluded that the Monetary Authority of Singapore will continue to monitor these provisions to ensure that basic banking services remain accessible and convenient.
Transcript
30 Dr Tan Wu Meng asked the Prime Minister what are the measures taken by MAS to ensure that retail banks have adequate provisions of automated teller machines (ATM) in HDB precincts so that residents need not walk significant distances to find an ATM.
Mr Lawrence Wong (for the Prime Minister): There are currently over 2,700 ATMs distributed across Singapore, of which more than 2,300 are operated by the three local banks. This works out to almost four ATMs per square kilometre, which is comparable to the ATM coverage in other major cities, such as Hong Kong and Sydney.
Banks take into account factors such as human traffic and the demand for cash in each area when locating their services. Many ATMs are, therefore, sited at high density locations like MRT stations, bus interchanges, neighbourhood town centres and food centres.
In addition, banks like DBS/POSB and HSBC have partnered large retailers to provide cash-back services. For example, DBS/POSB customers may withdraw cash from their bank accounts, when making payments at any 7-Eleven, Cold Storage, Giant, Guardian or Sheng Siong store. Customers may also deposit and withdraw cash at SingPost outlets. Customers, therefore, have the convenience of conducting banking transactions when running other errands.
In general, based on the availability of bank branches, ATMs, Cash Deposit Machines and non-bank cash withdrawal points across the island, there is adequate access to basic banking services in Singapore. MAS will, however, continue to monitor banks’ provisions of such services, to ensure convenient access to ATM services.