Scarcity of ATMS in Non-mature Estates
Prime Minister's OfficeSpeakers
Summary
This question concerns whether the Monetary Authority of Singapore (MAS) will regulate ATM installations or provide incentives for banks to improve service availability in non-mature estates, as raised by Mr Don Wee. Senior Minister Tharman Shanmugaratnam responded that there is generally good access with over 2,660 ATMs and 220 retail bank branches located at key transit and town centers. He noted that residents can also access over 4,100 cash withdrawal touchpoints at various retail merchants and post offices located across both mature and non-mature estates. Senior Minister Tharman Shanmugaratnam stated that MAS will coordinate with banks to address accessibility issues in specific areas and enhance public awareness of these alternative withdrawal options. He further emphasized the importance of transitioning to digital payments, noting that monthly cash withdrawal volumes have declined by 20% and that support is provided to help seniors adopt digital banking skills.
Transcript
43 Mr Don Wee asked the Prime Minister (a) whether MAS will consider regulating the installation of ATMs in non-mature estates where there is a scarcity of these machines; and (b) whether MAS can incentivise banks to provide this service through temporary schemes.
Mr Tharman Shanmugaratnam (for the Prime Minister): Generally, there is good access to ATMs across Singapore. There are over 220 retail bank branches, and more than 2,660 ATMs located across Singapore. Whether near workplaces or homes, at MRT stations and bus interchanges, at town centres or near food centres, there are ATMs available for the majority of Singaporeans.
Further, ATMs are not the only way for individuals to withdraw cash from their bank accounts. In the last few years, banks have been enhancing the availability of cash withdrawal touchpoints – at post offices, and retail stores like 7-Eleven, Guardian, Buzz Kiosks, NTUC FairPrice, Giant Supermarket, Sheng Siong, and Cold Storage. These merchants are present in both mature and non-mature estates. There are now over 4,100 cash withdrawal touchpoints1 around Singapore.
Nonetheless, we recognise that there may be residents, especially the elderly, in non-mature estates who find it difficult to get cash conveniently. MAS will work with banks to ensure accessibility to cash withdrawal touchpoints in specific areas where this is a problem, and promote awareness of these touchpoints.
More fundamentally, we must continue to encourage and help the public to use digital payments and banking services as an alternative to cash transactions. The volume of cash withdrawals per month has fallen by over 20% over the past three years alone, from about 18 million to 14 million transactions, and the trend continues. Our older folk are getting special help to acquire the basic skills they need to transact digitally. We will continue to help our merchants and the public to move to e-payments.