Access to Physical Banking and Cash Deposit Services in Residential Estates and Neighbourhood Centres

Ms Cassandra Lee asked the Prime Minister and Minister for Finance whether MAS has assessed the adequacy and geographical distribution of cash deposit machines, particularly in neighbourhood centres with significant numbers of seniors, hawkers and small businesses that continue to handle cash.

Ms Cassandra Lee asked the Prime Minister and Minister for Finance (a) whether MAS monitors disparities in access to physical banking services across residential estates; and (b) if so, what indicators does it use to determine when regulatory intervention or industry coordination is warranted.

Mr Gan Kim Yong (for the Prime Minister): My response will cover the questions raised by Ms Cassandra Lee in today's Order Paper, as well as the question filed by Mr Jackson Lam 1 for tomorrow's Sitting.

While more seniors are becoming comfortable with digital banking, many still rely on cash and face-to-face banking. We therefore take a two-pronged approach to help seniors adopt digital services while ensuring physical banking services remain accessible.

Banks provide hands-on, guided support to seniors via community events to strengthen their digital literacy and skills and improved the usability of their digital banking platforms. Features, such as larger fonts, clearer visuals, intuitive navigation and multilingual interfaces, make digital banking applications easier for seniors. Seniors can also learn how to use digital services for everyday tasks, like online payments and mobile banking at SG Digital Community Hubs islandwide.

Even as digital banking becomes more widely adopted, we recognise that physical banking services remain important. While the Monetary Authority of Singapore (MAS) does not prescribe where banks should locate their branches, automated teller machines (ATMs) or cash deposit machines, we monitor overall accessibility of banking services and work with industry where necessary to address significant gaps, taking into account retail and corporate customer demand, as well as local demographics. As part of these efforts, the local banks recently committed to providing an ATM, branch or the Network for Electronic Transfers cashpoint within 500 metres of every Housing and Development Board block by 2027.

MAS will continue working closely with the banking sector to maintain convenient access to physical banking services for those who need them, while helping consumers and businesses benefit from the convenience and efficiency of digital banking services.

Note(s) to Question No(s) 99-100:

1 Question subsequently withdrawn: To ask the Prime Minister and Minister for Finance (a) whether the Government has assessed how payment preferences among seniors are changing over time; (b) how these findings are incorporated into digital inclusion policies; and (c) whether differentiated approaches are needed for essential services frequently used by seniors.