SG banks pledge cash access near every HDB block by 2027

The move comes as the country turns super-aged, with one in five now over 65. 

DBS, OCBC, and UOB, together with Network for Electronic Transfers (NETS), will provide an ATM, branch, or cashpoint within 500 metres of every HDB block by the end of 2027 to keep cash accessible for seniors. 

By the end of the year, the banks and NETS will first ensure that an ATM, branch or cashpoint is within 500 metres of public transport hubs, hawker centres, and major supermarkets, according to an Association of Banks in Singapore (ABS) statement.

The cash access commitment is part of a wider industry playbook called Banking a Longevity Society, which sets out 20 initiatives to better support seniors as the population ages.

"This year, Singapore became a super-aged society. One in five Singaporeans is now aged 65 and above," said Tan Teck Long, ABS Chairman. "The banking industry recognises that responding to this shift requires a collective effort."

"In July last year, we came together as an industry, first-of-its-kind in Asia, to look at how we can better support
seniors and their families," Tan added.

The banking industry plans to align procedures by the first quarter of 2027 (Q1 2027) to give families clearer guidance and simpler processes for estate administration matters.

These include Lasting Power of Attorney, deputyship and account closures for deceased customers.

Financial institutions will also provide consolidated public guidance on estate administration through ABS and individual bank platforms by Q1 2027.

They will work with the Agency for Integrated Care to support senior customers who may show signs of cognitive decline. 

By the end of 2026, banks will introduce common guidelines to help frontline staff identify possible signs of cognitive decline.