Banks, Nets to have ATM, branch or cashpoint within 500m of every HDB block

SINGAPORE, 23 JULY 2026 —

In a bid to enhance the banking experience for seniors, three major Singaporean banks - DBS, OCBC, and UOB - along with Nets, have pledged to provide an ATM, branch, or cashpoint within 500 meters of every HDB block by the end of 2027. This initiative is part of a broader effort by key retail banks in Singapore to protect seniors from financial abuse and scams, while ensuring they remain connected to financial products and services.

The move is one of 20 initiatives announced by the Association of Banks in Singapore (ABS) on June 25, aimed at supporting seniors in their financial journey. According to ABS, cash still plays a vital role for some individuals, including seniors, despite the growing adoption of digital payments. As such, the three banks and Nets have committed to providing convenient cash access to seniors who require it. In the interim, they will ensure that this accessibility is within 500 meters of key public amenities such as public transport hubs, hawker centers, and major supermarkets.

The ABS initiative is a response to concerns about seniors being left behind in the digitalization of financial services. ABS director Ong-Ang Ai Boon noted that banks in Singapore have always supported their customers through different life stages, and this collective effort aims to address the needs of senior customers holistically. Singapore Management University Professor Paulin Straughan, who is also a director of the university's Centre for Research on Successful Ageing, praised the initiative, stating that it demonstrates the power of collective action in making aging a journey of dignity, clarity, and care.

The impact of this initiative on the Malaysian market is not directly stated, as the announcement specifically pertains to Singapore. However, it may serve as a model for other countries in the ASEAN region, including Malaysia, to consider in their efforts to support seniors in the banking sector. Details on how this initiative may influence Malaysian banks or financial institutions are not yet available. The focus of the announcement remains on the Singaporean banking sector and its efforts to enhance the banking experience for seniors.

In terms of sector-specific developments, the ABS initiative includes two other key components: easing the burden of family bereavement on loved ones and providing greater support for vulnerable seniors. To achieve this, banks will simplify their procedures for estate administration, such as Lasting Power of Attorney and deputyship, and provide clearer guidance and better support for family members. Additionally, the banking industry will work with the Agency for Integrated Care (AIC) to strengthen community safety nets and introduce a common set of guidelines and protocols for frontline banking staff to identify and support senior customers showing signs of cognitive decline by 2027.

The outlook for this initiative is positive, with ABS describing it as the first of its kind in Asia. The collective effort by Singaporean banks reflects a shared recognition of the need for banking services to evolve alongside the changing needs of seniors. As the ASEAN region continues to age, initiatives like this may serve as a model for other countries to follow in supporting their senior populations. The success of this initiative will depend on its implementation and the impact it has on the lives of seniors in Singapore. Details on the progress and outcomes of this initiative are expected to be released in the coming years, as the banks work towards achieving their goals by the end of 2027.

Related: DBS, OCBC, UOB, Nets · Association of Banks in Singapore (ABS), Agency for Integrated Care (AIC), Singapore Management University · Ong-Ang Ai Boon, Paulin Straughan · Singapore