The Monetary Authority of Singapore (MAS) does not dictate where banks place branches or cash machines but will step in when significant access gaps emerge.
The regulator monitors banking access across Singapore and works with the industry where needed, taking into account customer demand and local demographics.
The comments came in a written parliamentary reply on cash access, physical banking services and changing payment habits among seniors.
MAS Chairman Gan Kim Yong noted that more seniors are becoming comfortable with digital banking, though many still rely on cash and face-to-face services.
Singapore’s local banks have committed to providing an ATM, branch or NETS cashpoint within 500 metres of every HDB block by 2027.
Banks are also making digital services easier for seniors through community support and features such as larger fonts, clearer visuals, simpler navigation and multilingual interfaces.
SG Digital Community Hubs also provide guidance on everyday tasks such as mobile banking and online payments.
MAS will continue working with the banking sector to keep physical services accessible as digital adoption grows.
Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Magnific
