Singapore bank branches and off-premise automated teller machines have fallen by an average of about 2 percent a year over the past decade.
Banks have been rationalising their physical networks as customers increasingly shift to online banking and cashless payments.
The figures were disclosed by Gan Kim Yong, who is also Chairman of the Monetary Authority of Singapore (MAS), in a written parliamentary reply.
He said the three local banks currently operate more than 150 retail branches and over 1,600 off-premise ATMs across Singapore, with more than 1,200 of these located within Housing & Development Board towns.
Gan said MAS monitors ATM and branch coverage and engages banks to ensure customers continue to have reasonable access to banking services.
When siting ATMs and branches, banks consider factors including footfall, transaction volume, population density and proximity to public transport, typically prioritising locations central to daily activities such as heartland malls and food centres.
Banks also review the Urban Redevelopment Authority master plan and government tenders to identify suitable locations in new and existing housing estates.
As part of efforts to offset the reduction in physical locations, banks have expanded the use of multi-function ATMs and partnered retail outlets including 7-Eleven, Giant and Sheng Siong to allow customers to withdraw cash when making purchases.
MAS said it will continue working with banks to maintain access to cash services while encouraging greater use of digital banking channels.
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