Convert ATMs to Serve Customers of Any Bank and Maintaining Bank Accounts with Low Amounts of Cash Deposits
- MAS is exploring ATM interoperability between major bank networks to improve convenience while balancing potential efficiency gains with possible queuing times, as Singapore already has high ATM coverage with over 90% of HDB households near a bank-specific ATM.
- Major banks offer low-cost Basic Banking Accounts with minimal initial deposits and waived fees for certain groups, and MAS will work with community leaders to increase awareness and help unbanked residents open accounts.
- The government is promoting electronic payments for broader convenience, running outreach and digital literacy programs for seniors, but will maintain cash services for those who need them, ensuring an inclusive transition to a cashless future.