Network shrinks ~2% yearly as digital banking accelerates, with 1600+ off-premise ATMs in HDB towns.

2024 Network Snapshot: 400+ Branches and 2,500 ATMs

DBS, OCBC, and United Overseas Bank collectively operated more than 400 branches and 2,500 automated teller machines across Singapore in 2024, according to a parliamentary reply by Gan Kim Yong, Minister-in-charge of MAS and Chairman of the Monetary Authority of Singapore. The figures provide the most comprehensive public baseline for the physical banking infrastructure of Singapore's three local banking groups.

Of the total branch network, over 150 are classified as retail branches serving individual consumers. The remaining branches include premier banking centres, business banking locations, and specialised service outlets. On the ATM side, more than 1,600 machines are off-premise—meaning they are located outside bank branches in public spaces—with over 1,200 of these situated within Housing & Development Board (HDB) towns, which house approximately 80% of Singapore's resident population.

The concentration of ATMs in HDB estates reflects banks' strategy to maintain cash access points where the majority of Singaporeans live and conduct daily errands. In percentage terms, roughly 75% of all off-premise ATMs are located in HDB towns, with the remaining 25% distributed across commercial districts, transport hubs, and other locations.

Source: Orionmano Industries

Steady Decline: ~2% Annual Reduction Over a Decade

The aggregate branch and off-premise ATM counts for DBS, OCBC, and UOB have fallen by an average of approximately 2% per year over the past decade, according to data disclosed in Gan's parliamentary reply. This sustained reduction translates to roughly 20-25 fewer branches and 50-60 fewer off-premise ATMs annually across the three banks combined.

The primary driver is structural: customers are shifting to online banking and cashless payments at an accelerating pace. Singapore's digital banking adoption rate is among the highest in Asia-Pacific. The Monetary Authority of Singapore has reported that cash transactions now account for a declining share of consumer payments, while digital payments—including PayNow, QR code-based payments, and credit/debit card usage—have become dominant.

The reduction in physical infrastructure is not unique to Singapore. Banks in mature markets globally have been rationalising branch networks as mobile banking apps handle routine transactions—balance checks, fund transfers, bill payments—that previously required in-person visits or ATMs. However, the pace of decline in Singapore, at roughly 2% annually, is measured rather than abrupt, suggesting banks are balancing cost efficiency with accessibility obligations.

Regulatory Oversight and Location Strategy

MAS plays an active role in monitoring the evolution of banking infrastructure to ensure that network rationalisation does not compromise reasonable access for consumers. Gan stated in his parliamentary reply that MAS monitors ATM and branch coverage and engages banks to ensure customers continue to have reasonable access to banking services.

This oversight function is particularly important in Singapore's urban planning context, where HDB towns are designed as self-contained communities with integrated housing, commercial, and transport infrastructure. A cluster of ATMs and at least one branch in each major HDB town has historically been the norm, and regulators expect banks to maintain coverage in these areas even as total network size declines.

When siting ATMs and branches, banks evaluate a set of operational criteria including footfall, transaction volume, population density, and proximity to public transport. Locations prioritised include heartland malls and food centres, where residents congregate regularly. This data-driven approach allows banks to optimise their physical footprint by consolidating low-traffic locations while maintaining or even upgrading high-traffic sites.

The strategic calculus is shifting: rather than maintaining a large, evenly distributed network, banks are concentrating resources on fewer but higher-quality locations equipped with both ATMs and service personnel capable of handling complex transactions, wealth advisory, and digital onboarding.

Outlook

As digital banking adoption deepens, the pace of branch and ATM rationalisation is expected to continue, with banks focusing on strategic locations and service transformation to maintain accessibility. Industry estimates suggest the total network could decline by another 10-15% over the next five years, with further reductions concentrated in low-traffic branch formats and standalone ATMs in commercial areas where footfall has declined due to changing retail patterns.

The three local banks have all invested heavily in digital capabilities. DBS has positioned itself as a "digital-first" bank and was named "World's Best Bank" by Euromoney in 2024. OCBC and UOB have similarly expanded their mobile banking offerings and digital wealth management platforms. These investments reduce the cost-to-serve for routine transactions while freeing up branch staff for higher-value advisory roles.

For consumers, the trade-off is clear: fewer physical touchpoints but more sophisticated digital services. The Singapore government and MAS have signalled that they will continue to monitor accessibility, particularly for elderly and less digitally literate segments of the population who still rely on branches and ATMs for basic banking. Banks are expected to retain a physical presence in each major HDB town for the foreseeable future, though the number of machines and the range of services available at each location will likely continue to evolve.