Singapore's key retail banks to help seniors plan well, age well and ease burden on loved ones: ABS

The Edge Singapore06-25

The industry-led effort is said to be the first of its kind in Asia and will be introduced by 1Q2027.Singapore's key retail banks are coming together to help seniors plan well, age well and ease the ...

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The initiatives come as Singapore crosses the threshold of being \"super-aged\" this year, with one in five citizens aged 65 and above.\nThere are 20 initiatives ranging from preventing financial abuse and scams; enabling access financial products and services as well as being engaged in the community beyond banking.\nThe industry-led effort is said to be the first of its kind in Asia and will be introduced by 2027. \nAmong these initiatives, DBS, OCBC and UOB, together with NETS, have committed to have an ATM, branch or cashpoint within 500m of every HDB block by the end of 2027, says Tan Teck Long, group CEO of Oversea-Chinese Banking Corporation (OCBC) and chairman of ABS.\nBy end 2026, there will be an ATM, branch or cashpoint within 500m of key public amenities such as public transport hubs, hawker centres and major supermarkets.\nAccording to ABS, cash still plays an important role for some, including seniors, despite more Singaporeans adopting digital payments. The banks also aim to have more streamlined legacy planning and gentler bereavement support such as clear guidance on lasting power of attorney (LPA), deputyship, roles, documentation requirements and activation processes. As part of the harmonisation process, the banks will be allowing bereaved families to close accounts with aggregated balances of up to $5,000 and withdraw the monies, subject to safeguards, adds Tan.\nAdditionally, in a bid to provide more targeted support for seniors, the industry is working with the Agency for Integrated Care (AIC) to implement a coordinated approach across banks and the society at large. By 2027, banks will introduce a common set of guidelines as well as a set of protocols with the AIC for frontline banking staff to identify and support senior customers showing signs of cognitive decline.\n\"Banks in Singapore have always supported their customers through their different life stages each in their own way. We have now come together as an industry to address the needs of senior customers holistically across the full ageing journey,\" says Ong-Ang Ai Boon, director of ABS.\n\"Seniors today are generally healthier more independent and want to make their own decisions for longer. Their families want clarity not onerous paperwork when difficult transitions come. And the community wants to know that banks are trusted partners. The three key commitments we are making today respond to the different needs of senior customers and their family and caregivers,\" she adds.\n\"As we surge forward with advances in digital technology in finance and banking we often worry about our seniors who might be left behind. I am so pleased to see the banking industry work hand in hand with government agencies and community partners to embrace a holistic approach to developing a compassionate and practical ecosystem,\" says Professor Paulin Straughan, director of the centre for research on successful ageing, Singapore Management University.\n\"This empowers seniors to live independently while easing the responsibilities of their loved ones. These initiatives show the power of collective action and I am proud to see Singapore's banks stepping forward together to make ageing a journey of dignity clarity and care,\" she adds.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2646355382","isCrawlerRequest":true}