For Parliament Sitting on 26 February 2026

Name and Constituency of MP

Mr Chua Kheng Wee Louis, Sengkang GRC

Questions

1. Even as we focus on being a digital-first society, it is important to ensure access to cash via the provision of ATMs and VTMs, even as banks seek to lower their physical footprint.

2. Even as we focus on being a digital-first society, it is important to ensure that cash is still an acceptable medium of exchange for those who prefer.

Name and Constituency of MP

Chua Kheng Wee Louis, Sengkang GRC

Question

3. The S$5 billion EQDP funding is an important means to encourage more third-party investments into the Singapore equities market, and the S$1.5 billion top-up is welcome. But ensuring long-term sustainability is key.

Name and Constituency of MP

Ms Rachel Ong, MP, Tanjong Pagar GRC

Question

4. To ask whether the Government will work with MAS and insurers to systematically track anonymised data on disability-related rejections and exclusions, so we move from anecdote to accountability?

5. Beyond insurer-level appeals, will there be an independent and accessible recourse mechanism for families who believe underwriting decisions are unfair or disproportionate?

Answer by Mr Chee Hong Tat, Minister for National Development, and Deputy Chairman of MAS, on behalf of Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

On adequate provision of ATMs and VTMs and mandating the acceptance of cash

1. Mr Chairman, I will start by addressing Mr Louis Chua’s cuts on maintaining cash acceptance and accessibility. My response will also address a similar Parliamentary Question raised by Mr Abdul MuhaiminPQ by Mr Abdul Muhaimin Abdul Malik for Parliament Sitting on 03 March 2026: • Mr Abdul Muhaimin Abdul Malik: To ask the Prime Minister and Minister for Finance given the rise in cashless-only stores (a) whether the Ministry will consider mandating that businesses continue to accept cash as a payment option; (b) how does the Ministry ensure that seniors who are not digitally savvy and youths without bank accounts are not left behind due to digital payment requirements; and (c) how does the Ministry ensure universal access to basic payment instruments. for the Sitting on 3 March.

2. Sir, while digital payments bring efficiency and are more widely adopted, they do not fully replace cash. Our goal is to build a “cash-lite” society, not a cashless society.

3. Due to increasing adoption of digital payments, ATM withdrawals have declined by more than 30% from 2015 to 2024. ATMs with consistently low utilisation have gradually been removed, so banks could prioritise their ATMs for areas with higher utilisation.

4. To meet the needs of consumers, including the elderly and those who are less mobile, MAS also works with banks to ensure sufficient cash withdrawal points in the community.

5. ATM locations include the vicinity of major town centres, transport hubs and key amenities such as supermarkets.

a. Banks will consider proximity to residential estates when siting their ATMs. New ATMs have been installed in areas with growing demand, for instance, at community nodes in new towns. Earlier, Mr Chua mentioned about the ATM that he has asked for on behalf of his residents. This is, I believe, the one at Rivervale Shores. On 13 February 2026, DBS submitted an application, and I am pleased to inform Mr Chua that HDB has given the go ahead for DBS to proceed to set up this ATM.

b. Sir, consumers can also withdraw cash when they shop at certain retail stores such as 7-Eleven, Giant and Sheng Siong.

6. A small number of merchants, such as some food and beverage outlets that target younger customers, may decide to accept only digital payments. Now this is a commercial decision by the business owner.

7. Most merchants, based on our observations, including supermarkets and heartland businesses, continue to accept cash because there is demand from their customers to pay in cash.They do not want to lose customers by refusing to accept cash.

8. Our policy position is clear: cash should remain an accessible payment option for consumers in Singapore, even as digital payments gain popularity and acceptance.

9. MAS is monitoring the trends and developments in this area, and will carefully assess if and when intervention is needed. This includes the possibility of making cash acceptance mandatory by law. At the same time, we have to carefully consider the impact on small businesses, as a mandatory requirement may impose additional handling costs for them.

On Sustainability of the EQDP

10. Mr Chairman, Mr Chua also asked about the Equity Market Development Programme or EQDP.

11. The EQDP aims to develop the local fund management capabilities and it is designed to broaden investor participation and catalyse third party capital flows into Singapore-listed equities. It is one component of a broader suite of measures, including having a pro-enterprise regulatory stance, enhanced investor recourse, a Value Unlock programme and the upcoming SGX-Nasdaq Global Listing Board.

12. We want to see sustainable outcomes. The current EQDP top-up reinforces the positive momentum and it enables us to support more strategies that invest in Singapore equities, including in the small- and mid-caps. But Sir, we should not rely solely on Government measures or EQDP top-ups. Growing the equities market is a multi‑year effort that requires discipline, sensible innovation, and also all market participants to play their part. We think of EQDP as a catalyst, to get the momentum or the flywheel going. And the early market reception has been positive, and we should allow time for these different measures to work.

13. Mr Chairman, this morning Mr Kenneth Tiong spoke about the need to take calculated risks so that we can make bold moves and do so with greater speed. I share these objectives, and that’s in line with the approach that we took for the Equities Market Review together with our industry partners. And I shall do the same for the Growth Capital Workgroup.

14. Sir, if we want Singapore as a country and society to take more risks, and for our people to be willing to take calculated risk to try new ideas, this must be a collective effort by all of us as Singaporeans, including Members of this House.

15. Importantly, how do we react and respond when we take risk and we try something new, and some of the initiatives fail and when something goes wrong. Do we take the approach of learning from the experience and then picking ourselves up and try again, or do we come down on the people involved like a ton of bricks and look for somebody to blame. I think how we respond makes a difference to whether we can set out this culture of risk taking in our society.

16. My experience as a Minister at Ministry of Transport and Ministry of Finance previously, and now at Ministry of National Development and MAS, is that many of our public officers, including our younger colleagues, are supportive of taking risks and trying new ideas. And they are also very open to work with industry partners and with fellow Singaporeans on this endeavour. Many of the positive policy moves, and also the pro-enterprise rules review changes could not have been done without the ideas and hard work of our public officers.

17. Mr Chairman, I see our public officers as valued partners in our efforts to build a world-class public service for Singapore. One which is responsive and open to taking calculated risks, while being anchored on integrity, service and excellence.

On Insurance for Persons with Disabilities

18. Let me now turn to Ms Rachel Ong’s cut. Ms Ong asked about insurance accessibility for persons with disabilities and she has been championing this and advocating this consistently.

19. MAS expects insurers to make objective assessments of insurance applications based on reliable information or data relevant to the risks, in line with MAS' Guidelines on Fair Dealing.We have reminded insurers that they should give due care to assessing applications from persons with disabilities and to base their decisions on coverage, pricing or exclusions on objective information and data pertaining to risk. Insurers should also clearly communicate and explain their decisions to the applicants.

20. The circumstances of each case has to be looked into to ascertain if the insurer has followed a data and risk-based process to assess the application. The key is to ensure that the insurer had followed the proper process in conducting its assessment, before deciding whether to approve or turn down an application.

21. In the past three years, MAS received one complaint relating to insurance coverage for persons with disabilities, compared to a total of eight complaints in 2021 and 2022, so this is a positive development. MAS has carefully reviewed all the nine cases and we have not found unfair underwriting practices to date for the nine cases.In some instances, the insurers could have better communicated the rationale of their underwriting decisions, and they have since followed up with the applicants to explain their position. MAS will study Ms Ong’s suggestion to collect and monitor relevant data from the insurers.

22. Sir, persons with disabilities with concerns about the outcome of their insurance applications can appeal through their insurer's feedback channel. Insurers need to maintain robust processes for handling customer complaints independently and effectively. But I recognise the point that Ms Ong mentioned earlier, that from the applicant's point of view, this may not be adequate. So should customers remain dissatisfied with the outcome of the review, they can write to MAS and we will investigate.Where there are lapses, MAS will take the appropriate supervisory actions against the insurer.

23. Thank you, Sir.

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