Singapore central bank aims to eliminate cheques but not go cashless
MAS board member reveals new details of scheme to allow payments by QR codes
The Monetary Authority of Singapore (MAS) says it intends to eliminate the use of cheques by 2025, and halve withdrawals from automated telling machines.
But the central bank is not aiming to create a totally cashless economy, said Ong Ye Kung, MAS board member.
“Some people will always find cash useful,” Ong told a bankers’ association dinner on June 20, but added “we certainly can transact with a lot less cash”. Ong is also minister for education in the People’s Action Party government
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