MAS to replace corporate cheques with deferred payment system
Singapore will move to new system by 2025 amid falling usage and rising processing costs
Singapore’s central bank said today (July 31) it will phase out corporate cheques by the end of 2025, and create an electronic deferred payments system.
The Monetary Authority of Singapore said banks will start charging for Singapore dollar-denominated cheques by November 1. But individuals will still be able to use cheques “for a period after 2025”, it added.
The Association of Banks in Singapore will work with seven large lenders to build an electronic deferred payment solution. The new
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