Singapore to drop corporate cheques, citing high processing fees and decline in use
In a move to boost e-payments, MAS plans to eliminate corporate cheques by end of 2025 and to develop an electronic deferred payment system.
Singapore-dollar denominated corporate cheques are going to be eliminated by December 2025, according a recent announcement by the Monetary Authority of Singapore (MAS). To disincentivise their use before being rendered fully redundant, cheques for both corporates as well as individuals will become subject to higher clearing fees, starting from November this year.
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