Close Menu
    Facebook LinkedIn YouTube Instagram X (Twitter)
    Blue Tech Wave Media
    Facebook LinkedIn YouTube Instagram X (Twitter)
    • Home
    • Leadership Alliance
    • Exclusives
    • Internet Governance
      • Regulation
      • Governance Bodies
      • Emerging Tech
    • IT Infrastructure
      • Networking
      • Cloud
      • Data Centres
    • Company Stories
      • Profiles
      • Startups
      • Tech Titans
      • Partner Content
    • Others
      • Fintech
        • Blockchain
        • Payments
        • Regulation
      • Tech Trends
        • AI
        • AR/VR
        • IoT
      • Video / Podcast
    Blue Tech Wave Media
    Home » Singapore extends deadline for phasing out corporate cheques
    MAS
    MAS
    Fintech

    Singapore extends deadline for phasing out corporate cheques

    By Estrella QianDecember 6, 2024No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email
    • Banks will stop issuing new corporate cheque books by December 31, 2025, and cease processing cheques by December 31, 2026, allowing more time for businesses to adopt digital payments.
    • MAS plans to roll out cloud-based cheque systems and Electronic Deferred Payment (EDP) tools in 2025 to support smoother transitions to e-payments for both corporates and individuals.

    What happened: Singapore to phase out corporate paper cheques

    The Monetary Authority of Singapore (MAS) has extended the deadline for phasing out corporate paper cheques. Banks will stop issuing new corporate cheque books by December 31, 2025, but the deadline to cease processing corporate cheques has been pushed to December 31, 2026. This extension aims to give businesses more time to transition to digital payment methods, as cheque usage has been declining. Corporate cheque volumes fell by 80% from 61 million in 2016 to under 14 million in 2023.

    Alongside this, MAS plans to replace the Cheque Truncation System with a cloud-based solution. New electronic payment tools, including Electronic Deferred Payment (EDP) and EDP+, will be introduced by mid-2025 to support post-dated and high-certainty payments. These tools will integrate with PayNow for seamless payments. While Singapore phases out corporate cheques, it will continue to offer retail cheques for a period to help individuals transition to e-payments.

    Also read: Tribe Payments plans to boost support for banks and fintech in Singapore
    Also read: Singapore ups the risk factor for cryptocurrency exchanges

    Why it is important

    The extension of the deadline for phasing out corporate cheques in Singapore is a significant step in the country’s ongoing push toward a fully digital and cashless economy. This move allows businesses more time to adapt to electronic payment systems, ensuring a smoother transition without disrupting operations. The decline in cheque usage, with volumes dropping by 80% since 2016, reflects the growing preference for faster, more efficient e-payment methods like Fast and Secure Transfers (FAST) and Inter-bank Giro.

    This transition is crucial for enhancing payment efficiency, reducing administrative costs, and supporting the government’s goal of driving innovation and digital transformation within the financial sector. The new cloud-based Cheque Truncation System will help streamline cheque processing for remaining users, while the introduction of Electronic Deferred Payment (EDP) and EDP+ tools will address evolving payment needs. These tools will improve certainty and convenience, particularly for post-dated payments. Overall, this initiative supports the modernization of the financial ecosystem, ensuring that businesses and individuals remain competitive in a digital-first economy.

    MAS Singapore
    Estrella Qian

    Estrella is an intern reporter at BTW Media, having studied IHRM at University of Reading. She specializes in IT infrastructure and AI. You can reach out to her at estrella.qian@btw.media.

    Related Posts

    SES to acquire Intelsat in $3.1B deal

    July 18, 2025

    EProcess International SA: Driving Ecobank’s digital backbone

    July 18, 2025

    Can AFRINIC still be trusted to govern Africa’s IP resources?

    July 18, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    CATEGORIES
    Archives
    • July 2025
    • June 2025
    • May 2025
    • April 2025
    • March 2025
    • February 2025
    • January 2025
    • December 2024
    • November 2024
    • October 2024
    • September 2024
    • August 2024
    • July 2024
    • June 2024
    • May 2024
    • April 2024
    • March 2024
    • February 2024
    • January 2024
    • December 2023
    • November 2023
    • October 2023
    • September 2023
    • August 2023
    • July 2023

    Blue Tech Wave (BTW.Media) is a future-facing tech media brand delivering sharp insights, trendspotting, and bold storytelling across digital, social, and video. We translate complexity into clarity—so you’re always ahead of the curve.

    BTW
    • About BTW
    • Contact Us
    • Join Our Team
    TERMS
    • Privacy Policy
    • Cookie Policy
    • Terms of Use
    Facebook X (Twitter) Instagram YouTube LinkedIn

    Type above and press Enter to search. Press Esc to cancel.