On 28 July 2023, the Monetary Authority of Singapore (“MAS“) announced that all corporate cheques will be eliminated by end-2025 while individuals will still be able to use cheques for a period after 2025. The banks will also commence charging for Singapore Dollar (“SGD“)-denominated cheques by 1 November 2023 to recover the cheque processing costs. These new requirements follow MAS’ public consultation, from 2 November 2022 to 13 December 2022, on the termination of the cheque truncation system (“CTS“) and the elimination of corporate cheques by 2025. A summary of the public consultation is available in our November 2022 issue of Newsbytes (Page 7).
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