MAS to Eliminate Corporate Cheques by end-2025 and Banks to Charge for Singapore Dollar Cheques by 1 November 2023

17 August 2023

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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Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Singapore LLP. All rights reserved. Rajah & Tann Singapore LLP (UEN T08LL0005E) is registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A) with limited liability.