29 November 2022
On 2 November 2022, the Monetary Authority of Singapore (“MAS”) issued a consultation paper titled “Roadmap to Terminate the SGD Cheque Truncation System - Eliminating Corporate Cheques by 2025”. The consultation closes on 13 December 2022.
MAS sets out in the consultation paper proposed initiatives to:
- eliminate centrally cleared cheques used by corporates by 2025; and
- assist and encourage remaining users of centrally cleared cheques
(including individuals) that can switch to alternative payment methods to
These initiatives form part of a roadmap to terminate the SGD Cheque Truncation System (CTS) in the medium term. The proposals set out in the consultation paper are made in collaboration with the cheques sunsetting workstream of the Payments Council.