The Monetary Authority of Singapore and the Association of Banks in Singapore has announced that corporate cheques will be eliminated end-2025. This means that you will no longer be able to issue corporate cheques after 2025. MAS has also announced the development of Electronic Deferred Payment (EDP), a solution that allows users to make a deferred payment or issue a cashier’s order without involving a hardcopy cheque. The EDP solution will be available by 2025.

Corporates are to cease SGD cheque issuance by end-2025.

Yes, Electronic Deferred Payment (EDP) will be available for corporates by 2025.

Banks are to cease the issuance of SGD cheque books to corporates in 2025.

Currently, we are charging corporates for SGD cheque issuance and deposit and will continue to do so. Please refer to our Pricing Guide for the cheque fees and charges.

Charges for USD cheques will be implemented at a later stage. Details of the fees will be shared in due course.

You can continue to deposit cheques issued by individuals after 2025. The corresponding cheque deposit fees will apply. We encourage you to adopt electronic means of payment acceptance.

ABS will work with key banks to build an electronic deferred payment (EDP) solution to allow users to make a deferred payment or issue a cashiers’ order, without the need for cheques. The EDP solution will be ready by 2025.

Corporate cheques account for a majority of the cheques cleared in Singapore today. Eliminating corporate cheques will help to bring down a substantial portion of the cheque transaction volume in Singapore.