SINGAPORE — Users of retail and corporate cheques will have two new electronic payment methods as part of Singapore's move to phase out cheques. From mid-2025, they can use electronic deferred payment system EDP and EDP+ to do so, the Association of Banks in Singapore (ABS) and the Monetary Authority of Singapore (MAS) said on Dec 5. EDP and EDP+..
There will be no change to the deadline for banks to stop issuing new cheque books to companies by end-December 2025.SINGAPORE — Users of retail and corporate cheques will have two new electronic payment methods as part of Singapore's move to phase out cheques.
The main difference between EDP and EDP+ lies in when funds are deducted from the payer's account. For EDP, funds are deducted upon presentment by the payee, while for EDP+, funds are deducted immediately upon issuance. To allow companies and other organisations sufficient time to adopt the new e-payment methods, MAS and ABS also announced a one-year extension of the deadline to cease processing of corporate cheques to end-December 2026.
Retail cheques will continue to be available. This also applies with cashier's orders and United States dollar cheques for both corporate and retail customers.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore sees sharp drop in inflation, with more relief expected in 2025 Singapore News%
Read more »
Singapore's 2025 salary growth projected to be slowest in Southeast Asia, study reveals Singapore News%
Read more »
HIV Self-Testing Kits to Be Available by January 2025 in SingaporeStarting January 2025, HIV self-testing kits will be sold at selected pharmacies in Singapore to promote regular testing and early detection. The kits will be available at Guardian and Watsons pharmacies, allowing individuals to test in the privacy of their homes.
Read more »
Singapore bank DBS posts record quarterly profit, sees 2025 dip from tax changesSINGAPORE — Singapore's biggest bank DBS Group posted on Thursday (Nov 7) a record net profit in the third quarter, but forecast 2025 net profit to be below 2024 levels because the city-state is introducing a global minimum corporate tax rate.
Read more »
Construction Begins in 2025 to Connect RTS Link to Singapore's TEL NetworkWork on connecting the Johor Bahru-Singapore Rapid Transit System (RTS) Link to Singapore's Thomson-East Coast Line (TEL) will commence in 2025 at the Woodlands North station. The project is nearing completion, with more than 80% of civil infrastructure works in Singapore already finished.
Read more »
Singapore Enforces New Safety Rules for Higher-Risk Machinery and Combustible Dust from 2025From January 1, 2025, Singapore will enforce new safety regulations for higher-risk machinery and combustible dust to ensure safer operations. Suppliers and manufacturers must label combustible dust and provide safety instructions. The list of higher-risk machinery has been expanded, and manufacturers, suppliers, installers, and modifiers must ensure safety measures are met.
Read more »