, Singapore

Singapore to eliminate all corporate cheques by 2025

Use of cheques for payments has declined to just 7%, says DPM Wong.

Singapore is aiming to cease the use of corporate cheques by 2025, Deputy Prime Minister Lawrence Wong said in a speech.

Delivering the opening remarks for the Singapore Fintech Festival 2022, Wong said that the government plans to issue a public consultation on 2 November.

“We aim to eliminate all cheques and eliminate central clearing [for cheques] in the medium term,” Wong told attendees.

The use of cheques in Singapore have reportedly declined sharply in the past five years, at only 7% of payments as of 2022, compared to 22% in 2016, Wong noted.

A longer runway will be rolled out for elderly people to allow them to shift to alternative payment methods and adopt e-payments, he added.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!