Singapore central bank aims to eliminate cheques but not go cashless

cheque-book
Singapore aims to eliminate the use of cheques by 2025.

The Monetary Authority of Singapore (MAS) says it intends to eliminate the use of cheques by 2025, and halve withdrawals from automated telling machines.

But the central bank is not aiming to create a totally cashless economy, said Ong Ye Kung, MAS board member.

“Some people will always find cash useful,” Ong told a bankers’ association dinner on June 20, but added “we certainly can transact with a lot less cash”. Ong is also minister for education in the People’s Action Party government,

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: