Ready for a Cheque-Less Future

As part of Singapore Smart Nation to transit into a cashless society, the Monetary Authority of Singapore (MAS) announced in 2023 that SGD corporate cheques would be phased out.

On 5 December 2024, MAS and The Association of Banks in Singapore (ABS) announced a one-year extension to the deadline for banks to cease processing SGD corporate cheques, giving businesses more time to adopt digital payment solutions.

Refer to MAS Consultation Paper and MAS Press Release for details.

Maybank is committed to supporting your business with secure and convenient digital banking solutions to help make this transition simple and seamless.

Important Dates to note:

• 31 December 2026: Final day to clear remaining SGD corporate cheques. Please present all SGD corporate cheques for clearance by this date.
• 1 January 2027: All banks will stop processing SGD corporate cheques.

Click here to view the FAQs related to this change.

Why go digital?

• Speed Up Your Transactions: Make and receive payments promptly, giving you quicker access to funds and better cash flow visibility.
• Bank Anytime, Anywhere: Manage your business payments conveniently through online banking services.
• Greater Convenience: Eliminate manual cheque preparation, printing, signing and delivery.
• Enhanced Security: Reduce the risks of lost, damaged or misplaced cheques.
• Better Cash Flow Visibility: Track your transactions in real time and enjoy easier reconciliation through detailed payment records.

What’s next?

Transition to Maybank Business Internet Banking to enjoy a seamless and more efficient payment experience. Visit maybank.sg/bib for details.