Corporate cheques are issued by a corporate entity or business (including societies, trusts, charities and soles proprietors) to a person or organisation where monies payable to the payee will be deducted from the bank account of the corporate entity or business. They are used for business transactions such as paying suppliers and vendors, or for services rendered. Banks will cease processing SGD corporate cheques from 1 January 2027, regardless of when they were issued.

As set out in the consultation paper published in November 2022, MAS is facilitating Singapore’s transition into an innovative e-payments society. Phasing out corporate cheques could accelerate businesses’ transition to more efficient e-payment methods and provide gains to the economy.

Cheque usage has steadily declined as businesses and individuals increasingly adopt faster, more efficient digital payment methods. As a result, cheque clearing and processing costs have risen, making cheque-based transactions costly for financial institutions to maintain.

• As of 1 January 2026: All banks have stopped the issuance of new SGD corporate cheque books, and have ceased bulk cheque services and cheque self-printing services.

• From 1 January 2027: All banks will stop processing SGD corporate cheques, regardless of when they were issued.

If you are a SGD corporate cheque payee

• Please deposit all SGD corporate cheques*, as early as possible and no later than 31 December 2026 (subject to the applicable cut-off time)

• You may wish to inform your payer to start transitioning and using existing e-payment methods – such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+ – instead of cheques to make payment to you as early as possible.

If you are a SGD corporate cheque payer

• Please inform your payees to deposit all SGD corporate cheques*, as early as possible and no later than 31 December 2026 (subject to the applicable cut-off time of the bank that they are depositing the cheque with).

• It is advised that you stop issuing SGD corporate cheques and start tapping on existing e-payment methods, such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+, to make your payments.

• Please use these existing e-payment methods as soon as possible to transition away from cheques.

* Currently, banks will process cheques that are valid (i.e. date of deposit is within 6 months from date of issuance on the cheque.) From 1 January 2027, banks will no longer process SGD corporate cheque even if they are valid.

You may use alternative e-payment methods such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+.

Corporates can still receive cheques from their customers who are individuals, and issue cashier’s orders to their customers.

You may wish to tap on existing e-payment methods – such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+ – to make and receive payments.

To start transacting digitally, apply for OCBC Velocity as soon as possible:

Go to the OCBC Business Banking website > Help and Support > Banking Forms > Online Banking > Apply and Manage OCBC Velocity. Select ‘Apply for OCBC Velocity’ > Indicate your preferred authorisation arrangement (do not choose ‘Basic: User can only view account balances and statements’).

To start transacting digitally, you may wish to update your authorisation arrangement for online transactions as soon as possible:

Go to the OCBC Business Banking website > Help and Support > Banking Forms > Online Banking > Apply and Manage OCBC Velocity. Select ‘Manage access to OCBC Velocity’ > 'Reset OCBC Velocity setup and requirements' > Next > Indicate your Entity Details and OCBC Velocity Organisation ID > Indicate your preferred authorisation arrangement (do not choose ‘Basic: User can only view account balances and statements’).

Cashier's orders (also known as banker’s cheques) will still be available to corporates and individuals.

USD cheques will still be available to corporates and individuals.

Retail cheques issued by individuals will still be available for payment to corporates and individuals.

All banks will stop the encashment of SGD corporate cheques at branches from 1 January 2027 as part of the cessation of SGD corporate cheques.

The applicable cut-off time on 31 December 2026 may vary from bank to bank and will be available 1 month before 31 December 2026.

Funds from cheques deposited on 31 December 2026, subject to the applicable cut-off time and subject to successful processing of the cheques, will be available after 2:00pm on the next business day i.e. 4 January 2027.

In the event you are unable to deposit your cheque(s) by 31 December 2026 within the applicable cut-off time, please approach your payer to arrange for an alternative e-payment method – such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+.

Please approach your payer to arrange for an alternative e-payment method – such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+.

In the event your payee did not deposit the SGD corporate cheque(s) issued by your business by 31 December 2026, please check and arrange with your payee for an alternative payment method – such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+.

Since 1 January 2026, all banks have stopped issuing new SGD corporate cheque books.

We recommend tapping on existing e-payment methods such as PayNow, Fast And Secure Transfers (FAST), Electronic Deferred Payment (EDP and EDP+), Inter-bank GIRO and MEPS+.

You are encouraged to destroy and dispose all unused SGD corporate cheque books and cheques.