reported by Gutzy Asia dated 21 Aug 2023
The Monetary Authority of Singapore (MAS) announced on 28 July this year that all corporate cheques will be eliminated by end-2025 while individuals will still be able to use cheques for a period after 2025.
This move will affect the Malaysian business community as Malaysian business owners are used to issuing cheques, especially small businesses, said Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) treasurer Datuk Koong Lin Loong.
He emphasised that hybrid payment methods should be maintained, both e-transfer and cheque payment.