Corporate cheques are issued by a corporate entity or business, including societies, trusts, charities and sole proprietors, to a person or organisation. The amount payable is deducted from the bank account of the corporate entity or business. Corporate cheques are commonly 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.

Cheque usage has steadily declined as businesses and individuals increasingly adopt faster and 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.

Phasing out corporate cheques will support Singapore’s transition to an innovative e-payments society and encourage businesses to adopt more efficient payment methods.

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

For payees who receive SGD corporate cheques:    

• Deposit all SGD corporate cheques as early as possible and no later than 11.00am on 31 December 2026. 
• Ask payers to transition to electronic payment methods such as PayNow, FAST, EDP, EDP+, GIRO and MEPS+ as early as possible. 

Banks currently process valid cheques deposited within six months from the cheque issuance date. From 1 January 2027, banks will no longer process SGD corporate cheques even if they remain valid. 

For payers that issue SGD corporate cheques:

• Stop issuing SGD corporate cheques and use electronic payment methods such as PayNow, FAST, EDP, EDP+, GIRO and MEPS+. 
• Transition to these payment methods as soon as possible.

Yes. The Bills of Exchange Act continues to apply to SGD corporate cheques after 31 December 2026.

Payees holding SGD corporate cheques that have not been deposited by 11.00am on 31 December 2026 should contact their payers to arrange an alternative payment method. Their legal right to receive payment under the Act remains unchanged. Payers are encouraged to adopt e-payments early to avoid potential claims by payees for non-payment under an SGD corporate cheque.

Electronic Deferred Payment solutions, EDP and EDP+, were introduced on 28 July 2025 to complement PayNow, FAST, GIRO and MEPS+. EDP and EDP+ can be used for deferred payments in place of cheques.

A public education campaign was carried out in the second half of 2025. Phase two will run in the second half of 2026 to remind the public of the cessation deadline and encourage early transition to electronic payment methods. Banks will also communicate the change through channels such as eDMs, website notices and social media posts.

• Never share bank account details, passwords or one-time passwords with anyone.
• Pay close attention to transaction alerts from your bank and ensure your contact details are current.
• Use only official banking platforms to conduct transactions.
• Do not transfer money to anyone you do not know.
• Do not click links or scan QR codes received through unsolicited text messages or emails.
• Download software and apps only from official sources.
• Disable installation from unknown sources in your device settings.
• Review app permissions carefully.
• Install current anti-virus software and keep device operating systems updated.