Singapore’s central bank said it will extend the deadline for phasing out corporate cheque processing by one year to end-2026. The Monetary Authority of Singapore’s (MAS) decision follows the Association of Banks in Singapore’s plan to introduce two new electronic payment solutions, Electronic Deferred Payment (EDP) and EDP+, by mid-2025. Corporate cheque issuance will still cease by December 31, 2025. Retail cheques, cashier’s orders, and US-dollar cheques remain available. The MAS noted that cheque usage is declining, with fewer than nine million projected for 2024 compared with 13.8 million in 2023. The MAS launched a public consultation, open until January 17, 2025, on the roadmap to phase out corporate cheques and transition retail cheque users.