Background on the Discontinuation of Corporate Cheques

In line with the Monetary Authority of Singapore’s (MAS) and the Association of Banks in Singapore’s (ABS) nationwide initiative to modernise payment systems, the use of Singapore dollar‑denominated corporate cheques will be progressively discontinued.

With effect from 1 January 2026, banks will no longer issue new corporate cheque books, and from 1 January 2027, banks will cease the processing of all corporate cheques. This change is driven by the significant decline in cheque usage over the years, rising operational and processing costs, and the widespread availability of faster, safer and more efficient electronic payment alternatives such as PayNow and Direct Credit. The transition supports Singapore’s move towards a digital payments ecosystem and aims to provide customers with more reliable and timely payment experiences.

This change helps reduce delays, lost cheques and processing costs, while allowing payments to be made and received more quickly and conveniently. We encourage customers to update their payment details early to ensure a smooth and uninterrupted payment experience.

Source quoted from joint media release MAS/ABS:

MAS and ABS Announce Launch of Electronic Deferred Payment Solutions in Mid-2025 and Extension of Deadline for Cessation of Corporate Cheques

Frequently Asked Questions 

Receiving your Policy Payouts & Payments

1. What does the discontinuation of corporate cheques mean?

It means that insurers and other organisations will no longer issue cheque payments and will instead rely on electronic or other non-cheque payment methods.

2. Why are cheque payments being discontinued?

This is a nationwide initiative by Monetary Authority of Singapore’s (MAS) and the Association of Banks in Singapore’s (ABS) to modernise payment systems.

Cheque payments are:

The transition supports more timely, secure, and reliable payment processing.

3. Who may be affected?

Policyholders may be affected if they currently receive payouts, refunds, or other disbursements by cheque.

4. What should I do if I currently receive my insurance payouts by cheque?

Policyholders should:

5. What alternative payment methods may be available?

Depending on the insurer, alternative payment methods may include:

Policyholders should refer to their insurer for the payment options applicable to their policy.

6. Does the cessation of cheque payments terminate my insurance policy?

No. The cessation of cheque payments does not terminate an insurance policy. Policies remain in force subject to compliance with their terms and conditions, including timely payment of premiums using accepted payment methods.

7. How will insurance payouts, refunds, or reimbursements be made in the future?

Payouts and refunds will generally be made through non-cheque electronic means, such as direct crediting to a bank account or PayNow. Hence, it is important that you contact your insurer to ensure the alternative payment to replace your cheque payment mode is updated.

8. Are electronic payment methods secure?

Electronic payment systems used in Singapore are subject to regulatory oversight and incorporate security controls to safeguard transactions.

1. What happens if I am currently paying my insurance premium via cheque and if premium payments are not successfully made?

While the nationwide initiative to discontinue corporate cheques only affects the issuance of corporate cheques by insurers to you, it is also a good opportunity for you to review your premium payment mode if you are currently making insurance premiums payment via cheques.

This is because if premiums are not paid timely in accordance with policy terms:

Policyholders should refer to their policy documents for details.

Hence, as we progress into digitalisation, you are strongly encouraged to consider other alternative payment modes instead of cheque payments.

2. Are policyholders required to use GIRO for their insurance premium payments?

No. While GIRO is commonly offered due to its reliability, insurers may provide other payment options. Availability may vary by insurer and policy type. Please reach out to your insurer for more information.

Key Takeaways  

• Corporate Cheque payments are being phased out and will no longer be viable
• Action is required to avoid payment disruptions to you
• Insurance coverage remains intact only if premiums continue to be paid on time
• Help and support are available for those who need assistance

Assistance and Support   

• Their appointed financial adviser representative
• Their insurers’ customer service centres via call or email

More information and details for reference 

• Discontinuation of SGD corporate cheques
• ABS Sunsetting Corporate Cheques FAQ

Page is updated 15 June 2026