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Costlier cheques, e-payment fee waiver to further wean SMEs off cheques

Firms welcome fee waivers on e-payments but say time needed for all vendors and suppliers to make the switch

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Singapore aims to be cheque-free by 2025. Based on OCBC's data on its SME customers, cheques as a percentage of total transaction volume fell from 71 per cent in 2015 to 57 per cent in 2018.

Singapore

SINGAPORE firms are switching from cheques to e-payments, but the pace is just not fast enough.

To give them a further push, local banks OCBC and DBS are raising cheque fees and, at the same time, offering promotional rates for electronic transactions.

Small and...

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