MAS announced today that it has directed Qoo10 Pte Ltd to suspend the provision of all payment services covered under the Payment Services Act 2019 (covered payment services) in Singapore from 23 September 2024.

In response to a forum letter questioning whether it is reasonable to charge S$15 for a cheque, MAS explained that while all banks in Singapore have commenced charging a small fee for Singapore dollar-denominated cheques, all major banks currently waive cheque charges for seniors above 60. Banks typically charge a higher fee for issuing cashier’s orders but may similarly waive the fees in certain cases.

The Bank for International Settlements and partners have completed the comprehensive blueprint for phase three of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems.