Singapore’s cheque cut-off: Why this property player is switching to e-payments now
With banks set to stop processing Singapore dollar corporate cheques from Jan 1, 2027, City Developments Limited has adopted the electronic deferred payment option that has made collections faster and more reliable
Singapore’s central banks will soon stop processing corporate cheques for properties, forcing developers and homebuyers to switch to electronic payments. City Developments Limited (CDL), a major property player in Singapore, has already made the leap to electronic deferred payment (EDP+) systems, which offer faster, more reliable collections and better tracking of payments.
CDL began using FAST (Fast and Secure Transfers) for homebuyers in 2018, and when the EDP+ system launched in 2025, it quickly adopted it for its property transactions. EDP+ allows funds to be deducted immediately upon issuance, providing assurance that payment will be received, while also reducing the risk of non-payment due to insufficient funds.
CDL’s director of collection and accounts, Chia Ngiang Hong, notes that EDP+ provides a sustainable, more efficient alternative to cheques. The switch to EDP+ also benefits homebuyers, who can now make property payments more quickly and easily via digital options. With clearer electronic records, CDL’s finance team can better track payments and ensure compliance with banking controls.
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