Written reply to Parliamentary Question on timeline for making cash acceptance mandatory
Summary
The Monetary Authority of Singapore (MAS), through Deputy Prime Minister Gan Kim Yong, responded to a parliamentary question regarding a timeline for mandating cash acceptance by law. The government has deferred the decision, referring instead to a previous ministerial reply dated 26 February 2026. The question was raised in response to concerns about consumers being left without payment options during digital banking service failures.
What changed
The Singapore government has declined to announce a specific timeline for making cash acceptance mandatory, instead referring the Member of Parliament to Minister Chee Hong Tat's earlier response from February 2026. This represents a deferral of policy action rather than a commitment to regulatory change.
For affected businesses and financial institutions, this Notice indicates that no immediate legal obligation to accept cash is forthcoming. However, the underlying policy discussion remains active, and entities should continue monitoring for future announcements regarding payment system resilience requirements.
What to do next
- Monitor for updates from the Ministry of Trade and Industry on the referenced February 2026 reply
- Track developments on cash acceptance mandate policy decisions
Source document (simplified)
Decrease font size Increase font size Print this page Parliamentary Replies Published Date: 07 April 2026
Written reply to Parliamentary Question on timeline for making cash acceptance mandatory
Date: For Parliament Sitting on 7 April 2026
Name and Constituency of Member of Parliament
Mr Abdul Muhaimin Abdul Malik, Sengkang GRC
Question
Mr Abdul Muhaimin Abdul Malik: To ask the Prime Minister and Minister for Finance (a) whether there is a timeline for Government to decide on making cash acceptance mandatory by law to ensure that consumers are not left without payment options when digital banking services fail; and (b) if so, what is the timeline.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
- I refer the Member to Minister Chee Hong Tat’s reply to Mr Louis Chua’s Committee of Supply cut on 26 February 2026.
[Please refer to “Mandating Acceptance of Cash”, Official Report, 26 February 2026, Vol 96, Issue 20, Oral Answers to Questions.]
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