Managing Partner, Tan Chong Huat, highlights the major driver in intensifying efforts and explains why cash usage should remain an option in Business Times’ Views From The Top

RHTLaw Taylor Wessing’s Managing Partner, Tan Chong Huat, was featured in the Business Times’ weekly column Views From The Top titled “Using less cash”.

The article was first published in The Business Times on 2 July 2018.

Using less cash

THIS WEEK’S TOPIC: What needs to be in place to further reduce the use of cash and cheques in Singapore? How far should society go cashless?
Source: The Business Times
Date: 2 July 2018

Tan Chong Huat
Managing Partner
RHTLaw Taylor Wessing LLP

WE should intensify efforts in certain strategic areas and areas requiring long lead-times. Besides the government, banks could be the major driver by providing SME and individual customers with safe and effective e-payment solutions. We should review our current legislation, eg property conveyancing rules enshrine the use of cheques. Singapore should continue to embrace innovation, eg central-bank digital currency which may one day become a viable cash substitute.

Cashlessness should be an aspiration, but cash is deeply rooted and remains essential to small segments of our society without access to mobile, Internet and e-payments. Consumer attitude, behaviours and habits are also hard to change. Until then, cash usage should remain an option in an inclusive society.