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Elimination of Cheque Collection from 1 October 2023

18 Aug 2023

The Monetary Authority of Singapore and the Association of Banks in Singapore have announced on 28 July 2023 on the timeline for the eventual phasing out of cheques in Singapore1.

To support this national initiative, we will be accelerating our move to phase out cheques for both payments and collections. With e-payments, you can make payments conveniently and be assured that your premium payments will reach us promptly and securely, and you will also receive our payments promptly and avoid the delays associated with cheque payments.

Starting from 1 October 2023, MSIG will eliminate cheque collection. Premium payments to MSIG can be made through the following e-payment methods:

List of Payment Methods How to Make Payment
PayNow
  1. Go to www.msig.com.sg/payment-options to access out steps for making payments via PayNow.
  2. Pay using any PayNow participating making app.

Please allow at least 7 business days for your policy to be updated when payment is made via PayNow.
Internet Banking

For DBS or SCB account holders only, please select "MSIG Insurance (S) Pte Ltd" as the Bill Payee Organisation and input your 8 to 10-digit policy number (excluding alphabetical letters) in the Bill Reference/Account Number.

Please allow at least 7 business days for your policy to be updated when payment is made via Internet Banking.
AXS
  1. Please select "MSIG Insurance" under Bills > Insurance.
  2. Input your 8 to 10-digit policy number (excluding alphabetical letters) in the "Policy Number", "Policyholder's Contact Number" and "Amount" to proceed to pay via AXS.

Please allow at least 7 business days for your policy to be updated when payment is made via AXS.
Telegraphic Transfer (TT)

Please send TT information with the invoice number(s) that is being for to MSIG for us to match and reconcile for payment clearance.

Please contact our Customer Services at [email protected] or your usual insurance representative for any further enquiries.

Footnote:

1. CNA article on 28 July 2023

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