To migrate from Teresa Ville's payment of invoices by cheque to a digital method by 40th AGM in Oct 2025.

MAS has mandated the phase out of all corporate cheques by end-2025. There is no need for us to drag out the migration and scramble at the 11th hour. I would like to oversee the MA's prompt and seamless migration implementation.

FYI, we have been paying a $3/cheque clearing fee since Nov 2023. For the 9 months to end-August, we paid Standard Chartered a total of $759 for the 253 cheques we issued, not counting the cost of chequebooks.

• Update Council Members' authorised signatories and users.
• Apply for and register first Council Member's access new system
• All authorised Council Members have approved at least one transaction
• Stop using cheques altogether

Questions:

• What has been done so far?
• What is the process?
• what will be the monthly updates?