02 Jul 2018
ISCA CEO, Mr Lee Fook Chiew, was quoted in The Business Times on the question of "What needs to be in place to further reduce the use of cash and cheques in Singapore? How far should society go cashless?" This is what he has to share:
The move towards being a cash-lite economy is in line with Singapore’s vision to be a Smart Nation. Currently, there are already numerous market players offering cashless payments options. Further proliferation of payment options might create issues with interoperability, as the numerous systems may not connect seamlessly with one another. This could in turn dissuade wider usage. To encourage adoption of cashless payments, there is also a need to shift consumer mindsets and influence behavioural change towards cashless payments, such as through incentives like cash-back bonuses. Also, it is important to ensure that no one falls through the cracks as the nation moves towards a cashless society. Consumer education can be implemented to enable an inclusive system. - Lee Fook Chiew, Chief Executive Officer, Institute of Singapore Chartered Accountants (ISCA)
This article was first published in "Views From the Top" in The Business Times on 2 July 2018.
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