03 Dec '11, 7am

In spite of spending hundreds of millions on I.T systems, our banks in Singapore still adopt quite outdated...

In spite of our banks spending hundreds of million dollars on their I.T. systems, Singapore is actually quite backward. Many people write checks and mail them to their payees. I have just written a check to pay my subscription to a professional body in Singapore. I have to mail the check to the organization. In a more advanced society, I could pay by credit card or by bank transfer. The professional body in Singapore does not allow this form of payment because the process is quite a hassle. It is a hassle to make a one time payment in Singapore and also a hassle for the receiving party to identify who has made the payment. In other countries, the payer will use internet banking. The receiving party receives receives the payment with the necessary details to handle their processing. It would have been much more convenient for all parties. I believe that the backward process...

Full article: http://tankinlian.blogspot.com/2011/12/singapore-is-quite...

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