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Sheng Siong sets up cash recycling machines
Customers can withdraw money from bank accounts; cash comes from store sales
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The first $tm machine was installed outside the Sheng Siong supermarket at ITE College Central in Ang Mo Kio in April. It allows users to withdraw amounts starting at $10 from their bank accounts at four banks.
ST PHOTO: LIM YAOHUI
Supermarket operator Sheng Siong has set up cash machines at two of its stores to help customers withdraw money from their bank accounts and to "recycle" its earnings.
Called $tm, they are the first cash recycling machines in Singapore that do not belong to a financial institution, and allow users to only withdraw funds from their bank accounts. Unlike regular automated teller machines (ATMs), $tm cannot be used for other purposes such as fund transfers.
