Sheng Siong sets up cash recycling machines

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.
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

Customers can withdraw money from bank accounts; cash comes from store sales

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.

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A version of this article appeared in the print edition of The Straits Times on December 08, 2018, with the headline 'Sheng Siong sets up cash recycling machines'. Print Edition | Subscribe