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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
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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.
