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Faster payout for some Edusave Award recipients via new PayNow trial

SINGAPORE — Some 34,000 winners of Edusave Awards can look forward to a faster and more convenient way of receiving the funds via e-payment when a new trial kicks off later this year.

SINGAPORE — Some 34,000 winners of Edusave Awards can look forward to a faster and more convenient way of receiving the funds via e-payment when a new trial kicks off later this year.

Recipients currently receive cheques at the award ceremonies, which they have to deposit with a bank before the money can be credited to their accounts in about two working days.

Under the pilot initiative announced by the Ministry of Education (MOE) on Thursday (Jan 18), award winners will be able to receive the money on the same day via PayNow, a service that allows the customers of seven participating banks in Singapore to send and receive funds from one bank to another, using their mobile number or NRIC/FIN.

There will be two trials for this initiative, according to the MOE. The first one in April will involve 9,000 Institute of Technical Education (ITE) students, while the second trial in September will involve 25,000 ITE and polytechnic students.

"After completing the pilot, MOE will review if the process can be extended to Edusave Awards for all other students," the ministry added.

More details on the new initiative would be given to grassroots advisors, constituency offices, ITE colleges, polytechnics, as well as award recipients before the first award ceremony in April.

Award recipients will also receive instructions on how to sign up for PayNow, said MOE. The seven participating banks are: Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC, Standard Chartered Bank, and United Overseas Bank.

The awards involved in the pilot initiative include: the Edusave Character Award for ITE students, Edusave Skills Award for ITE and polytechnic students, EAGLES for ITE students, Edusave Merit Bursary for ITE and polytechnic students, and Edusave Good Progress Award for ITE and polytechnic students (from Year 2 onwards).

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