Updates

What changed, and what it means for your books.

Product updates and Singapore compliance news — GST, IRAS, ACRA and payment changes, explained plainly. Newest first.

6 June 2026 §

PayNow display names are now masked — here's how to spot payment scams

From 6 June 2026, Singapore banks mask the display name shown when you pay an individual via PayNow — you see a partial name instead of the full one. If a payment screenshot dated after 6 June shows a full, unmasked individual name, treat it as a red flag and verify before paying. Corporate PayNow (UEN-registered) names remain shown in full.

The change, coordinated by the Association of Banks in Singapore, is an anti-scam measure: fraudsters were using full display names to convince victims a payee was genuine. Masking removes that false signal for transfers to individuals.

How do you spot a fake PayNow payment screenshot?

What to do now:

  • Payments to corporate UEN-registered PayNow recipients still show the full registered entity name — nothing changes for legitimate supplier payments.
  • A payment request where an individual's PayNow shows a full name on a post-6-June screenshot doesn't match how the system now behaves — verify through a separate channel before paying.
  • Keep payment screenshots as evidence, but reconcile against your bank statement — the statement is the source of truth, not the screenshot.
In Minloq: payment screenshots are checked automatically — a full unmasked individual PayNow name on a post-6-June document is flagged for review before anything is approved, and approval requires an explicit verification acknowledgement.
1 April 2026 §

InvoiceNow is now mandatory for new voluntary GST registrants

From 1 April 2026, businesses applying for voluntary GST registration in Singapore must be on the InvoiceNow network — able to send e-invoices and transmit invoice data to IRAS — as a condition of registration. Existing GST-registered businesses will be brought onto InvoiceNow in phases through 2031, with IRAS notifying each business of its deadline.

What is InvoiceNow — and does this affect you?

InvoiceNow is Singapore's nationwide e-invoicing network (built on Peppol). Under the GST InvoiceNow requirement, invoice data flows to IRAS directly from your invoicing system — improving accuracy and reducing manual errors. It complements, but does not replace, your GST return filing.

What to do now:

  • If you're planning to register for GST voluntarily, factor InvoiceNow capability into your registration timeline — non-compliant applications can be rejected.
  • If you're already GST-registered, watch for your IRAS notification — deadlines for existing businesses are being communicated progressively.
  • Check whether your invoicing or accounting software is InvoiceNow-ready before your deadline, not after.
In Minloq: GST work is checked on review — Gary flags blocked input tax and reverse-charge issues before filing, and InvoiceNow readiness is on our roadmap for the segments this mandate touches.