Singapore Exchange (SGX) is pioneering the use of SingPass to authorise, or sign, transactions that require a high level of security.
SGX's Central Depository (CDP) began offering SingPass access including transaction signing from 26 October 2020 for its CDP Internet online services.
The introduction of SingPass is part of a larger plan to bring all CDP customers on-board CDP Internet in 2021. A total of 1.2 million CDP account holders will then be able to view their securities portfolio in real time. They will also have free access to 24 months of past account statements and 60 days of CDP notifications.
Enabling SingPass use for CDP Internet marks further progress in SGX’s ‘CDP Goes Digital’ initiative. Other services introduced as part of the initiative include:
Investor Portal: This one-stop mobile-friendly portal supports investors in their investment journey. In addition to housing CDP Internet services, the portal also features various investment information. This includes Market Information, Stock Screener, CDP Services, Specified Investment Products (SIPs), Securities Borrowing and Lending (SBL) Pool, and CDP Buying-in Reports. The portal is found here.
Direct Foreign Currency Conversion: Investors will receive foreign currency cash distributions in Singapore dollars in their bank accounts through our Direct Crediting Service.
Online Corporate Actions Form submission: Shareholders can submit their instructions for scrip dividend election, dividend currency election and takeover acceptance via Investor Portal.
Rights Issues: Use of PayNow to subscribe and pay for rights issues
“Our partnership with SGX offers CDP customers better convenience and security while transacting online. Transaction signing with SingPass, as with the other National Digital Identity initiatives, is a significant step towards helping businesses develop value-added digital services to serve their customers better. We will continue to work with industry partners to build more innovative digital products for citizens and establish new digitally-enabled ways of doing business for companies,” said Kwok Quek Sin, Senior Director of National Digital Identity, GovTech.
“Going digital is the best way to serve our customers efficiently and speedily. That CDP can continue providing its services amid a pandemic also shows that digitalisation can ensure health and safety. Digital adoption is advancing at an unrelenting pace. This stokes customers’ ever-increasing demand for services that are convenient, available 24/7 and accessible on the move. SGX must therefore continually plan, anticipate, and most importantly, deliver on solutions that meet our customers’ needs,” said Michael Syn, Head of Equities, SGX.