SGX taps MyInfo to roll out paperless CDP account opening service

Customers can apply and submit their applications without the need to provide physical documents.

Singapore Exchange (SGX)’s Central Depository (CDP) account opening service has gone digital by tapping on online data repository MyInfo to help manage the use of their personal data during online transactions with participating government agencies and commercial entities, an announcement revealed.

Customers seeking to open an individual CDP account can apply and submit their applications online, without the need to provide paper documents.

For Singapore citizens and residents with a MyInfo account, CDP can automatically access details from their MyInfo profiles to open a new CDP account, bypassing the need for the customer to submit personal details and supporting documentation, with the customer’s consent.

For applicants without MyInfo profiles, they can still open a CDP account online and upload soft copies of supporting documentation. To start investing, a brokerage account would also need to be opened. Customers may approach their brokers, if they plan to open CDP and trading accounts concurrently.

According to Chew Sutat, executive VP and head of equities and fixed income at SGX, the number of new direct CDP accounts grew by over 40%, on the back of rising retail investor interest particularly in Singapore Savings Bonds, new retail bonds and exchange-traded funds (ETFs) in 2018.

“We are also seeing an increase in younger investors below 35 years old opening CDP accounts. Tapping into MyInfo for CDP account opening offers a better experience for our retail investors and is one more step forward for Singapore’s Smart Nation journey,” he highlighted in a statement.