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DBS Bank is tying up with the Singapore Exchange on a new digital application process for customers to start trading accounts and link it with their CDP accounts.
The first bank to do so in Singapore, the initiative means that its customers can log in to their Internet banking to set up a new trading account, and link it to their existing CDP accounts, all at once.
Previously, they would have to either visit a branch of the bank or sign and mail in multiple sets of forms, a process that takes around 10 days before trading can start.
The new process allows them to start trading as quickly as within four days.
Said DBS Vickers head of retail business Andrew Soh: "As we continue to grow our business, we are seeing an increasing convergence between stockbroking and banking."
The digital account application process will allow customers to open a trading account any time and anywhere, he added.