DBS Bank and United Overseas Bank (UOB) have been appointed as new managing agents for Baby Bonus Child Development Accounts (CDAs), said Singapore's Ministry of Social and Family Development (MSF) on Monday.
They will join existing CDA bank OCBC in providing CDA services from July 13, 2015.
This will give parents more banking choices for their young children's Baby Bonus CDAs. Currently, there are 280,000 active Baby Bonus CDAs.
Standard Chartered Bank, an existing CDA bank, will no longer be accepting new CDA applications. It will continue to manage its existing CDAs until December 2018.