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Opening a Central Depository account is now fully digital

BOURSE operator Singapore Exchange (SGX) has launched a fully digital application service for Central Depository (CDP) securities accounts, after a testing phase last week.

Customers who want to open accounts online no longer have to present hard copies of their supporting paperwork, the SGX said on Monday.

Singapore residents can automatically enter their personal data using the government’s MyInfo database service, which pulls and auto-fills information such as names and addresses from public agencies’ records.

Applicants can also opt to upload soft copies of the relevant documents when opening accounts.

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Those who prefer to transact with printed documents can still head to the Central Depository customer service branch at The Metropolis in Buona Vista to do so.

Some 160 commercial digital services, such as bank account opening, are now available with MyInfo - a government vault of personal data that has also been integrated with public-sector transactions.

Chew Sutat, the SGX’s head of equities and fixed income, said in a statement that the use of MyInfo for authentication “offers a better experience for our retail investors, and is one more step forward for Singapore’s Smart Nation journey”.

“Last year, the number of new direct CDP accounts grew by over 40 per cent, on the back of rising retail investor interest, particularly in Singapore Savings Bonds, new retail bonds and exchange-traded funds,” he noted, adding that there has also been a rise in investors under 35 opening CDP accounts.

The SGX does not disclose the number of direct CDP accounts and did not give more details when asked.