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CDP offers investors two new e-services from Sept 1

FROM Tuesday, account holders can benefit from two new online services that the Central Depository (CDP) has rolled out, as part of its digitalisation efforts.

Firstly, individual and joint-alternate account holders will be able to submit their election instruction for scrip dividend election, dividend currency election and takeover acceptance events through the Singapore Exchange (SGX) investor portal.

To do so, users will have to select the relevant event on the investor portal, provide the necessary validation details and submit their election instruction. No login is required.

Secondly, in an effort to go cheque-free, cash distributions will be credited directly into investors' designated bank accounts via the CDP's free direct crediting service (DCS).

Those without DCS will have their cash distributions reflected in their CDP statements, and upon setting up their DCS, all cash balances will immediately be credited to their bank account.

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These new e-services offered by the CDP are on top of three others that are active, which include its currency conversion service, viewing of one's CDP portfolio on the SGX mobile application, and using PayNow to submit and pay for rights subscription.

Under the currency conversion service, cash distributions are converted into Singapore dollars and credited directly to one's DCS-linked bank account without a transaction fee.

As for submitting and paying for rights subscription via PayNow, users will have to scan the QR code in their rights subscription form, provide instruction and pay for the subscription accordingly, at no additional fee.

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