SGX's CDP allows use of SingPass to authorise transactions
Sign up now: Get ST's newsletters delivered to your inbox
The Singapore Exchange (SGX) yesterday said it has enabled SingPass use to authorise transactions requiring a high level of security for Central Depository (CDP) services.
CDP began offering access to the national digital identity (NDI) system, including transaction signing, from last month for CDP Internet online services.
The move to offer SingPass access is part of a larger plan to bring all CDP customers on board CDP Internet, an online service which allows investors to access their investment portfolio, download e-statements and manage their securities-related activities.
Enabling SingPass use for CDP Internet is also part of SGX's CDP Goes Digital initiative, which introduced other services such as an investor portal, direct foreign currency conversion, online corporation actions form submission, and the use of PayNow to subscribe and pay for rights issues.
Mr Kwok Quek Sin, the Government Technology Agency's (GovTech) senior director of NDI, said transaction signing with SingPass, as with the other NDI initiatives, is a significant step towards helping businesses develop value-added digital services to serve their customers better.
"We will continue to work with industry partners to build more innovative digital products for citizens and establish new digitally enabled ways of doing business for companies," he said.
SGX's head of equities Michael Syn said: "Digital adoption is advancing at an unrelenting pace. This stokes customers' ever-increasing demand for services that are convenient, available 24/7 and accessible on the move. SGX must, therefore, continually plan, anticipate and most importantly, deliver on solutions that meet our customers' needs."
Last Thursday, GovTech launched a new Sign with SingPass feature on SingPass Mobile to allow users to sign legal and business documents virtually.
The signature is encrypted and linked to the signee, whose identity is automatically validated against the Government's database at the point of signing.
THE BUSINESS TIMES
