SGX's CDP offers SingPass access to authorise transactions

Enabling SingPass use for CDP Internet is also part of SGX's CDP Goes Digital initiative. PHOTO: LIANHE ZAOBAO

SINGAPORE (THE BUSINESS TIMES) - The Singapore Exchange (SGX) has enabled SingPass use to authorise transactions requiring a high level of security for Central Depository (CDP) services, it said on Monday (Nov 9).

CDP began offering access to the national digital identity system, including transaction signing, from October 2020 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. The initiative 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, GovTech senior director of National Digital Identity, said transaction signing with SingPass, as with the other National Digital Identity 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 added.

SGX 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."

On Nov 5, 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.

SGX shares were trading up 1.8 per cent or 16 cents to $9.27 as at 10.32am on Monday.

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