Singapore’s Central Depository (CDP) has embarked on an initiative to help provide electronic statements to its clientele, which will be available for retail customers starting as soon as Q4 2016, according to an Singapore Exchange (SGX) report.
A total of nine retail securities brokers in Singapore and the CDP will collectively work to promote a more sustainable and transparent playing field for retail customers via the provision of electronic statements through the use of the CDP internet service. The initiative is important as it will help push the group’s progressive agenda and streamlined accessibility for customers.
The nine retail securities brokers in Singapore are also current members of the Securities Association of Singapore (SAS) as well as the SGX-Securities Trading (SGX-ST) group. Customers will be afforded the ability to view their respective account statements and contracts electronically, providing a clearer snapshot into their portfolios or accounts.
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More specifically, retail investors operating under the new system will be entitled to receive notification alerts via email or SMS from their respective securities brokers along with emails from CDP when their electronic statements are ready – these will be available at no additional cost.
Moreover, CDP account holders who have registered for the CDP Internet Service will also be able to access their account statements across varying time periods, and confirmation notes for the past 60 days from Q2 2017 onwards. The service represents an extension of the current iteration of an offering where CDP account holders can access electronic monthly account statements and confirmation notes online for the past 3 months and 60 days, respectively.
According to Lim Kok Ann, Chairman, SAS, in a recent statement on the initiative: “Securities firms view this as a positive move, keeping with technology gives customers easy access to their electronic records.”
Additionally: “CDP is pleased to be doing our part together with the retail securities brokers to reduce reliance on postal delivery and encourage electronic statements. Our customers will enjoy access to their account information anytime, anywhere, while helping to save paper and protect the environment,” reiterated Nico Torchetti, Head of Market Services, SGX, in an accompanying statement.