SGX to use SingPass for transaction signing of CDP services

SGX’s CDP says it began offering SingPass access from Oct 26, for its CDP internet online services.

Singapore Exchange (SGX) says its users can now use SingPass to access, authorize or sign transactions for services under its Central Depository (CDP).

SGX’s CDP says it began offering SingPass access from Oct 26, for its CDP internet online services.

SGX says the enabling of the use of SingPass for CDP Internet marks “further progress in SGX’s ‘CDP Goes Digital’ initiative”, in a statement released on Nov 9.

Other services introduced as part of this initiative include the use of PayNow to subscribe and pay for rights issues and direct foreign currency conversion where investors will receive foreign currency cash distributions in Singapore dollars directly in their bank accounts through SGX’s direct crediting service.

“Our partnership with SGX offers CDP customers better convenience and security while transacting online. 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,” says Kwok Quek Sin, senior director of National Digital Identity, GovTech.

“Going digital is the best way to serve our customers efficiently and speedily. That CDP can continue providing its services amid a pandemic also shows that digitalisation can ensure health and safety,” says Michael Syn, head of equities at SGX.

“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,” Syn adds.

Shares in SGX closed flat at $9.11 on Nov 6.

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