DBS Bank is tying up with the Singapore Exchange (SGX) on a new digital application process for customers to start trading accounts and link it with their CDP accounts.
DBS is the first bank to do so in Singapore, and the initiative will allow its customers to set up a new trading account through their Internet banking account, and link it to their existing CDP accounts, all at once.
Previously, customers had to either visit a branch of the bank or sign and mail in multiple sets of forms, a process that takes around 10 days before trading can start. The new process allows them to start trading as quickly as within four days.
Said DBS Vickers head of retail business Andrew Soh: "As we continue to grow our business, we are seeing an increasing convergence between stockbroking and banking."
Moving the trading account application process online will allow customers to open a trading account any time and anywhere, he added.
SGX said it is supportive of industry efforts that deliver greater convenience to its retail investors.
"We look forward to further collaboration with other industry partners that will improve cost efficiencies for brokerage firms as well as facilitate benefits to retail investors that will ease their investing process and experience," head of retail investors and retail intermediaries Lynn Gaspar said.
DBS will also offer a direct crediting service to its customers, which allows them to receive CDP dividends directly into their bank accounts, by sending an SMS to register for the service.
There are currently 1.7 million CDP individual accounts in Singapore. DBS has close to five million customers in the country.
This article was first published on May 24, 2016.
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