Singapore retail securities brokers and CDP to promote electronic statements to all retail investors

Singapore Exchange (SGX) has announced that all the nine retail securities brokers in Singapore and The Central Depository (CDP) will provide electronic statements to customers, starting from the fourth quarter of 2016.

These nine retail securities brokers in Singapore are all members of the Securities Association of Singapore (SAS) and SGX-Securities Trading (SGX-ST).

Retail investors who have internet trading accounts will be able to enjoy seamless accessibility when retail securities brokers soon allow customers the ability to view their account statements and contracts electronically. They are also able to view, print or save their records online for up to 3 months when securities brokers switch to electronic contracts.

CDP account holders who have registered for the CDP Internet Service will be able to access their account statements for the past 24 months, and confirmation notes for the past 60 days from the second quarter of 2017 onwards. This is an extension of the current service where CDP account holders can access electronic monthly account statements and confirmation notes online for the past 3 months and 60 days, respectively.

With the rollout of this initiative, retail and CDP customers who are already receiving electronic statements will no longer receive physical copies of the statements. Retail investors who have not signed up for internet trading accounts or CDP Internet Service will continue to receive hardcopy statements.

This is an environmentally-friendly measure retail securities brokers and CDP are collectively embarking on to reduce their carbon footprint, while offering customers convenience and secure and timely delivery of their account statements, trade contract details and confirmations of securities movements.

Lim Kok Ann, Chairman, SAS, said:

Securities firms view this as a positive move, keeping with technology gives customers easy access to their electronic records.”

Nico Torchetti, SGX

Nico Torchetti, SGX

Nico Torchetti, Head of Market Services, SGX, added:

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.”

Commenting on this, David Gerald, President and CEO, Securities Investors Association of Singapore, said:

SIAS is pleased that CDP and the nine local retail brokers are progressing with changing consumer behaviour, and we welcome the promotion of e-statements, while retaining the option to receive hardcopy statements to cater to the preference of different investor profiles. This is a customer-centric move on both the retail brokers and CDP’s part.”

Retail investors will receive notification alerts via email or SMS from their securities brokers and via email from CDP when their electronic statements are ready.

The electronic statements and notification alerts will be available at no cost. If retail investors wish to continue to receive physical copies, they may send the request to their securities brokers or CDP at any time.

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