New Method To Open Your CDP Account Online That You May Not Be Aware Of!

In order to build your wealth, you have to start investing.

Investing allows you to put your money in vehicles that have the potential to earn strong rates of return. So are you ready to invest and build your financial worth?

If your answer is YES, that's great! But before you start investing, you'll have to first create two accounts: a Brokerage account and a Central Depository (CDP) account.

Although opening a CDP account may be a hassle, but fret not! They are finally evolving their primitive ways! 

You can finally create your CDP account online!

We are going to give you a step-by-step process guide here!

What is a CDP account for?

A CDP account, operated by Singapore Exchange Limited (SGX) is used for storing of all your investments made on SGX. 

This includes shares (especially if you want to buy IPO shares) and the Singapore Savings Bond SSB.

The old way...

Before delving further into the new method, let me give you a brief summary on the old method of opening a CDP account. 

1. Confirm Eligibility
2. Fill up application form
3. Bring along supporting documents
4. Visit broker firm for submission/mail to a broker firm

Tiring isn't it? Thank god for technology which allows SGX to rid themselves of their troublesome primitive ways and FINALLY install a hassle-free online application of a CDP account.

Online Application Guide (Singaporeans and PR)

Now, assuming that you are eligible to open a CDP account, (Have a local bank account, be at least 18 years old and not an undischarged bankrupt) let me guide you step by step on the online application of a CDP account.

Click on each box to fill up required information, best is to not leave any field blank. 

3. Go to Securities

Then - Depository, Then - Retail Investor 

4. Scroll down to 'Apply for CDP Securities Account'

Click on any of the accounts you want to create

In this case, i'll show you an example of an individual account.

5. Read the instructions and click on 'Online Application'

6. Click on 'Sign up using MyInfo'

7. Click 'Proceed' after you have fulfilled the criteria listed

8. You'll be directed to the Singpass page and login

After that, you'll be directed to this page 

And click 'I Agree'

9. Start filling in your particulars.

Below are screenshots of what each page is like.

Note that most fields has been automatically filled in for you as the system has already retrieved the information through your MyInfo account.

For the signature portion, if you do not have an electronic signature, one tip is to go to Microsoft Word > Draw and then sign. After that, save it as PDF format and upload it onto the page. 

That's it! You're done!

It takes an average of 10 business days from the time you submit the account application form to the time that you receive notifications from CDP on the opening of the CDP account. So be patient! 

Online Application Guide (Foreigners)

If you're a foreigner OR do not have a Singpass account or for whatever reasons couldn't apply using MyInfo, you can apply through the Online Form instead.

Unlike the application using MyInfo, each field is blank and you'll have to key in every field manually. 

1. After clicking on 'Sign up using Online Form', you'll be directed to this page.

Ensure that you've fulfilled the criteria listed and click 'Proceed'.

2. As usual, fill in your particulars and the rest of the steps are the same as above. (screenshots of each page is shown above)

Having Problems Using MyInfo?

I believe some of you might encounter this problem as I've encountered it before. 

Don't worry, the system will point out the problem with your MyInfo account. Most of the time it's a missing or invalid field in your MyInfo account. An example is highlighted below.

All you have to do is fill in the missing field in your MyInfo account. 

However, do note that the update in your MyInfo account will take an hour to reflect in your profile. Hence, you can only apply once the update is complete. If it's urgent, I suggest you sign up using the online form instead. 

Otherwise, you may contact the support desk at MyInfo at +65 6643 0567 to speak to a Customer Support Officer. MyInfo Helpdesk operates from 8.00 am to 8.00 pm (Mondays to Fridays) and from 8.00 am to 2.00 pm (Saturdays).

They are closed on Sunday and Public Holidays.

Summary

That's all you have to do! It's simple isn't it?

If you're thinking, "It's 2019...Why did they only implement this system now?"

I know right, if It wasn't for this change, I'll probably grumble over the medievalistic-ancient tiresome way of going through all the steps in order to apply for my account.

If you are a new investor, this complete guide on 7 possible ideas, watch below!