Parliamentary Replies
Published Date: 03 April 2024

Oral reply to Parliamentary Question on MAS' oversight of the Central Depository Pte Ltd (CDP) and avenues and adequacy of assistance available to CDP customers

Date: For Parliament Sitting on 3 April 2024

Name and Constituency of Member of Parliament

Dr Tan Wu Meng, MP, Jurong GRC

Question:

To ask the Prime Minister (a) what is the extent of MAS’ regulatory oversight of the Central Depository Pte Ltd (CDP) and its relationships and obligations towards individual customers; (b) what avenues for assistance are available for CDP customers who are not digitally literate or savvy, including persons whose accounts have been suspended; and (c) whether MAS considers these avenues adequate in light of some CDP customers being of elderly age and not digitally literate.

Answer by Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board member of MAS, on behalf of Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS:

1. The Central Depository Pte Ltd (CDP) is licensed by MAS under the Securities and Futures Act 2001 (SFA) as an Approved Clearing House and a Central Depository System to provide securities clearing, settlement and depository services.

2. MAS expects all MAS-licensed financial institutions to treat customers fairly, including availing effective support and feedback channels.

3. At least 99% of CDP’s customers access its services digitally or over calls. Since September 2022, less digitally savvy customers can access self-help booths at CDP’s SGX Vista premises to submit physical documents or seek in-person assistance. They also have the option to book an in-person appointment with CDP via its customer hotline. CDP service representatives also take additional care by offering priority assistance or in-person meetings to customers who have previously indicated difficulties accessing its digital services.

4. MAS expects CDP to address feedback about the adequacy of its non-digital customer support and closely monitor the performance of its customer service.

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