The Straits Times, 23 Nov
Singapore, Pg B7
We refer to Mr Goh Geok Huat’s forum letter “Allow online applications for SGS products for those using CPF funds” (The Straits Times, 19 November).
Mr Goh said that he had submitted an application to use his Central Provident Fund (CPF) funds to purchase Treasury Bills through his bank but later found out that the Monetary Authority of Singapore (MAS) had not received any bid made under his name. This arose because of a lapse by his bank, UOB, which did not submit Mr Goh’s application to MAS.
We understand that UOB had since reached out to Mr Goh to explain and apologise. UOB has also committed to putting in place additional controls to prevent a recurrence.
Mr Goh also suggested that CPF Board allow members to apply for Singapore Government Securities (SGS) products online, instead of requiring members to apply in person at a bank branch.
The current paper-based application process at the bank branch is purely a decision by the bank and not a requirement imposed by the CPF Board or MAS. CPF Board has been encouraging the three local banks to offer online applications for SGS using CPF funds. We understand that DBS, OCBC and UOB are targeting to launch such an online service in the first quarter of 2023.
Wu Meei
Director (Investment Schemes Department)
Central Provident Fund Board