What is the role of agent banks under CPF Investment Scheme-Ordinary Account (CPFIS-OA)?
The agent banks are appointed to maintain members' CPF Investment Accounts under the CPF Investment Scheme-Ordinary Account (CPFIS-OA) as they have an extensive network of branches and facilities to support the investment and settlement of shares and bonds listed on the Singapore Exchange. The agent banks' electronic banking services such as ATMs are easily accessible and allow members to conveniently apply for shares or bonds during an IPO. The banks are also able to handle the complex processing of corporate actions such as bonus and rights issues, dividend payments and schemes of arrangement under the CPFIS-OA.
