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I am looking to set aside some money to accumulate wealth.
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Kudos to you! You will need a CDP account first that will work as your stocks bank account. Then you need another brokerage account to purchase/sell stocks.
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You need a Central Depository Account first! After that there are a few brokerages for you to choose from such as DBS Vickers, UOB KayHian, OCBC Securities.
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Jonathan Chia Guangrong
10 Dec 2019
SOC at Local FI
There are a couple of methods to go about it - 1. having a CDP and cash brokerage account and 2. having a custodian account.
CDP account is like a central depository for your shares, no matter which (non custodian) broker you use. You can buy shares using one broker and sell using another if you like. Fees are pretty standard, going at about S$25~++ minimum per buy or sell transaction. You can also "contra" the stock transactions. You can sign up for the CDP account at SGX (FAQ: https://www2.sgx.com/securities/retail-investor...). You will then need to link a cash brokerage account to your CDP account. A bank account needs to be linked as well to receive dividends.
Custodian accounts, the shares you purchase are held in trust by the broker. Typically the account needs to be prefunded before you can buy shares. And you need to sell off the shares using the same brokerage account. Fees are typically lower for such an account.
Most banks will have some form of custodian account available. Stanchart, DBS vickers, etc. Cash brokerage accounts are available from firms like Maybank KE, Lim & Tan, etc.
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Go to any brokerage firm, you can apply online or offline.
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Head down to any of the major banks and set up an account there. THey will assist you to set up your CDP account and once it is ready, they will linked your account to your cdp