Local banks gain upper hand in CPF's new market

Singapore''s CPF Board will consider inviting international providers to enter the market. But no timetable has been set.

Local banks will have a head start over international providers in marketing their products to Singaporeans wanting to invest some of their pension fund savings in long-term fixed income products.

Five major local banks have been invited by the Central Provident Fund Board to consider offering long-term fixed deposit products following the government's announcement last month that CPF members will be allowed to invest with savings in their CPF special accounts from 1 January next year. The new market could be as big as S$12.3 billion $7.04 billion, according to the government's estimates.

The five banks eligible to offer the products at this stage are Development Bank of Singapore DBS, Keppel...

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