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...
