Singapore will launch an over-the-counter clearing system for gold this year, along with a vault service for central banks, as the city-state attempts to establish itself as a global trading hub for precious metals.
Several international banks, including JPMorgan, Deutsche and DBS, will take part in the system, deputy prime minister Gan Kim Yong said on Monday morning.
“We are not seeking to replace established centres of gold trading and liquidity,” he said. “Instead, Singapore can serve as a trusted node in the global gold ecosystem — connecting regional demand with global liquidity and supporting market activity during Asian hours.”
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