Singapore plans to build an Asian physical gold trading hub, with several local banks confirming their participation.

According to reports, the Monetary Authority of Singapore (MAS) is in talks with several financial institutions including two major gold market makers, UBS and Morgan Stanley, to evaluate the feasibility of developing Singapore into a physical gold trading hub. Sources revealed that Singapore intends to become a hub for gold trading and storage, with support from central banks and family offices. The Singapore Exchange (SGX) is also assessing the demand for new gold contracts in the market. The related plans are still in the preliminary stages, and adjustments may be made in the future. It is known that as the clearing banks for the London gold market, ICBC Standard Bank, DBS, OCBC, and UOB are also involved. DBS, OCBC, and UOB have confirmed that they have been working with the authorities to support the development of the gold market in Singapore. DBS believes that Singapore has the potential to become a trusted gold trading center in the region. UBS and Morgan Stanley declined to comment. A spokesperson for the MAS stated that since last year, the MAS has been actively collaborating with major players in the gold market to explore a blueprint for supporting the growth of the gold market in Singapore. More key measures will be announced at the appropriate time.