Singapore to establish a gold OTC (spot) market (competing with LBMA directly)

[pmbug]

Singapore will establish an over-the-counter gold clearing system and introduce central bank gold-vaulting services, the deputy prime minister said on Monday, as the city-state looks to establish itself as a gold ‌trading hub.

The Singapore Exchange will establish an over-the-counter gold clearing system for Loco Singapore, or physical gold stored in Singapore, by the end of this year, Deputy Prime Minister Gan Kim Yong told the Asia-Pacific Precious Metals Conference on Monday.

Six banks - DBS (DBSM.SI), opens new tab, Deutsche Bank (DBKGn.DE), opens new tab, ICBC Standard Bank [RIC:RIC:SBKJLS.UL], J.P. Morgan (JPM.N), opens new tab, ⁠OCBC (OCBC.SI), opens new tab and UOB (UOBH.SI), opens new tab - will be clearing members, he said.

The Monetary Authority of Singapore will introduce central bank gold-vaulting services by October this year to provide foreign central banks and sovereign entities with a secure option to store their gold reserves, Gan said.
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More:

https://www.reuters.com/world/asia-pacific/singapore-establish-otc-gold-clearing-system-introduce-central-bank-gold-2026-06-15/