Post by UOB

As global demand for gold rises, Singapore is advancing its ambition to be a leading gold trading and storage hub through stronger market infrastructure, enhanced vaulting capabilities and a new over-the-counter clearing system that will improve liquidity, efficiency and price discovery. At the Asia-Pacific Precious Metals Conference held at the Shangri-La on 15 June, Deputy Prime Minister Gan Kim Yong announced a series of landmark initiatives to strengthen Singapore’s role as a regional gold trading and storage hub. These include enabling foreign central banks and sovereign entities to store gold with Monetary Authority of Singapore (MAS) from October, extending MAS gold accounts to selected bullion banks, and the introduction of an SGX over-the-counter gold clearing system by end-2026 to deepen liquidity and price discovery. Together, these moves reinforce Singapore’s ambition to become a globally trusted gold marketplace. At UOB, we are proud to support and help shape this evolution. With decades of expertise in precious metals, UOB is the only Singapore-based bank offering physical gold directly to retail investors. Today, we provide a comprehensive suite of both physical and digital gold solutions, from bullion and coins to our Gold Savings Account, enabling clients to access gold conveniently and with confidence, in line with their investment needs. Mr Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB said, “UOB has long supported Singapore’s gold journey, from its first reserve procurement to the development of its clearing infrastructure. This collaboration will further strengthen Singapore’s standing as a trusted gold hub, anchored on strong infrastructure, sound governance and clear standards. For our clients, it means greater confidence and access to opportunities, supported by our ASEAN connectivity.” As Singapore deepens its gold ecosystem, greater engagement across market participants is expected to build awareness and confidence in gold as an investment asset. New initiatives will also support the development of more gold-related products in Singapore, enhancing accessibility and choice for investors. UOB will continue to lead from the front – reinforcing our role as the trusted bank of choice for clients seeking to access gold across ASEAN and beyond. #OneBankforASEAN