【Gold Trading】Singapore Strives to Become a Regional Gold Trading Center, Reportedly in Talks with Major Gold Market Makers UBS and JPMorgan, Challenging Hong Kong's Status?

2026-03-04 02:17:31

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As Hong Kong promotes the development of an international gold trading market, another financial hub in the Asia-Pacific region, Singapore, also aims to share the pie. Foreign reports indicate that the Monetary Authority of Singapore (MAS) has held talks with several financial institutions, including major gold market makers UBS and JPMorgan, to assess the feasibility of developing Singapore into a physical gold trading hub.

Sources reveal that Singapore intends to develop into a gold trading and storage center, with support from the central bank and family offices. The Singapore Exchange (SGX) is also evaluating market demand for new gold contracts.

It is understood that, as a clearing bank for the London gold market, Industrial Bank Standard, DBS, UOB, and OCBC are involved. DBS, UOB, and OCBC confirmed that they have been working with regulators to support the development of Singapore’s gold market. DBS believes Singapore can become a trusted gold circulation center in the region. UBS and JPMorgan declined to comment.

Additional information indicates that the related plans are still in the preliminary stage, and adjustments may be made in the future.

A spokesperson from the Monetary Authority of Singapore stated that since last year, MAS has been actively collaborating with key gold market participants to explore a blueprint for supporting the growth of Singapore’s gold market. More key measures will be announced in due course.

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