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Singapore to Launch Gold Clearing System This Yr with Participation from JPM, Deutsche Bank
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Singapore, which is wrestling with Hong Kong to become a regional gold trading hub, plans to launch a gold clearing system this year, with multiple banks including JPMorgan and Deutsche Bank participating. Singapore Deputy Prime Minister and Chairman of the Monetary Authority of Singapore Gan Kim Yong stated that Singapore Exchange will establish an over-the-counter (OTC) clearing mechanism by the end of this year, with interbank transactions expected to gradually increase starting next year. DBS Group, OCBC Bank, United Overseas Bank, ICBC Standard Bank, JPMorgan and Deutsche Bank will sign a memorandum of understanding (MOU) with Singapore Exchange at a meeting today (15th) to become clearing members. Gan said Singapore will be able to position itself as a trusted hub within the global gold ecosystem, linking regional demand with global liquidity and supporting market activity during Asian trading hours. AASTOCKS Financial News |
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