- Singapore will build an OTC gold clearing system by 2026 with JPMorgan, Deutsche Bank, DBS, OCBC, UOB, and ICBC Standard Bank.
- MAS will add central bank vaulting services and expand access to tokenized and physical gold for institutions and clients.
- The initiative positions Singapore as a global gold liquidity hub competing with Hong Kong’s parallel clearing infrastructure.
Singapore will launch a gold-clearing system this year through the Singapore Exchange involving global and regional banks. JPMorgan, Deutsche Bank, DBS, OCBC, UOB, and ICBC Standard Bank will participate after signing a memorandum at a conference. Deputy Prime Minister Gan Kim Yong and MAS said SGX will build OTC clearing by end 2026.
Singapore Exchange Clearing Buildout
The Singapore Exchange will establish an over-the-counter clearing mechanism by the end of 2026. Inter-bank trading is expected to build from next year as the system scales. The framework aligns with London Good Delivery standards for large bars and kilobars used in Chicago and Shanghai exchanges.
DBS, OCBC, UOB, and ICBC Standard Bank will join JPMorgan and Deutsche Bank as clearing members. They signed a memorandum of understanding with the Singapore Exchange at a conference on Monday.
MAS will introduce central bank gold vaulting services by October this year. Foreign monetary authorities may manage bullion holdings with select banks based in Singapore. DBS will also allow customers to hold tokenized gold in the second half of the year. OCBC clients can trade and store physical gold through the bank’s institutional services.
Hong Kong Competition And Market Expansion
Singapore and Hong Kong continue to develop competing gold clearing systems across the region. Hong Kong’s system is expected to be ready by July, according to recent industry updates. It has also signed five Chinese banks and six international banks for participation.
Investor demand for gold continues to support expansion of trading infrastructure in both markets. As investor demand for global gold grows, Wai Mei Hong of JPMorgan noted Singapore’s complementary role.
Gan Kim Yong said Singapore serves as a trusted node connecting regional demand with global liquidity. He added that the system supports seamless trading across Asia, Europe, and the Americas.
MAS will expand tax exemptions for eligible funds and family offices investing in physical investment precious metals. The policy adjustments support participation from institutional investors and wealth management structures in Singapore. The announcement was made during the Asia-Pacific Precious Metal Conference on Monday.
