Singapore taps JPMorgan, UBS to push regional gold hub ambition: Sources

Wed Mar 04 2026

Singapore is cranking up efforts to turn itself into a regional gold hub, tapping local and international banks including JPMorgan Chase & Co and UBS Group to help boost liquidity and make the most of demand from wealthy investors. The Monetary Authority of Singapore (MAS) has had meetings with banks over recent months to assess the Republic’s potential as a physical trading hub, according to people familiar with the matter.

They asked not to be named as the plan is not yet public.  UBS and JPMorgan are two of the world’s largest market makers for bullion. ICBC Standard Bank, a clearing bank for the London gold market, is also involved, together with the trio of local banks, DBS, UOB and OCBC, the sources said. Gold has seen a historic bull run over the last year, smashing through records as investors look for alternatives to fiat currencies and for a safe haven in times of geopolitical and trade turmoil. It has shot up 19.6 per cent so far in 2026 after climbing 65 per cent in 2025.

Hong Kong, which has long competed with Singapore to attract liquidity and high-net-worth investors, is already positioning itself as a leading bullion centre, supported by Beijing’s own ambitions to take a bigger role in the global financial system.  DBS, UOB and OCBC confirmed that they have been working with MAS to support the growth of a Singapore gold market. DBS said it saw a larger role for Singapore “as a trusted centre for gold flows in the region”.

“There is strong and growing demand across Asia, where investors are increasingly viewing gold as a safe haven asset amid geopolitical uncertainty,” said Mr Kelvin Ng, head of group global markets at UOB. “This is reinforced by robust South-east Asian growth and rising investment flows into gold bars, coins and other gold-backed products.”  Singapore’s ambition to become a trading and storage hub – supported by government agencies beyond its central bank – is focused on institutional participants, including central banks and family offices, the sources said.  All plans are still at an early stage and may change, they said.

“Since last year, MAS has been actively working with key gold market participants to look at ways to support the growth of the gold market in Singapore,” said an MAS spokesperson. “We will share more on key initiatives in due course.”  JPMorgan and UBS declined to comment. An ICBC Standard Bank executive also declined to comment.

The Singapore Exchange (SGX) is also assessing industry demand for a new gold contract, according to people familiar with the matter. SGX suspended its Kilobar Gold Contract in 2018 owing to sluggish trading, four years after its debut.  The Government abolished a goods and services tax on investment-grade precious metals that include silver in 2012, but that has not spurred a trading boom.

SGX and the Singapore Bullion Market Association, a trade association for local lenders and companies, did not reply to Bloomberg requests for comment.  UOB is the only Singapore bank offering physical gold sales and vault services to retail customers. OCBC, meanwhile, has said it is exploring a custody business for institutional and wealthy clients’ physical gold.

Source: https://www.straitstimes.com/