15/06/2026
Singapore is ramping up its layout in the global gold market and plans to launch a new gold clearing system within the year. It will partner with leading domestic and international banks including JPMorgan and Deutsche Bank to operate the infrastructure, bolstering its position as an international gold trading and clearing hub. The move further intensifies the competition between Singapore and Hong Kong for the status of Asia’s regional gold trading center.
Singapore’s Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS) Gan Kim Yong unveiled the blueprint at the Asia Pacific Precious Metals Conference. He stated that Singapore Exchange will establish an over-the-counter (OTC) gold clearing framework by the end of 2026, with interbank gold trading volumes expected to grow steadily starting next year. He emphasized that Singapore has no intention of displacing established gold trading and liquidity centers such as London and Hong Kong. Instead, it aims to become a trusted core node within the global gold ecosystem. Leveraging its geographical advantage during Asian trading hours, Singapore will connect regional gold demand with global liquidity and fill the gap in Asian trading activity in the international gold market.
The new gold clearing initiative has gathered a lineup of top-tier financial institutions. At the Monday conference, Singapore Exchange signed a memorandum of understanding with multiple institutions to confirm official clearing members. The cohort includes Singapore’s local banks — DBS Group, OCBC Bank and UOB — as well as ICBC Standard Bank. Internationally, leading global banks JPMorgan and Deutsche Bank have also joined, forming a clearing system with solid local foundations and extensive global reach.
To ensure full connectivity with global markets, Singapore’s new gold clearing system will fully align with international mainstream delivery standards. It complies with the large gold bar specifications adopted in London and matches the kilogram-based gold settlement standards used by major exchanges in Chicago and Shanghai. The unified framework effectively reduces cross-border trading barriers and improves the standardization and efficiency of global gold transactions.
Beyond clearing infrastructure, Singapore is rolling out supportive upgrades for gold custody and reserve services. MAS will launch a central bank gold custody service this October, allowing foreign monetary authorities to actively manage their gold reserves through designated Singapore-based banks. Industry analysts note that attracting sovereign gold reserves will significantly enhance liquidity in Singapore’s domestic gold market and solidify its status as a global gold trading hub.
Backed by strong governmental support for the gold industry, local Singaporean banks are expanding gold financial products to meet surging market demand. DBS, Singapore’s largest bank, plans to launch tokenized gold holding services in the second half of this year, offering retail investors a new channel for gold investment. Meanwhile, OCBC Bank now provides institutional and high-net-worth clients with one-stop gold trading and custody services.
The rivalry between Singapore and Hong Kong for regional gold leadership continues to heat up. Both jurisdictions have accelerated policy rollouts and infrastructure upgrades to capitalize on robust global demand for gold. Hong Kong’s new central clearing system is set to be operational in July, with five Chinese banks and six international banks already onboard. Supported by persistent global safe-haven demand, gold’s long-term investment value remains widely recognized, driving both cities to refine their full-spectrum gold services covering trading, clearing and custody.
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