Singapore will launch an over-the-counter gold clearing system this year, with the central bank’s gold custody service going live in October.

TechFlow News, June 16: According to Reuters, Singapore’s Deputy Prime Minister Gan Kim Yong stated that Singapore will establish an over-the-counter gold clearing system for its physical gold market, Loco Singapore, by the end of this year. Additionally, a central bank gold custody service will launch in October, offering gold reserve storage solutions to foreign central banks and sovereign entities to enhance Singapore’s capabilities in gold trading and reserve management. The Singapore Exchange is also exploring the introduction of physically delivered gold futures contracts.

Separately, the Monetary Authority of Singapore (MAS) will remove the 5% cap on investments in physical precious metals by qualifying funds and family offices under its tax incentive schemes.