Five companies from across the industry have joined the Singapore Bullion Market Association, adding to its diverse membership base, which currently stands at 12 foreign associate members.
«With China’s largest technology and financial services companies recently stepping up efforts to expand into Singapore, the Asian finance hub has become crucial for international growth and access to the Shanghai Gold Exchange (SGE) – the largest purely physical gold spot exchange in the world,» Trivio said in an statement on Tuesday.
The fintech, which provides commodity digitisation and registry services, recently established an office in Singapore. It also joined SBMA as a foreign associate member, along with Italian anti-counterfeit solutions firm Certiline; U.K.-headquartered precious metals research consultancy Metals Focus; Vietnamese jewelry manufacturer Phu Nhuan Jewelry (PNJ), and The Perth Mint, Australia’s official bullion mint, SBMA said in an announcement.
SBMA, a non-profit organisation established in 1993, represents key stakeholders from the precious metals industry, The association’s has 45 members, which include bullion banks, exchanges, refineries, bullion merchants and secured logistics support companies.
Building Supply Chains
Amid heightened geopolitical tensions and the pandemic, key players in the industry have been looking at widening their supply chains. Singapore is a crucial focal point for gold trading in the ASEAN region, and is a gateway to the region’s market of over 650 million people. In recent years, the city-states has also taken steps to position itself as a bullion hub, exempting investment-grade gold, silver and platinum from the Goods and Services Tax.
«Singapore is well equipped to be a launchpad for such organic regional growth with the advantages of ease of doing business, sound and efficient infra-structure, low tax rate and rule of law. In the past year, we have received more enquiries in seeking SBMA help to establish their presence in ASEAN via Singapore,» Albert Cheng, SBMA chief executive, told finews.asia.
«Singapore has been a source of emulation and inspiration for us and globally in terms of safe trade, innovation and business,» Jacopo Monteforte Specchi, CEO of Certiline, said in the SBMA announcement.
By joining SBMA, Vietnam’s PNJ is looking to exchange regional and national business experience with other SBMA members, while strengthening and promoting regional industry standards, its CEO Le Tri Thong said.
«I believe each will contribute positively to the Singapore precious metals market scene and SBMA will continue to serve as a bridge between regulators and the bullion industry at large; aimed at building Singapore into the leading global precious metals trading hub,» Martin Huxley, SBMA chairman, said in an announcement in April welcoming the new members.