The plan was announced by the Monetary Authority of Singapore (MAS) and the Singapore Bullion Market Association (SBMA) on March 27, following consultations with industry players under a working group established in January.

The working group brings together global financial institutions and organizations, including DBS Bank, ICBC Standard Bank, JPMorgan Chase, UBS, United Overseas Bank (UOB), Singapore Exchange (SGX), and the World Gold Council.

It also includes key players in the gold market, such as StoneX Group APAC and YLG Bullion Singapore among trading houses, along with Metalor Technologies Singapore, a leading refinery.

The participation of stakeholders across the entire ecosystem—from financial institutions and capital markets to industry players—reflects a strategic effort to “build a global gold market infrastructure.”

This initiative aims to position Singapore as a leading gold trading hub in Asia.