Singapore is ramping up its ambition to become a leading gold trading centre in Asia, with regulators and leading industry players outlining a coordinated strategy to develop and deepen market infrastructure, improve liquidity, and attract global capital.

The Monetary Authority of Singapore ( MAS ), alongside the Singapore Bullion Market Association ( SBMA ), has identified a number of key focus areas aimed at strengthening the city-state’s position as a trusted hub for gold trading and storage.

The initiative, announced by Singapore’s financial regulator, comes amid rising investor interest in physically vaulting and trading gold in Asia, as rising geopolitical uncertainty and portfolio diversification needs drive increasing demand.

At the heart of the SBMA and MAS plan is the development of gold-related capital market products to enhance price discovery and liquidity. MAS is also prioritizing internationally aligned standards for vaulting and logistics, alongside the creation of a robust clearing system to support over-the-counter settlement for large gold bars and kilobars.

A notable pillar of the strategy is Singapore’s potential move to offer vaulting services for foreign central banks and sovereign institutions, signalling an increased effort to anchor high-value activities within its financial ecosystem.

Regional competition

These measures are expected to bolster market confidence and reinforce Singapore’s role as a complementary hub to established global gold centres.

The working group for the proposed scheme is co-chaired by MAS and SBMA, and comprises members from DBS Bank, ICBC Standard Bank, JPMorgan Chase, UBS AG, United Overseas Bank, SGX Group, and the World Gold Council.

The working group will also be supported by technical workstreams with a broader group of stakeholders including banks, vault operators, a precious metals refinery, and trading houses. Over the coming months, the group will refine implementation details and roll out updates through 2026, the MAS says.

Singapore’s bullion hub push comes as regional competition intensifies. Hong Kong is also positioning itself as a key gold trading gateway, leveraging its proximity to mainland China and an established commodities infrastructure.

MAS sees the gold initiative as part of an ongoing effort to diversify and strengthen Singapore’s financial sector, create more skilled jobs and enhance the resilience and diversity of Singapore’s financial sector.

As Asia increasingly becomes the centre of gravity for global capital flows, the race to become the region’s leading gold trading hub adds another layer to the north-south financial competition while underscoring the strategic importance of bullion markets in Asia’s evolving financial landscape.