Good. Dubai could use some competition.
From Nikkei Asia, March 27:
City-state also sets sights on vaulting services for foreign central banks
Singapore has enlisted major financial institutions such as JPMorgan and UBS to develop its ambitions as an Asian gold trading center, even as the precious metal's prices have fallen over the past weeks due to the U.S.-Israel war with Iran.
The Monetary Authority of Singapore, the city-state's financial regulator, said Friday it had roped in the two global banks, along with DBS Bank, United Overseas Bank, the World Gold Council and others in a working group that will set out details and priorities in "strengthening Singapore's gold ecosystem."
According to the announcement, they will focus on developing gold-related capital market products to facilitate price discovery and build liquidity, establishing internationally aligned standards for vaulting and logistics, and building a clearing system to support secure over-the-counter settlement for large bar and kilobar gold trading.
"MAS will also look to provide vaulting services for foreign central banks and sovereign entities to meet potential demand," it said.
The announcement comes the day after the Singapore Exchange, which is also a member of the working group, on Thursday debuted its first exchange-traded fund (ETF) tracking the precious metal, backed by bullion locked up in the country.
On the first day of trading, however, the ETF closed about 4.6% down from the issue price, underscoring the challenging market timing for the precious metal.
"We are not placing bets on whether the prices in the short term will go up or go down," Chee Hong Tat, deputy chairman of MAS, told reporters on Friday, referring to its gold hub ambitions. "Between Singapore and other financial centers in Asia, for example Hong Kong, I think the space is big enough for us to co-exist and for both cities to be able to grow our respective services."....
....MUCH MORE
