Singapore aims to be Asia's gold trading hub

Trade agency International Enterprise (IE) Singapore hopes to expand the country's share of the global precious metals market at least five-fold within 10 years and create an Asia-Pacific industry hub, its senior executives said yesterday.

'In Asia there really isn't a hub for the physical trading of gold. . . Our aspiration is really to be like London and Zurich, to serve not just Asia but the rest of the world as well,' said IE Singapore assistant chief executive Kathy Lai at a press briefing.

Singapore has about 2 per cent share of the global gold trading market in terms of tonnage, according to IE Singapore.

The agency wants to grow that share to 10 to 15 per cent in the next five to 10 years, IE Singapore director of trade services and policy Gina Lim said.

This won't be without its challenges.

Singapore's competitors, Dubai and Hong Kong, are already established centres for key Asian markets.

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