Tuesday, September 30, 2014

Singapore Kilobar Gold Contract Trading Going Live This Oct 2014

Here is another latest development and sign of continuous demand for physical gold. The new Singapore Kilobar Gold Contract will start trading on 13 Oct 14. The 25 kilobar exchange-traded gold contract will be the first of its kind to be offered globally. 

It aims to cater to the continuing strong demand for physical gold in Asia, according to the International Enterprise Singapore, the Singapore Bullion Market Association, Singapore Exchange (SGX) and the World Gold Council.

Saturday, September 27, 2014

Asia's First Gold Dispensing Automated Teller Machine (ATM) in Singapore

Singapore now has its first automated teller machines (ATMs) that dispense gold.

Two such ATMs were launched at Resorts World Sentosa and Marina Bay Sands in Singapore.

The  machines will dispense a variety of pure gold items. They ranged from one to ten grams gold bars.

The company Asia Gold ATM is planning to launch two or three more such ATMs in future around the small island.

Tuesday, September 23, 2014

Singapore became the largest offshore RMB clearing centre outside Greater China

Some recent updates in the news about the renminbi market in Singapore.

SINGAPORE — The Republic’s position as a key offshore Renminbi (RMB) market has received a boost with the launch of a new foreign exchange (FX) futures contract on the yuan...

Senior Minister of State for Finance and Transport Josephine Teo noted that total RMB deposits placed in Singapore at the end of June has exceeded a quarter trillion yuan, 84 per cent higher than the same period last year. RMB denominated loans including trade finance have also grown in tandem at 88 per cent to more than half a trillion yuan.

“In April this year, the Society for Worldwide Interbank Financial Telecommunication reported that Singapore had become the largest offshore RMB clearing centre outside Greater China, in terms of yuan world payments value,” Mrs Teo said in her speech at the BOC-SGX RMB Internationalisation Forum today (Sept 19)...