Singapore Precious Metals Exchange Opens in Singapore
Jul 10, 2013 (Close-Up Media via COMTEX) --
Singapore Precious Metals Exchange (SGPMX), a physical precious metals exchange with peer-to-peer bullion trading capabilities integrated into the trading platform, launched in Singapore July 3, amid Singapore's drive to encourage gold trading in the country.
As part of the launch, SGPMX also reported the entry into an MOU with Certis CISCO, which will act as the custodian for bullion storage.
Certis CISCO has been providing storage of precious metals for banks and international couriers since 1986. According to the Company, storage with Certis CISCO will enable SGPMX to provide the platform for private individuals, traders and institutions to buy, sell, store and exchange precious metals including gold and silver bullion, without incurring high spread margins. The exchange allows traders to buy and sell precious metals securely and conveniently, supporting real-time transactions with internationally recognized mints. This addresses private investors' issues with liquidity, and also eliminates the costs of assaying precious metals when traders purchase or sell the holdings.
Victor Foo, CEO and founder of SGPMX, said, "SGPMX aims to cater to the rising demand for consolidated end-to-end precious metals trading in Asia. As one of the region's largest trading hubs and the fastest growing wealth centre in the world, Singapore is well-placed to capture 10 to 15 per cent of world trade in gold bullion in the next decade. Our platform will help address bullion trading challenges faced by personal wealth investors, traders and institutions today."
"In recent years, industry players have opened storage vaults, started delivery services for precious metals from mints, and opened new trading desks for gold to meet investor demands. What makes us unique is that SGPMX brings together all elements under one platform, making it easy for our 11,000 and growing customer base to order, store, transport and trade physical precious metals with the same ease as trading in other financial instruments," Foo added.
Certis CISCO will act as the custodian for all bullion products traded and stored through SGPMX platform.
Chua Chwee Koh, Senior Executive VP & COO of Certis CISCO, said, "We are pleased to seal this MOU with SGPMX and provide our highly-secure vaults for the storage of bullion. As the largest trusted and secure logistics service for cash and valuables in Singapore, our facilities are fully insured and allocated to individual investors. Our vaults are installed with sophisticated security and surveillance system and are closely monitored round-the-clock by computerized security control systems to give full protection over stored bullion, making us the most reliable custodian for SGPMX in Singapore."
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