Referring to a report by the Singapore Bullion Market Association, UOB notes that there is an increasing demand for gold in Southeast Asia with a rising middle-class population and investors’ interest in gold as an asset class.
United Overseas Bank (UOB) has signed a memorandum of understanding (MOU) with Shanghai Gold Exchange (SGE), the world’s largest exchange for physical gold trading, on Nov 11. The MOU is a part of the bilateral cooperation initiatives agreed upon by the People’s Bank of China and the Monetary Authority of Singapore (MAS) at the 20th Joint Council for Bilateral Cooperation (JCBC) meeting held on the same day.
Under the MOU, UOB and SGE aim to connect China’s gold supply chain, which includes its refining and jewellery manufacturing capacity to fast-growing Asean markets, thereby contributing to the development of the gold market in the region.
