The Singapore Bullion Market Association (SBMA) has launched the Retail Gold Investment Committee, in collaboration with the World Gold Council (WGC), to enhance trust and transparency in gold investments.
The committee will be chaired by Silver Bullion, a Singapore-based precious metals dealing firm, to implement the Retail Gold Investment Principles established by the WGC.
The inauguration, announced on Monday (Jun 10) during the Asia Pacific Precious Metals Conference, marks a significant step in developing Singapore as the premier hub for precious metals in Asia-Pacific region, said SBMA.
Among those at the event were WGC’s global head of market structure and innovation Mike Oswin, head of Apac (ex-China) and global head of central banks Fan Shaokai, as well as Silver Bullion founder Gregor Gregersen and SBMA chief executive officer Albert Cheng.
The Retail Gold Investment Principles comprise guidelines to provide simplicity and transparency to retail investors in gold dealing.
These include regulatory compliance, as the committee will work to prevent gold investment as a money laundering tool, said Gregersen.
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