The Monetary Authority of Singapore (MAS) and the Singapore Bullion Market Association (SBMA) outlined plans to transform the city-state's position as a gold trading hub for the Asia-Pacific region, according to a MAS release on Friday.
The plans, aimed at improving the country's gold ecosystem, will focus on facilitating price discovery liquidity.
Meanwhile, a working group will also be established, comprising key stakeholders, the release said.
MAS is also aiming to provide vaulting services for foreign central banks and sovereign entities across the globe.
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