Singapore's Prime Minister and Minister for Finance, Lawrence Wong Shyun Tsai, said he believes collaborating with Hong Kong will foster growth and resilience for both Asian financial hubs. Meanwhile, Singapore is racing to capture more flows of bullion and boost its gold trading business, with Hong Kong also pushing to expand its gold market links with Shanghai. Chee Hong Tat, deputy chairman of the Monetary Authority of Singapore, announced plans last Friday to turn the city-state into a gold trading hub for Asia, with regulators and industry players working together to strengthen the market's trading, clearing and storage infrastructure. Chee said this move is not to place bets on price fluctuations in the short term, but to create the ecosystem for gold trading activity based out of Singapore. He believes that the gold exchange can become the new economic backbone of wealth management and asset management.

Source: The Standard March 30, 2026 02:49 UTC