Nasdaq-listed StoneX’s bullion arm to offer gold, silver vaulting services in Singapore, sources say
Company in talks with vaulting providers to store and fulfil orders locally
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[SINGAPORE] StoneX Bullion, a subsidiary of Nasdaq-listed financial services provider StoneX Group, is in talks with institutional vaulting providers in Singapore to store and fulfil bullion orders in the coming months, industry sources told The Business Times.
People familiar with the matter added that this means the company’s clients in other parts of the world would have the option of choosing to vault their precious metals in the Republic.
It also means that StoneX Bullion will be in prime position to capture the growing interest in physical precious metals and the corresponding demand for storage facilities.
The company - an online bullion wholesaler and retailer - currently stores bullion and fulfils orders out of Frankfurt, while having another office in Dubai.
Responding to a question on the firm’s expansion plans in Singapore, representatives from StoneX Bullion said options beyond online bullion retailing are being considered, with “the exact form currently in the planning phase”.
This development comes amid Singapore’s push to deepen its precious metals trading infrastructure.
Deputy Prime Minister Gan Kim Yong announced on Monday (Jun 15) that the Republic will offer over-the-counter gold clearing and central bank vaulting by the end of this year.
Industry observers noted that the success of Singapore’s efforts to strengthen its position as a gold trading hub largely hinges on attracting sufficient market liquidity through both the storage and trading of precious metals.
The Republic currently has over 2,000 tonnes of commercial bullion vaulting capacity, which serves market participants such as bullion banks, institutional investors and high-net-worth individuals.
Aside from banks and secure-logistics providers, there are a handful of bullion retailers that offer vaulting services in Singapore.
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