,Singapore

OCBC allows real-time digital purchase of gold, silver 

Over $1m and 3,698oz of precious metals have been purchased through the app.

OCBC Bank has enabled Singaporean investors to buy precious metals in real-time through the bank’s mobile app.

The feature, which launched on 25 October, reportedly makes OCBC the first financial institution in Southeast Asia to enable this, the bank said in a press announcement.

In just its first week of launch over S$1m and 3,698 oz. worth of the precious metals purchased on the app in just its first week, with a clear preference for gold, the bank shared.

Investors can purchase these metals, such as gold and silver, starting from quantities as low as 0.01oz.  Investors can start buying precious metals for as low as S$25 for gold and 35 cents for silver.
 
Prior to the launch of the service, Singaporeans interested in buying these precious metals would have to wait for several days before their account to invest in precious metals is approved; or they will have to go to a bank branch or retailer to buy physical gold bars, and worry about where to store them.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The country’s top regulator shared plans to enact a new law on the matter.
Mizuho most recently saw disruptions to its corporate online bank services on 11 January. 
He replaces current COO David Whiteing, who is moving back to Australia.
The bank assured customers that it employs a multi-layered defence system against fraud.
Banks are asked to remove links in emails and SMS sent to customers.
Two operators, Daenerys and Deodi, have shut down their ATM machines in the city.
Users can now link accounts from Bank of China, DBS, Maybank, OCBC, StanChart, and UOB.
The potential is there, but tech roadblocks prevent wider adoption in the industry.
And the search for a new head of corporate banking for Australia and New Zealand is on.
The new guidelines instruct against marketing DPT services in public areas.
Loyalty programs are also rated as important by consumers in the city.
Banks and financial institutions are invited to submit their entries for the Wholesale Banking Awards, Retail Banking Awards, and Corporate and Investment Banking Awards 2022.
Decisions on green finance now will lock in emissions trajectories for decades.
A possible rate hike in March will also positively affect the bank.