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.