UOB, SGE ink MoU to deepen gold market cooperation

UOB is the only bank providing gold products in Singapore.

UOB and the Shanghai Gold Exchange (SGE) have signed a memorandum of understanding to respond to the Belt and Road initiative and cooperate in ASEAN gold markets, leveraging China’s gold supply chain to connect production capacity and demand.

UOB will collaborate with SGE in proprietary trading, physical delivery, and international bullion products.

UOB Deputy Chairman and CEO Wee Ee Cheong highlighted the company's unique position as the sole bank providing physical gold products in Singapore, with a strong ASEAN footprint that facilitates connections between customers and gold markets across the region and in China.

The partnership aims to enhance cross-border financial collaboration, providing more opportunities for gold supply chain participants.

UOB and SGE will deepen gold market cooperation, improve connectivity between China and global gold markets, and contribute to the growth of the precious metals market in China, Singapore, and other ASEAN regions.

This agreement forms part of broader bilateral cooperation initiatives between the People’s Bank of China and the Monetary Authority of Singapore, as discussed during the 20th Joint Council for Bilateral Cooperation meeting.