Platinum industry group to develop more investment products in Singapore
SINGAPORE, which has seen a flurry of activity in its gold sector in recent years, could now see platinum take off in a similar way as the World Platinum Investment Council (WPIC) ramps up its promotional work here.
The industry body has joined the Singapore Bullion Market Association (SBMA) here as it seeks to stimulate investor demand for physical platinum and increase the ways in which Asian investors can invest in the metal.
As one of the most important wealth management markets globally with US$0.5 trillion in assets, Singapore offers "an abundance" of opportunities for both retail and institutional investment products, including coins and bars, and exchange-traded funds, said WPIC's director of market development Marcus Grubb.
SBMA chief executive Albert Cheng said WPIC is coming at "an interesting time" in the market's development.
"Since the removal of the Goods and Services Tax (GST) in 2012, there has been a real step-change in Singapore's prominence as a major hub for precious metals trading and investment, a position we are working hard to consolidate," said Mr Cheng. "The WPIC membership will undoubtedly contribute to our efforts by strengthening the region's range and availability of investor products."
International Enterprise (IE) Singapore, the government agency responsible for developing the commodities sector in here, said the partnership will further strengthen the country's position as Asia's precious metal trading hub.
"WPIC brings knowledge, experience and technical expertise in platinum as an investment, complementing SBMA's role as a major association for precious metals for the region," said IE Singapore assistant CEO Satvinder Singh.
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