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On the same platform: SGPMX's Mr Foo (far left) and Certis Cisco COO Chua Chwee Koh at the MOU signing.—Photo SGPMX
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SINGAPORE — Riding on the rush for physical gold in Singapore, an online trading platform for physical bullion investors has been launched here.
In what it says is a first in the world, the Singapore Precious Metals Exchange (SGPMX) will allow retail customers worldwide to buy and sell physical gold or silver from one another, provided that they store their bullion with its partner Certis Cisco Singapore.
The platform will operate round the clock, and accept any transaction above US$1,000.
SGPMX charges the buyer and seller a fee of 0.25 per cent each for every transaction, and 0.5 per cent a year for storage.— The Business Times/The Strait Times/ANN