Singapore will launch an over-the-counter gold clearing system this year, with the central bank’s gold custody service going live in October.

According to Reuters, Singapore Deputy Prime Minister Gan Kim Yong said that Singapore will establish an over-the-counter (OTC) gold clearing system for its physical gold market, Loco Singapore, by the end of this year, and launch a central bank gold custody service in October—offering gold reserve storage solutions to foreign central banks and sovereign entities to enhance its gold trading and reserve management capabilities.