In this episode of SmarterMarkets™, Dave Greely interviews Albert Cheng, CEO of the Singapore Bullion Market Association (SBMA), about Singapore's journey to becoming a global hub for gold and precious metals trading. Cheng discusses Project Lion One, which focused on removing GST on gold, attracting refineries, and encouraging traders to establish offices in Singapore. He also introduces Project Lion 2, the SBMA's vision to establish Singapore as a global hub supplementing London and Zurich, by building a gold inventory and clearing system. Cheng emphasizes Singapore's strategic advantages, including its open economy, rule of law, and potential for integrating physical and digital gold markets, as well as promoting responsible sourcing and ESG practices. He highlights the success of the Asia-Pacific Precious Metals Conference in fostering opportunities in the ASEAN market and concludes by noting the favorable external environment, driven by geopolitical uncertainty and central banks' increasing gold purchases, making it the right moment for Singapore to emerge as a leading global center.
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