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SINGAPORE, Jan. 28, 2016 /PRNewswire/ -- The World Platinum Investment Council (WPIC) today announced it has been approved by the Singapore Bullion Market Association (SBMA) for foreign associate corporate membership. This marks the first in a series of strategic initiatives the WPIC is developing in 2016 to stimulate investor demand for physical platinum and increase the number and type of platinum investment opportunities available in Asia.
The SBMA was formed in 1993 to promote Singapore as a precious metals 'hub' in Southeast Asia and its existing members include ICBC Standard Bank Plc, Bank of Nova Scotia, J.P. Morgan, and UOB Bullion & Futures Ltd.
Marcus Grubb, Director of Market Development at the WPIC, said, "Singapore represents one of the most important wealth management markets globally with USD 0.5 trillion in assets[1] and offers world-class infrastructure and a strong and growing financial centre. It is also a growing hub for precious metals investment and the industry value chain with strong government backing for the precious metals business."
"We believe that Singapore offers an abundance of market development opportunities for both retail and institutional platinum investment products including coins and bars, accumulation plans, Exchange Traded Funds and listed platinum Bullion Coin Custodial Certificates. We look forward to supporting the SBMA's efforts to develop Singapore's position as the preeminent hub for precious metals in Southeast Asia."
Commenting on the announcement, Albert Cheng, Chief Executive Officer of the SBMA, said, "The WPIC is coming to Singapore 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. The WPIC membership will undoubtedly contribute to our efforts by strengthening the region's range and availability of investor products."
The SBMA membership is the latest market development announcement from WPIC, following the news in late 2015 that the organisation has entered into an exclusive agreement with Rand Merchant Bank to extend the global availability of the Bullion Coin Custodial Certificate (BCCC). WPIC is actively seeking BCCC launch partners to offer this new product, which provides investors with a safe, secure and cost effective method of purchasing and owning platinum coins and other precious metals.
The WPIC has been consulting with a number of local market authorities as it establishes a comprehensive pipeline of initiatives, including International Enterprise (IE) Singapore.
Satvinder Singh, Assistant Chief Executive Officer of International Enterprise (IE) Singapore added, "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. This partnership will further strengthen Singapore's position as Asia's precious metals trading hub and the continued development of platinum in the region."
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Notes to Editors:
About the World Platinum Investment Council
The World Platinum Investment Council Ltd. (WPIC) is a global market authority on physical platinum investment, formed to meet the growing investor demand for objective and reliable platinum market intelligence. WPIC's mission is to stimulate global investor demand for physical platinum through both actionable insights and targeted product development. WPIC was created in 2014 by the six leading platinum producers in South Africa: Anglo American Platinum Ltd, Aquarius Platinum Ltd, Impala Platinum Ltd, Lonmin plc, Northam Platinum Ltd and Royal Bafokeng Platinum Ltd.
For further information, please visit www.platinuminvestment.com.
WPIC's offices are located at: 64 St James's Street, London, SW1A 1NF.
About Platinum
Platinum is one of the rarest metals in the world with distinctive qualities making it highly valued across a number of diverse demand segments. Platinum's unique physical and catalytic properties have established its value in industrial applications. At the same time, its unique precious metal attributes have made it the premier jewellery metal.
Platinum's supply comes from two main sources: primary mining output, and recycling, which typically comes from end of life auto catalysts and jewellery recycling. Over the last five years, between 72% and 77% of total annual platinum supply (in refined ounces) has come from primary mining output.
Global demand for platinum is growing and becoming more diverse. There are four core segments of platinum demand: automotive, industrial, jewellery and investment demand.
Platinum demand from autocatalysts has equated to between 37% and 41% of total demand in the last five years. Platinum's diverse other industrial uses account on average for a little over 20% of total global demand (five year average). Over the same period, global annual jewellery demand has averaged 34% of total platinum demand. Investment is the smallest category of platinum demand and also the most variable over the past five years, ranging between 2% and 11% of total demand (excluding movements in vaulted investor holdings).
About the Singapore Bullion Market Association
The Singapore Bullion Market Association (SBMA) was formed in the early stages of Singapore as a bullion hub in 1993. Singapore's innate attributes of neutrality, stability, excellent connectivity and reputation as an important centre of finance has long appealed to global traders in precious metals.
In 2012, with the lifting of the Goods and Services tax (GST) off Investment Precious Metals (IPM) by the Singapore government, this has since set in motion Singapore's vision to be Asia's global precious metal trade hub.
Today, the SBMA plays an essential role of connecting and promoting the Asian bullion market internationally. The association promotes transparency and governance in the Singapore bullion market and plays a pivotal role in market development in Singapore and beyond.
About International Enterprise Singapore
International Enterprise (IE) Singapore is the government agency driving Singapore's external economy. We spearhead the overseas growth of Singapore-based companies and promote international trade. Our vision is a thriving business hub in Singapore with Globally Competitive Companies and leading international traders.
IE Singapore attracts global commodities traders to establish their global or Asian home base in Singapore. Today, Singapore is a thriving trading hub with a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters.
Through our Global Company Partnership and Market Readiness Assistance, we also work with Singapore-based companies in their various stages of growth towards being globally competitive.
Our global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets. Visit www.iesingapore.com for more information.
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