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Trovio Joins SBMA Following Their Launch Into Singapore

Trovio, the commodity-digitisation and registry service, technology partner to The Perth Mint, and exclusive commodities provider to the Universal Protocol Alliance, has recently announced the establishment of their latest foothold in Singapore; as the region continues to demonstrate itself as an important focal point for gold trading within the ASEAN region.

Singapore has already cemented its reputation as a stable financial centre and has taken steps to position itself as a bullion hub, exempting investment-grade gold, silver, and platinum from a goods and services tax.

Furthermore, 80% of the world’s top 100 tech firms have a regional headquarter in the country, according to the Economic Development Board (EDB) of Singapore. A notable few include industry giants Google, Alibaba, Grab, SEA, and PayPal.

In establishing their regional office in Singapore, Trovio became the first fintech company to be welcomed into the Singapore Bullion Market Association (SBMA), as the gold industry looks to leverage the new methods and technologies offered by digitisation.

Trovio continues to retain and work towards its vision of improving the efficiency and transparency of the global commodities market. The adoption of Trovio’s technologies has enabled its partners to access new markets, develop new distribution channels such as blockchain, and offer investment products that meet the ESG needs of the modern investor. Trovio has also announced that they are to launch the world’s first carbon-neutral gold ETF on the Australian Stock Exchange (ASX).

Jon Deane, CEO, Trovio
Jon Deane, CEO, Trovio

“The global precious metals industry is making huge strides in working to both understand its carbon footprint and ensure that the physical metal is responsibly sourced,” comments Jon Deane, CEO of Trovio. “Joining the SBMA is particularly apt for Trovio as we are committed to providing our partners in APAC with technologies that enable new digital market pathways, traceability on supply, and access to an increasing suite of sustainable precious metals products.”

Trovio has also recently joined the Singapore Fintech Association (SFA), whose membership had swelled from 350 groups in March to 780 as of September 2020. The fintech community in Singapore has grown rapidly over the past five years, with traditional financial institutions increasingly adopting financial technology as a means to innovate and transform.

Trovio is leveraging Singapore as a launchpad into the rest of Southeast Asia – providing an opportunity to access more than 650 million people in the region. With China’s largest technology and financial services companies recently stepping up efforts to expand into Singapore, the Asian finance hub has become crucial for international growth and access to the Shanghai Gold Exchange (SGE) – the largest purely physical gold spot exchange in the world.

“As Singapore’s fintech ecosystem continues to grow and mature, Trovio strives to collaborate with strong ecosystem players to empower our community and vision, in deploying new technology solutions for the next generation and the quickly evolving investment landscape with regards to ESG and market access,” added Deane.

Author

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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