JOHANNESBURG (miningweekly.com) – The Singapore Bullion Market Association (SBMA) on Thursday approved the World Platinum Investment Council (WPIC) for foreign associate corporate membership, marking the first in a series of strategic initiatives being pursued by the WPIC to stimulate investor demand for platinum.

The council also aimed to increase the number and type of platinum investment opportunities available in Asia during the year.

“Singapore represents one of the most important wealth management markets globally with $500-billion in assets 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,” WPIC market development director Marcus Grubb said.
 
He added that Singapore offered 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 South-East Asia,” Grubb noted.
 
SBMA CEO Albert Cheng noted that WPIC was joining the association at an interesting time in the market’s development. “Since the removal of the goods and services tax in 2012, there has been a real step-change in the country’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,” he added.

Last year, the WPIC also entered into an exclusive agreement with Rand Merchant Bank to extend the global availability of the Bullion Coin Custodial Certificate (BCCC).

The WPIC was actively seeking BCCC launch partners to offer this new product, which would provide investors with a safe, secure and cost-effective method of buying and owning platinum coins and other precious metals.
 
The organisation had been consulting with a number of local market authorities as it established a comprehensive pipeline of initiatives, including International Enterprise Singapore.