Trovio establishes its new office in Singapore as the country “proves itself as an important focal point for gold trading in the Asean region.”
Trovio says 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. This includes industry giants Google, Alibaba, Grab, Sea, and PayPal.
In establishing their regional office in Singapore, Trovio claims it “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’s vision is to improve the efficiency and transparency of the global commodities market. Its innovations enable its partners to “access new markets, develop new distribution channels such as blockchain, and offer investment products that meet the environmental, social, and governance (ESG) needs of the modern investor. “
Trovio announced that it is launching the “world’s first carbon-neutral gold (exchange traded fund) ETF on the Australian Stock Exchange (ASX).”
Jon Deane, Trovio CEO, notes: “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.”
Deane says joining the SMBA 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 jumped from 350 groups in March to 780 as of September 2020. The fintech community in Singapore has grown rapidly over the past five years, Trovio claims, “with traditional financial institutions increasingly adopting 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 650m people in the region.” With China’s largest technology and financial services companies recently expanding 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.
Deane concludes: “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.”
