The tiny Southeast
Asian city-state Singapore has transformed itself into one of the
world's top financial hubs and has now set its sights on turning the
wealthy island into a gold bullion center.
A step in that direction came this week when Deutsche Bank opened its second-largest gold storage facility in the world in Singapore. "If you look at the existing primary locations of London, Zurich and New York, these are clearly Western-centric," Mark Smallwood, head of APAC wealth planning at Deutsche Asset &Wealth Management said Wednesday. "The launch is really part of the story of Singapore, and about a story of evolving storage facilities for gold bullion."
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