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According to Reuters, Singapore will establish an over-the-counter gold clearing system and launch a central bank gold custody service to promote its status as an Asian gold trading hub. The Singapore Exchange (SGX) will set up an over-the-counter gold clearing system for physical gold stored in Singapore by the end of this year, with DBS, Deutsche Bank, ICBC Standard Bank, JPMorgan Chase, OCBC, and UOB serving as clearing members. Reuters also mentioned that DBS announced last week it will offer tokenized physical gold to retail clients.