OCBC Bank Enables Instant Purchase of Gold and Silver Digitallyby Fintech News Singapore November 5, 2021
With more Singaporeans investing now despite the uncertainty and volatility in the market, the need for investors to invest in safe-haven assets such as gold and silver to balance their portfolios is greater than ever.
OCBC Bank is enabling investors to buy precious metals such as gold and silver quickly and easily. Since 25 October 2021, investors have been able to instantly set up an account to buy or sell gold and silver paper bullion on the OCBC Digital mobile banking app – OCBC said that they are the only financial institution in Southeast Asia to enable this. Investors can purchase these metals in real-time, starting from quantities as low as 0.01 oz.
Within the first week of the introduction of this new feature, more than S$1 million and 3,698 oz. worth of the precious metals have been purchased on the app, with a clear preference for gold.
This digital service lets customers invest in gold and silver at prices based on live market data, and in accessible and affordable quantities. With as little as S$25 for gold and 35 cents for silver, customers can pay for their precious metals directly from their OCBC Bank accounts, including OCBC foreign currency accounts.
Mr Aditya Gupta, OCBC Bank’s Head of Digital Business and Transformation, said:
“Inclusive. Intuitive. Immediate. This has been our north star as we add the precious metals trading service to our extensive suite of digital wealth management products and services. In this new normal of market volatility, gold and silver have seen an increased interest among investors, and we are plugging this surge in demand by democratising its access to a wider set of customers. This is our latest step in opening up new investment avenues for our customers and empowering them to further diversify their portfolios digitally.”