JPMorgan Chase (JPM) and UBS Group (UBS) has held meetings with the Monetary Authority of Singapore in recent months over to evaluate the country's potential as a regional gold trading hub, Bloomberg reported Tuesday, citing unnamed sources familiar with the matter.

Sources told the news outlet that the regulator also engaged with ICBC Standard Bank, DBS Group, United Overseas Bank and Oversea-Chinese Banking. The plans are at an early stage and remain subject to change, according to the report.

UBS, JPMorgan, and the Monetary Authority of Singapore did not immediately respond to MT Newswires' requests for comments.

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