Singapore has outlined plans to launch a gold clearing system by the end of the year, in partnership with JPMorgan Chase, Deutsche Bank, DBS (SGX:D05), Oversea-Chinese Banking Corp. or OCBC (SGX:O39), UOB (SGX:U11)and ICBC Standard Bank, according to a report by Bloomberg on Monday.

Speaking at a conference, the city-state's Deputy Prime Minister and MAS chairman, Gan Kim Yong said the system will connect regional gold demand with global liquidity and support market activity during trading hours.

Bloomberg also reported that MAS plans to introduce central bank gold vaulting services by October.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)