United Overseas Bank's bullion and futures business obtains approval to list on the Dubai Gold and Commodities Exchange.

UOB Bullion and Futures, a wholly-owned subsidiary of Singapore's United Overseas Bank, has been approved as a clearing member of the Dubai Gold and Commodities Exchange.

The approval expands UOBBF's coverage of the global gold market as the firm addresses the rising demand from Singapore and Asian investors. The futures broker provides trading access to a range of products, including foreign exchange, bullion, over-the-counter derivatives, futures and options, commodities and securities on major exchanges in the world. Its client base includes high net worth individuals.

"Becoming a member of DGCX will enable us to provide our clients with access to a wider range of products which are more commonly traded in the Middle East and North Africa," said Matthew Png, chief executive of UOBBF, in a statement. 

There is a strong demand for gold in Asia, particularly China and India, as evidenced by the opening of storage facilities in Singapore, one of the region's financial hubs, in the past year. Among the banks that have set-up gold vaults in the city-state are UBS, ANZ and Baird & Co. According to latest figures from the World Gold Council, China recorded the largest rise in demand for gold in 2013, up by 32 percent from the previous year. The global demand was up 21 per cent year-on-year.

To see a previous story on UOB, click here.