DBS Group will launch tokenised physical gold for retail customers in H2 2026, with each token backed by one gram of gold held in a Singapore vault. The offering, accessible through DBS digibank, marks the first time retail investors in the city-state can buy tokenised physical gold through a single platform. The move follows a doubling of physical gold AUM in DBS wealth client portfolios over the past three years.
DBS Group Holdings Ltd., Singapore's largest bank by assets, will offer tokenised physical gold to retail customers in the second half of 2026, as demand for the precious metal surges and the city-state pushes to become a global gold trading hub.
Each DBS Physical Gold Token will be backed by one gram of physical gold held in a dedicated vault in Singapore, with customers able to access, hold and trade the tokens through the DBS digibank app, the bank said Thursday. The offering marks the first time retail investors in Singapore can buy tokenised physical gold through a single platform.
"Our ability to deliver DBS Physical Gold Token is built on DBS' fully in-sourced, end-to-end institutional capability — physical vaulting, tokenisation engine, digital custody and digitised distribution," Li Zhen, Head of Foreign Exchange, Precious Metals and Digital Assets, Global Financial Markets at DBS, said.
The bank will tokenise, issue, distribute and manage the gold tokens entirely in-house, with transactions available around the clock and near-instant settlement via blockchain technology. Customers will also have the option to redeem their tokens for physical gold. DBS is exploring plans to list the token on the DBS Digital Exchange for accredited investors and institutional partners, with further details to be announced later.
Assets under management of physical gold holdings in DBS wealth clients' portfolios more than doubled over the past three years, the bank said. DBS has offered physical gold investments to wealth clients since 2013, but access was largely limited to institutional and accredited investors.
"While our retail investors have been able to buy gold funds, access to physical gold has been largely available to only institutional and accredited investors," James Tan, Group Head of Investment Product and Advisory at DBS, said. "We are now using tokenisation to broaden access, enabling more retail customers to invest in gold in a safe and meaningful way."
The launch follows the Monetary Authority of Singapore and the Singapore Bullion Market Association's announcement in March that they are working to strengthen Singapore's position as a gold trading hub. Gold peaked near $5,500 an ounce in January before retreating in March, as its safe-haven appeal gave way to liquidity needs as the Middle East conflict escalated.
DBS' move adds to a growing pipeline of tokenised real-world assets in Singapore. In April, OCBC and LionGlobal launched a physical gold fund token for institutional investors. DBS itself expanded its blockchain capabilities in 2025 by tokenising structured notes on the Ethereum public blockchain and listing Franklin Templeton's tokenised money market fund and the Ripple USD stablecoin.
The tokenised gold offering positions DBS to compete with UOB, which offers retail investors both physical and paper gold, and OCBC, which offers paper gold. All three Singapore lenders now offer gold-linked investments through their digital banking platforms.
This article is for informational purposes only and does not constitute investment advice.
