MYNET CAPITAL TEAMS UP WITH SGPMX TO DELIVER BESPOKE BULLION STORAGE
Kuala Lumpur - MyNET Capital, a leading purveyor of bullion products and services in Malaysia has signed an agreement with Singapore Precious Metals Exchange Pte Ltd of Singapore to exclusively deliver bespoke offshore bullion storage facilities for its high net worth clientele.
The agreement which was signed in Kuala Lumpur positions MyNET Capital as a premier service provider of bullion related services in Malaysia with this unique offering.
Located at the multimillion dollar state-of-the art The Singapore Freeport, this exclusive bullion vault is now available to discerning customers that prefer their physical bullion to be securely stored offshore at a much closer location than the traditional Swiss bullion vault.
Singapore Precious Metals Exchange Pte Ltd (SGPMX) offers this unique white-gloved service to the well heeled who wish to buy, store and or liquidate their physical precious metals in a secure and confidential location.
SGPMX was established to meet the demands of a growing population of savvy individuals and institutions which have begun diversifying their wealth portfolios into physical precious metals in the wake of global economic uncertainty and never-ending geopolitical strife.
The choice of locating SGPMX at The Singapore Freeport meets the criteria of serious bullion investors across the globe: a location where physical precious metals are stored within an institution with sovereign ownership; managed by professionals in the field of bullion storage and logistics; located in a purpose-designed (by renowned Swiss vault designers) bullion vault; facilities located in a secure, wealthy, AAA rated offshore country.
The company’s customers will appreciate the state of the art vaults located at The Singapore Freeport as it operates within a free trade zone modeled after the Swiss free port, an institution from the mid-19th century. Its operations are conducted with the support of the Economic Development Board,
Customs, Police and the Civil Aviation Authority.
Assurance comes in the location of SGPMX in Singapore which is the only Asian country that has been consistently rated AAA by Moody’s, Fitch and S&P.
“At SGPMX, our customers also feel assured when they walk past the full body scanners to enter the purpose built facility that is reminiscent of a James Bond movie set,” said SGPMX CEO Victor Foo.
Foo added that aside from the high security and Swiss-precision designed vaults, their customers’ physical bullion is stored in allocated and dedicated accounts that are jointly managed, maintained by SGPMX’s logistics and storage partner Malca Amit.
Malca Amit Singapore Pte Ltd has over 21 years of experience as the premier bullion and jewelry storage and logistics experts with offices across the globe.
“Unlike most safe deposit box facilities that cap the loss liability at Rm 10,000, our storage include an unmatched US$1.2 billion insurance coverage per claim backed by Lloyd’s of London,” added Foo.
To ensure service that is second to none, SGPMX provides its customers premier concierge services where their bullion can be delivered directly to their private jets as the vault is located within the perimeter of Singapore’s Changi Airport.
“We foresee huge potential not just from within Malaysia, but also from the Middle East market and affluent ethnic-Asian migrants from the USA, UK and Switzerland and other European nations who opt for the more vibrant economies and equally safe havens of countries such as Singapore, Hong Kong, Japan and Malaysia,” said Terry Ghani, Executive Chairman of MyNET Capital.
This is especially so when these Asian countries are also positioned as livable Second Home destinations with world-class infrastructure with more robust growth than that of USA, UK and Europe.
“Thanks to our partner SGPMX, we are now able to provide our customers with the first bespoke bullion storage service of its kind at the Singapore Precious Metals Exchange, added Ghani.
The SGPMX provides a secured, convenient, cost-effective, efficient trading platform for precious metals, which is available on-line, 24×7.
The Platform is created with the following objectives:
- Provide unparallel liquidity – SGPMX acts as the Exchange to ensure that there is ample liquidity for all the bullion that is being quoted and traded; accredited brokers act as market makers, as well as, dealers, to facilitate this function,
- Enable seamless conversion – Investors can convert their existing physical bullion into electronic units (EU) for trading with other investors on SGPMX, and can also chose to withdraw by converting the EUs back into physical,
- Daily bid- ask pricing – SGPMX is committed to provide continuous, bid –ask pricing for the selected bullion (gold and silver) at reasonable spreads; investors are assured of the best pricing when buying and selling on the Exchange,
- Secured payment gateway, worldwide – investors conduct business through a secured payment gateway, available worldwide at low transaction fees, in real-time basis, and in multi-currencies; the Exchange facilitates the transactions, and acts as the clearing house,
- Settlement electronically enabled – investors trade through an electronic settlement system, through allocated accounts, which does not require investor to deliver physical silver or gold to buyer or vice versa, (savings on logistics, insurance and storage) when buying or selling.