The DBS Group plans to launch tokenized physical gold to meet growing demand.

As Singapore aims to strengthen its position as a precious metals hub, the country's DBS Group is planning to launch tokenized physical gold. The bank said on Thursday that DBS Group's physical gold tokens are Singapore's first such product, allowing retail customers to digitally acquire, hold, and trade tokenized physical gold. Tokenization means that ownership of a real asset is represented by a blockchain token that can be electronically traded. The bank said that each token will be backed by one gram of physical gold stored by DBS Group in a Singaporean vault, and these tokens will be launched in the second half of the year through the bank's digital app.