Australian-fintech Trovio, formerly known as InfiniGold that operates on a blockchain-powered platform for the digitalisation of gold and other precious metals has announced that they have opened a new office in Singapore. It has been a while that Singapore has already cemented its status as a stable, global financial centre and has taken the necessary steps to position itself as a bullion hub, exempting investment-level gold, silver, and platinum from goods and service tax. It is also the first fintech company to be welcomed into the Singapore Bullion Market Association (SBMA).
Founded in 2017, Trovio has come up with a niche platform that specialises in fractionalisation and digitisation of physical goods. It didn’t take long for the company to emerge as a market leader, having successfully issued the Perth Mint Gold Token, which is the world’s first digital gold token on a public blockchain that is backed by government-guaranteed gold. The company decided to open a regional office in Singapore because the country has proved itself as an important center for gold trading in the ASEAN region.
Jon Deane, CEO of Trovio, said in a statement, “The global precious metals industry is making huge strides in working to both understand its carbon footprint and ensure that the physical metal is responsibly sourced. Joining the SBMA is particularly apt for Trovio as we are committed to providing our partners in APac with technologies that enable new digital market pathways, traceability on supply, and access to an increasing suite of sustainable precious metals products.”
Trovio says that it aims to improve the efficiency of global commodities market and will also try to make it more transparent. The company is also all set to launch the world’s first carbon-neutral gold exchange trade which is funded by the Australian stock exchange.