DBS Group, Singapore’s largest bank, announced on June 11 that it will offer tokenized physical gold to retail customers through its digibank app in the second half of 2026. Each DBS Physical Gold Token will represent one gram of gold, letting customers buy small amounts, trade around the clock, and redeem for physical metal. The launch trails rival OCBC, which brought its tokenized gold fund to market in April.
DBS Brings Gold Tokens to Retail
According to Reuters, DBS, also Southeast Asia’s largest bank by assets, said its new DBS Physical Gold Tokens will be available through its digibank mobile app in H2 2026, with each token representing ownership of one gram of physical gold. The single-gram design is deliberate: it lets retail investors take on gold exposure without buying a full bar, lowering the entry point to a fraction of what bullion ownership traditionally requires.
The bank described the offering as the first in Singapore to let retail customers digitally access, hold, and trade tokenized physical gold through a single platform. Customers will be able to buy in small amounts, trade 24/7, and redeem tokens for physical gold.
James Tan, DBS group head of investment products and advisory, said gold “as an asset class has taken off in recent years” and that tokenization would open the metal to more retail customers. The push is grounded in real demand at the bank: DBS said physical gold holdings among its wealth clients have more than doubled over the past three years.
Trailing OCBC to Market
For all the “first in Singapore” framing around its retail single-platform approach, DBS is not the first to tokenize gold in its home market. Rival OCBC, Singapore’s second-largest bank, launched its GOLDX tokenized gold fund in April 2026, beating DBS to the punch by months. GOLDX runs on both Ethereum and Solana, built with Lion Global Investors and DigiFT under Monetary Authority of Singapore oversight, and is backed by the LGI Physical Gold Fund, which had swelled to S$669.4 million in assets by mid-April amid a flight to safety among Asian investors.
The two approaches differ in important ways. OCBC’s GOLDX is structured as a regulated fund deployed across two public blockchains from the outset, while DBS is positioning its product as a retail-facing, app-native token with direct buy, hold, trade, and physical redemption.
DBS’s pitch leans on accessibility and the single-app experience; OCBC’s leans on multi-chain availability and fund-grade structure. The competitive subtext is clear: Singapore’s two biggest banks are now racing to define how retail customers access tokenized gold, as the city-state pushes to cement its status as a gold trading hub.
The Details DBS Hasn’t Disclosed
Notably absent from the announcement are several specifics that will determine how the product actually works. DBS has not said which blockchain will underpin the gold tokens nor detailed its custody arrangements or the exact redemption process. Those gaps matter: investors will want clarity on who holds the physical gold, where it is vaulted, and how reserves are audited, as well as whether token holders can realistically take physical delivery or whether redemption is gated.
OCBC’s decision to deploy GOLDX on both Ethereum and Solana also sets a multi-chain reference point that DBS may be pressed to match or explain departing from. Separately, DBS said it is exploring listing the token on its DBS Digital Exchange for accredited investors and institutional partners, hinting at ambitions beyond the retail app.
A Backdrop of Volatile Gold
The launch arrives during a turbulent stretch for the metal it is built on. Gold touched a record high of around $5,600 an ounce earlier this year due to inflation, geopolitical tension, and market volatility, but spot gold fell to $4,111.95 on Wednesday—its lowest since March 23 and down roughly 27% from the peak.
The swings cut both ways for a retail tokenization product: heightened interest in gold as a store of value supports demand, while a sharp drawdown is a reminder that fractional, app-based access also lowers the barrier for retail investors to take on a volatile asset. DBS’s bet is that easier access, not price stability, is what will bring the next wave of retail gold buyers on-chain—and it is making that bet a step behind its closest rivals.
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