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We close out the week with breaking news on two digital companies that are making headlines in the gold trade. Both are growing rapidly. Meanwhile, a third company is transforming digital trading in the commodities and energy sectors. We also found for you a free report that takes a close look at how the pandemic is affecting the silver market now. And we close out our Friday metals news over in the United Arab Emirates to see if this country has quietly become the world’s ‘global trade hub’ or not?
Enjoy and have a great weekend!
Let’s dig in…

Latest News
PhonePe Now the Largest Platform for Digital Gold Purchases; Market Share 35%
PhonePe has grown into the largest platform for buying digital gold, surpassing Google Pay, Amazon Pay and Paytm. The Walmart owned business has seen a greater than 6X jump in volume of gold sold during the Indian festival season. ‘’PhonePe saw record sales for Gold this month on the back of the festive season,” said Terence Lucien, head, Mutual Funds and Gold, PhonePe.
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Latest News
Glint Pay Opens Gold Based Account for Largest Ever Corporate Client
Fintech firm, Glint Pay, announced on Wednesday that it has taken its ‘first major steps’ in offering a gold-based corporate facility, as investment manager, Perspective Investments, opened a business account and became the fintech’s largest corporate client. Perspective Investments said they will use their Glint Pay business account to store capital, and will offer employees the chance to receive a portion of their salary as gold, via the fintech’s new peer-to-peer ‘Glint It!’ service. The company said that the ‘Glint It!’ facility allows customers to spend and receive spendable gold and currencies. It added that it has created a ‘bespoke product’ for Perspective Investments, in order to meet its demands and create ‘diverse corporate functionality’.
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Stock Market
Commodities Trading Begins New Era Through Its Digital Transformation
The digital transformation in commodities and energy trading has been made possible by the increase in information available to trading firms and the speed at which they are able to process this data by employing digital tools and analytics platforms. All of this has enabled commodities trading firms to enter a new market era. While trading firms are aware of this transformation, some are struggling to develop a clear vision of what it takes to remain competitive. The question is: Where should they invest to achieve bottom-line results? The answer is not the same for everyone.
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Price
[FREE REPORT] How the 2020 Pandemic Has Affected the Silver Market
The Silver Institute hosted a webinar today to discuss its annual Interim Silver Market Review. Philip Newman, Managing Director at Metals Focus, and his colleague, Adam Webb, Director of Mine Supply, presented the findings. The Interim Review features historical supply and demand statistics and provisional estimates for 2020. The following are the key highlights from the presentation:

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International
Has UAE Become the ‘Global Gold Trade Hub’?
As many as 33 countries from around the world, including Israel, have now pledged their participation at the forthcoming Global Gold Convention 2020 to identify and forge new trade solutions with the UAE - underscoring the future of the nation as the next Global Gold Trade Hub.
Hosted by IBMC International, GGC2020 will now be co-organized with the International Chamber of Commerce UAE (ICC UAE) and the Federation of UAE Chambers of Commerce & Industry (UAE Chambers) to anchor in the intercontinental significance of the Convention. Humaid Ben Salem, Chairman - International Chamber of Commerce (ICC UAE) Secretary General - Federation of UAE Chambers of Commerce & Industry (UAE Chambers), said:
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International
How the Central Bank of Hungary Changed Gold Investment Trends
Robert Rekasi, head of foreign exchange reserves management at the Central Bank of Hungary, speaks to Central Banking’s Victor Mendez-Barreira about how COVID-19 has changed gold investment trends. READ INTERVIEW ([link removed]) ([link removed])
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Gold Silver Central

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