By Katie Holliday
CNBC / Yahoo! Singapore
Vending machines usually conjure thoughts of food and drinks, but one firm is tapping consumers’ love for something much more expensive: gold.
Two Smart Gold ATMs – vending machines that dispense a range of 24 karat gold items – were launched in Singapore this week at the Marina Bay Sands Hotel and Resorts World Sentosa, luxury venues that attract wealthy Singaporeans and a plethora of tourists.
“We chose Singapore because it’s the center of Asia, which is the center of world gold consumption,” said Kong Kok Chee, director of Asia Gold ATM, the company behind the launch, referring to Singapore’s popularity as a finance and business trading hub for the region.