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Singapore

MAS launches gold vaulting service for foreign central banks and sovereign entities

The service aims to develop Singapore as a regional gold trading centre and offers sovereign custody options for institutions holding gold reserves.

Photo: Fintech Singapore

What happened

The Monetary Authority of Singapore launched a gold vaulting service that allows foreign central banks, international financial institutions and sovereign entities to hold their gold reserves in Singapore. British Chamber Of Commerce Singapore+1 The gold will be stored in MAS' national currency vault, which can currently hold up to 500 tonnes, with room to expand as demand grows. British Chamber Of Commerce Singapore+1 MAS will also offer gold custody accounts to select Singapore-based bullion banks with experience in providing gold-related services and trading liquidity to these institutions. Fintech Singapore The service is part of efforts to develop Singapore into a regional gold trading centre. Fintech Singapore

Around it

Singapore's commercial vaulting capacity is more than 2,000 tonnes and serves bullion banks, institutional investors and high-net-worth individuals. British Chamber Of Commerce Singapore Deputy Prime Minister and MAS chairman Gan Kim Yong said demand for gold as an asset class is rising as investors and central banks look for resilience and diversification in an uncertain external environment. British Chamber Of Commerce Singapore Gan Kim Yong said some foreign central banks have already expressed interest in the service. British Chamber Of Commerce Singapore MAS and the Ministry of Finance will also introduce an enhanced GST framework for wholesale investment precious metals gold market activities, extending the GST waiver to specified activities. Fintech Singapore

Sources

  1. British Chamber Of Commerce SingaporeS’pore opens national currency vault to foreign central banks to store gold reserves
  2. Fintech SingaporeMAS Launches Gold Vaulting Service, Revises Wholesale GST Framework

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