Singapore’s gold hub plan gets lift with DBS vault expansion

Singapore's push to become a major gold hub is receiving a boost with DBS Bank expanding its vaulting space. The Southeast Asian lender has increased its storage capacity in 2026 to cater to the growing demand from private wealth and institutional clients. OCBC and Deutsche Bank are also exploring ways to secure more space for precious metal storage, with plans subject to change.

The expansion of vault capacity is vital for Singapore's ambition to establish a gold clearing system as part of its strategy to become a global hub for the precious metal. Banks typically contract logistics providers to manage storage and movement of gold, but some, like Singapore-based United Overseas Bank (UOB), operate their own vaults.

A high-security facility owned by a crypto billionaire, Le Freeport, currently has nearly full basement vaulting space, prompting discussions among some banks about potential limitations in storing bullion. Singapore's gold push mirrors Hong Kong's recent developments, including a trial run of a new clearing system and potential adoption of a price benchmark for gold traded and settled in Singapore.