Singapore Central Bank Rolls Out Gold-Vaulting Services
The Monetary Authority of Singapore is rolling out gold-vaulting services as part of efforts to make the city-state Asia’s top gold-trading hub.
Singapore's Monetary Authority of Singapore (MAS) recently introduced a gold-vaulting service for central banks and an enhanced goods and services tax (GST) framework to support wholesale gold market activities. The gold-vaulting service, which can store up to 500 tonnes of gold, is available to foreign central banks, sovereign entities, and multilateral organizations.
Deputy Prime Minister Gan Kim Yong stated that the growing demand for gold as a reserve asset, due to current uncertainties, justifies the move. MAS will also offer gold custody accounts to select Singapore-based bullion banks, and the enhanced GST framework will not charge GST for services between institutional participants involved in gold-related activities.
This framework aims to better reflect the wholesale investment nature of gold trading and support the development of the gold market in Singapore. The over-the-counter gold clearing system is expected to be operational by the end of 2026, with live trading and market operations commencing in Q1 2027. Singapore's initiatives to enhance its gold infrastructure are expected to create high-value jobs and strengthen the country's role as a trusted connector between Asia and global gold markets.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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