New: MAS Launches Gold Vaulting Service for Foreign Sovereign Entities

The Monetary Authority of Singapore (MAS) has launched a dedicated gold vaulting service allowing foreign central banks, international financial institutions, and sovereign entities to store gold reserves in the Republic. Stored within MAS’ national currency vault—which holds up to 500 tonnes of gold with room for expansion—the facility complements Singapore’s existing commercial vaulting capacity of over 2,000 tonnes.

Deputy Prime Minister and MAS Chairman Gan Kim Yong highlighted growing global demand for gold as central banks seek asset diversification and resilience amid external uncertainties. Several foreign central banks have already expressed interest in the service, positioning Singapore as an alternative global storage hub alongside traditional centers like London and New York.

Gold Vaulting

To further deepen wholesale gold market activity, MAS announced that custody accounts will be offered to select local bullion banks to support trading liquidity during Asian hours. Additionally, six major banks—DBS, Deutsche Bank,ICBC Standard Bank, JPMorgan, OCBC, and UOB—will participate as clearing members for the Singapore Exchange’s (SGX) upcoming over-the-counter gold-clearing system, which targets live operations in early 2027 for both 400-ounce large bars and 1kg kilobars.

To bolster market infrastructure, SGX plans to introduce a physically deliverable Gold Kilobar Futures contract in Q2 2027. Complementing these initiatives, MAS and the Ministry of Finance will roll out an enhanced GST framework in April 2027, waiving tax on institutional services such as refining, assaying, and broking to reinforce Singapore’s standing as a premier global precious metals hub.

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