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Singapore Launches Gold Vault for Central Banks
10 Nov
Summary
- Monetary Authority of Singapore launched a 500-tonne gold vault service.
- GST framework enhanced to waive taxes on precious metal investment services.
- New service aims to provide secure gold holding for foreign central banks.
Singapore's Monetary Authority (MAS) has unveiled a new gold vaulting service designed to hold up to 500 tonnes of gold. This facility is intended to provide foreign central banks, international financial institutions, and sovereign entities with a secure location for their gold reserves. The service is set to begin operations in the first quarter of next year, following preparations for an Over-the-Counter gold clearing system by the end of this year.
Furthermore, MAS and the Ministry of Finance will implement an enhanced Goods and Services Tax (GST) framework starting April next year. This framework will exempt institutional participants from GST on wholesale services connected to investment precious metals, including vaulting, refining, and broking. This strategic initiative supports Singapore's growing gold ecosystem and its position as a global financial hub.
