MAS launches gold vaulting service for foreign central banks

The national currency vault can store up to 500 tonnes of gold.

The Monetary Authority of Singapore (MAS) has launched a central bank gold vaulting service for foreign central banks, international financial institutions, and sovereign entities.

The gold will be stored in Singapore's national currency vault, which has a capacity of up to 500 tonnes, MAS said in a statement on 10 November.

The central bank will also offer gold custody accounts to selected Singapore-based bullion banks with experience in gold-related services and trading liquidity.

In addition, MAS and the Ministry of Finance announced plans to expand Goods and Services Tax waivers to specified wholesale investment precious metal gold services, including vaulting, refining, recasting, assaying, and broking.

The enhanced framework is expected to take effect in April 2027, with further details to be announced at Budget 2027.

Separately, SGX Group and six founding clearing banks—DBS, Deutsche Bank, ICBC Standard Bank, J.P. Morgan, OCBC and UOB—are preparing to launch an over-the-counter gold clearing system.

MAS said industry testing has been completed, with live trading and market operations expected to begin in the first quarter of 2027.

SGX is also targeting the second quarter of 2027 for the launch of its physically deliverable Gold Kilobar Futures.

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