MAS Launches Gold Vaulting Service with 500-Tonne Capacity, Extends GST Waiver to some Gold Services
- On Tuesday, the Monetary Authority of Singapore launched a gold-vaulting service for foreign central banks and sovereign entities, utilizing a national currency vault that holds up to 500 tonnes of gold with room to expand.
- Deputy Prime Minister and MAS chairman Gan Kim Yong cited rising global demand for reserve assets amid an uncertain external environment, as central banks increasingly seek to diversify portfolios and strengthen resilience.
- Starting in April 2027, an enhanced Goods and Services Tax framework will support wholesale gold market activities by waiving taxes on services like vaulting and refining for institutional participants.
- Six banks—DBS, JPMorgan, and UOB among them—completed industry testing of Singapore Exchange gold-clearing system, with live operations expected in Q1 2027 and Gold Kilobar Futures launches in Q2 2027.
- Regarding competition with Hong Kong, Gan emphasized "Singapore does not aim to replace other gold centres," positioning the initiative as an additional option to strengthen resilience and connect Asia to global markets.
18 Articles
18 Articles
The Singapore Monetary Authority (MAS) announced Tuesday that it will launch a gold depository service for foreign central banks and will reduce taxes for certain companies that operate on the gold market,...
The Central Bank of Singapore has opened a gold deposit service for foreign central banks and international financial institutions, supporting up to 500 tons of gold, and adjusting the goods and services tax framework.
Up to 500 tonnes: MAS launches central bank gold vaulting ...
Foreign central banks, international financial institutions and sovereign entities can now store their gold reserves in Singapore through a new vaulting service launched by the Monetary Authority of Singapore (MAS) on Tuesday (Nov 10).It allows institutions to store gold in Singapore's national currency vault, which can hold up to 500 tonnes, with room for expansion as demand grows.MAS will also...
MAS launches gold vaulting service with 500-tonne capacity, extends GST waiver to some gold services
The service aims to provide foreign central banks, international financial institutions, and sovereign entities with a secure option to hold gold reserves in Singapore.
Coverage Details
Bias Distribution
- 45% of the sources are Center, 44% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
