Singapore launches central bank gold custody service, with vault capacity currently reaching up to 500 tonnes

November 10 — Singapore has launched a gold custody service for overseas central banks and official institutions, aiming to capture global demand for diversified storage of gold reserves. The Monetary Authority of Singapore said in a statement on Tuesday that the gold will be stored in the national currency vault. The vault currently has a capacity of up to 500 tonnes and can be expanded as demand grows.

Gan Kim Yong, Chairman of the Monetary Authority of Singapore and concurrently Deputy Prime Minister of Singapore, said: "Singapore does not intend to replace other gold hubs or gold custody services. As countries' demand for gold as a reserve asset grows, I believe central banks are also seeking alternatives and want more options to enhance the resilience of their gold reserves." The statement also noted that the MAS will provide gold custody accounts to selected precious metals banks that have operations in Singapore and possess relevant expertise.