Monetary Authority of Singapore Launches Gold Vaulting Service for Central Banks
The Monetary Authority of Singapore (MAS) has officially launched a new gold vaulting service specifically designed for foreign central banks and sovereign entities. With an initial capacity of 500 metric tons, the initiative aims to position Singapore as a major global bullion hub alongside established centers like London and Switzerland. To support this growth, the city-state also plans to introduce tax exemptions for wholesale services including refining, testing, and broking. While the move leverages Singapore's political stability and strong legal framework, analysts suggest the country faces significant competition. Hong Kong remains a formidable rival due to its proximity to China, the world's largest gold market, while London maintains a massive lead in total storage volume. Experts suggest Singapore may find more success carving out a niche in physical custody for financial institutions rather than competing directly with established trade-backed structures.