SINGAPORE: Singapore yesterday launched a gold storage service for foreign central banks and other financial institutions, as it seeks to bolster its position as a key precious metals trading hub.
The Monetary Authority of Singapore (MAS)said the facility, housed in the city-state’s national currency vault, could store 500 tonnes of gold but could expand that as demand grows.
The service will provide foreign central banks, international financial institutions and sovereign entities “with a secure option to hold gold reserves in Singapore”, the MAS said in a statement.
Select Singapore-based bullion banks providing gold-related services to these institutions will be offered “gold custody accounts”, it added. The move comes as Singapore seeks to capitalise on growing demand for gold trading and storage services in Asia.
