MAS launches gold vaulting service with 500-tonne capacity, extends GST waiver to some gold services

Singapore’s Monetary Authority (MAS) has launched a gold vaulting service for foreign central banks, international financial institutions and sovereign entities, with capacity for up to 500 tonnes. The move gives institutions another place to store reserves as demand for gold and interest in diversifying storage locations grow, and is intended to connect secure custody with trading and settlement in Singapore.

MAS and the Ministry of Finance will also waive GST on some wholesale services involving investment precious metals, including vaulting, refining, recasting, assaying and broking between institutional participants. The framework is expected to take effect in April 2027, with further details due at Budget 2027. A separate over-the-counter gold clearing system involving the Singapore Exchange and six banks is expected to begin operations in the first quarter of 2027.