The Monetary Authority of Singapore (MAS) has unveiled a central bank gold vaulting service and an enhanced Goods and Services Tax (GST) framework for wholesale investment precious metal (IPM) gold market activities. These initiatives, announced on 10 November 2026, aim to bolster Singapore’s position as a leading gold trading hub in the Asia-Pacific region.
MAS’s new vaulting service offers foreign central banks, international financial institutions, and sovereign entities a secure option to store gold reserves in Singapore. The service includes gold custody accounts for select Singapore-based bullion banks, leveraging their expertise in gold-related services and trading liquidity. The national currency vault, capable of storing up to 500 tonnes of gold, provides secure, allocated custody and efficient access to gold-market liquidity during Asian trading hours.
In collaboration with the Ministry of Finance, MAS is introducing an enhanced GST framework to support wholesale IPM gold market activities. This framework extends the GST waiver to specific wholesale IPM-related services, such as vaulting, refining, assaying, and broking, between institutional participants. The new GST measures, effective from April 2027, aim to better support the growth of the Loco Singapore gold market activities.
Looking ahead, the SGX Group and six founding clearing banks are preparing for the launch of an Over-the-Counter gold clearing system by the end of 2026, with live trading expected in the first quarter of 2027. Additionally, SGX plans to introduce physically deliverable Gold Kilobar Futures in the second quarter of 2027. These developments are set to enhance Singapore’s gold market, facilitating price discovery and risk management during Asian trading hours.
