The facility provides sovereign entities and foreign central banks with a secure option to store their gold reserves, complementing established international gold hubs. To make the ecosystem more competitive, authorities will waive the Goods and Services Tax on wholesale institutional services like assaying, broking, and refining starting next April. Singapore is also working with commercial partners to connect this storage infrastructure directly to over-the-counter clearing and settlement operations. Live market trading under this integrated framework is scheduled to commence in the first quarter of next year.
Key points
Singapore is positioning itself as a secure diversification hub for sovereign entities an…: Singapore is positioning itself as a secure diversification hub for sovereign entities and foreign central banks holding gold reserves.
Tax waivers across institutional services like refining and vaulting will significantly r…: Tax waivers across institutional services like refining and vaulting will significantly reduce operational friction for wholesale gold market participants.
Direct integration between vaulting infrastructure and an over-the-counter clearing syste…: Direct integration between vaulting infrastructure and an over-the-counter clearing system will anchor high-value trading and custody jobs locally.
Sources checked by our analysis pipeline: 1
The service aims to provide foreign central banks, international financial institutions, and sovereign entities with a secure option to hold gold reserves in Singapore.
SINGAPORE: The Monetary Authority of Singapore (MAS) on Tuesday (Nov 10) launched its gold vaulting service for central banks with capacity to store up to 500 tonnes of gold.
MAS and the Ministry of Finance also said they would introduce an enhanced Goods and Services Tax (GST) framework, to waive taxes on some wholesale services related to investment precious metals.
For example, GST will not be charged on services between institutional participants, such as vaulting, refining, recasting, assaying and broking.
"This will better reflect the fact that the gold is predominantly traded among institutional participants and is not for domestic consumption," MAS chairman Gan Kim Yong told reporters, adding that more details would be shared at Budget 2027.
MAS said the framework is expected to take effect from April next year.
The gold vaulting service aims to provide foreign central banks, international financial institutions and sovereign entities with a secure option to hold gold reserves in…
Market activity shows Ferrexpo equity facing downward pressure during today's trading session. Current reporting indicates that trading movement remains negative while additional details concerning the slide have not yet emerged. Observers await further updates to understand the specific drivers behind this downward performance.
Regional market participants drove strong momentum across domestic equities, pushing the Jakarta exchange into firmly positive territory by the closing bell. This solid upward push reflects sustained buying interest throughout the daily trading session. The performance demonstrates continued strength for local shares as market activities wrapped up for the day.