Singapore launches central bank gold custody service with vault capacity of 500 tonnes

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Singapore launches central bank gold custody service, with current vault capacity up to 500 tonnes

BlockBeats news, November 10, Singapore has launched a gold custody service for overseas central banks and official institutions, aiming to capture global demand for diversified storage of gold reserves. The Monetary Authority of Singapore said in a statement on Tuesday that the gold will be stored in the national monetary vault. The vault currently has a capacity of up to 500 tonnes and can be expanded as demand grows.

Gan Kim Yong, Chairman of the Monetary Authority of Singapore and also Deputy Prime Minister of Singapore, said: "Singapore does not intend to replace other gold hubs or gold custody services. As countries' demand for gold as a reserve asset grows, I believe central banks are also seeking alternatives and hoping for more options to enhance the resilience of their gold reserves." The statement also noted that the Monetary Authority of Singapore will provide gold custody accounts to selected precious metals banks that have operations in Singapore and possess relevant expertise.

Original link https://m.theblockbeats.info/flash/376458

Key points

BlockBeats said that on November 10, Singapore launched a gold custody service for overseas central banks and official institutions.
Gold will be stored in the national currency vault, which currently has a capacity of up to 500 tons and can be expanded as needed.
Gan Kim Yong said that Singapore has no intention of replacing other gold centres or gold custody services.
The MAS will provide gold custody accounts to certain precious metals banks that have operations in Singapore and possess the relevant professional capabilities.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

The gold custody service provides gold storage and management arrangements for institutions. This service is offered to overseas central banks and official institutions, with the gold stored at the Singapore National Currency Vault.

Why it matters to readers

This indicates that Singapore has added a gold custody option for official institutions and disclosed a vault capacity of 500 tonnes.

Newcomers can first pay attention to the service targets, vault capacity, and whether any institutions actually use it, rather than judging business scale solely by capacity.

Risks and unknowns

The evidence does not provide a link to the original statement from the Monetary Authority of Singapore.
The evidence does not specify the first clients, the actual scale of custody, or the service details.
The evidence does not specify the concrete arrangements for capacity expansion.

Singapore launches central bank gold custody service with vault capacity of 500 tonnes

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