MAS opens gold vaulting facility, expands tax incentives for bullion services

The Monetary Authority of Singapore (MAS) has established a new gold vaulting service designed to position the city-state as a premier destination for international gold reserves. The facility, with an operational capacity of 500 tonnes, will cater to foreign central banks, multilateral financial institutions, and sovereign wealth entities seeking secure custodial arrangements for their bullion holdings.

The initiative reflects Singapore's strategy to strengthen its role as a global financial centre and expand its precious metals infrastructure. By offering dedicated vaulting services, MAS aims to provide counterparties with enhanced security, operational efficiency, and regulatory oversight in managing gold reserves.

To complement the vaulting service launch, MAS has extended the goods and services tax (GST) waiver to additional gold-related services. The tax relief measure is intended to improve the competitiveness of Singapore's gold market and reduce operational costs for eligible transactions involving bullion services.

The move comes as central banks and international organisations continue to diversify their reserve holdings management strategies. Singapore has previously positioned itself as a significant hub for precious metals trading and refining, and this expansion of facilities and tax incentives reinforces that positioning in the regional and global marketplace.