Singapore, 10 November 2026... The Monetary Authority of Singapore (MAS) announced today the launch of its central bank gold vaulting service, and an enhanced Goods and Services Tax (GST) framework for wholesale investment precious metal (IPM) gold market activities with the Ministry of Finance (MOF). These initiatives mark further progress in Singapore’s efforts to develop as a trusted and efficient gold trading centre serving the Asia-Pacific region.For further background on Singapore’s initiatives, please refer to: (i) Singapore Sets out Key Focus Areas to Develop Singapore as a Gold Trading Centre  and (ii) Opening Speech by Deputy Prime Minister Gan Kim Yong at the 9th Asia-Pacific Precious Metals Conference on 15 June 2026

Launch of MAS Central Bank Gold Vaulting Service

2. MAS has launched its central bank gold vaulting service, providing foreign central banks, international financial institutionsInternational financial institutions refer to multilateral organisations established by governments or central banks., and sovereign entities with a secure option to hold gold reserves in Singapore. MAS will also offer gold custody accounts to select Singapore-based bullion banks with expertise and experience in providing gold-related services and trading liquidity to these institutions.

3. Gold will be stored in Singapore’s national currency vault, which can store up to 500 tonnes, with room to expand as demand grows. The service provides an additional sovereign custody option in Singapore, combining secure, allocated custody, reliable servicing and efficient access to gold-market liquidity during Asian trading hours.

Enhanced GST Framework to Support Wholesale Gold Activities in Singapore

4. MAS and MOF will introduce an enhanced GST framework to support wholesale IPM gold market activities in Singapore, which builds on existing GST measures for IPM.Under the existing Approved Refiner and Consolidator Scheme, GST is waived (i.e. GST is not charged) on IPM-related goods supplied between approved refiners and consolidators for refining activities, to ease their cashflow and compliance. Existing GST measures also exempt the import and local supply of IPM from GST. It extends the GST waiver to specified wholesale IPM-related services between institutional participants covered by the framework, such as vaulting, refining/recasting, assaying, and broking.

5. This will ensure that the GST treatment better reflects and supports the growth of the wholesale Loco SingaporeLoco Singapore is a gold trading and settlement ecosystem where trades are priced, cleared and settled against gold physically vaulted in Singapore. gold market activities where the gold is not for domestic consumption. The framework is expected to take effect from April 2027, and further details will be announced at Budget 2027.

Looking Ahead: Gold Clearing System Launch in 2027

6. Following the Memorandum of Understanding signed in June, SGX Group and the six founding clearing banksThe six clearing banks are DBS, Deutsche Bank, ICBC Standard Bank, J.P. Morgan, OCBC, and UOB. are working closely together to complete preparations for the Over-the-Counter gold clearing system by end-2026. Industry testing of the clearing system has been completed and the clearing system rulebook will be finalised soon. Live trading and market operations are expected to commence in 1Q 2027, with gold market liquidity building throughout the year. Separately, SGX’s physically deliverable Gold Kilobar Futures is targeted for launch in 2Q 2027.

7. Taken together, these initiatives will put in place the key building blocks for a deeper and more vibrant Singapore gold market, facilitate price discovery and risk management during Asian trading hours, while strengthening Singapore’s role as a trusted connector to established gold centres and global liquidity.

***