Singapore is intensifying its competition with Hong Kong to become Asia’s top bullion hub after opening its national gold vault to foreign central banks. The Monetary Authority of Singapore (MAS) has started storing gold for overseas central banks, international financial institutions, and sovereign entities in its currency vault. The facility, which can hold 500 tonnes of gold, also has the capacity for expansion.
Deputy Prime Minister Gan Kim Yong, who chairs the MAS, revealed that several central banks have already shown interest in using Singapore’s vault. However, he did not disclose which institutions have expressed interest, according to international media reports.
Analysts view this move as a direct challenge to Hong Kong’s long-standing dominance in the Asian gold market. By offering secure storage for bullion, Singapore aims to attract more international players and solidify its position as a key player in the region’s bullion trade.