Singapore has launched a gold escrow service for overseas central banks and official institutions to grasp the global demand for diversified storage of gold reserves. The Singapore Monetary Authority said in a statement on Tuesday that gold will be stored in the national currency treasury. The vault currently has a capacity of up to 500 tons and can be expanded as demand grows. Yan Jinyong, Chairman of the Monetary Authority of Singapore and Deputy Prime Minister of Singapore, said, “Singapore has no intention of replacing other gold hubs or gold escrow services. As countries' demand for gold as a reserve asset grows, I think central banks are also seeking alternatives and hoping to get more options to enhance the resilience of their gold reserves.” The statement also stated that the HKMA will provide gold escrow accounts to some precious metals banks that have operations in Singapore and have relevant professional capabilities.

Singapore has launched a gold escrow service for overseas central banks and official institutions, with the aim of grasping the global demand for diversified storage of gold reserves. The Singapore Monetary Authority said in a statement on Tuesday that gold will be stored in the national currency treasury. The vault currently has a capacity of up to 500 tons and can be expanded as demand grows. Yan Jinyong, Chairman of the Monetary Authority of Singapore and Deputy Prime Minister of Singapore, said, “Singapore has no intention of replacing other gold hubs or gold escrow services. As countries' demand for gold as a reserve asset grows, I think central banks are also seeking alternatives and hoping to get more options to enhance the resilience of their gold reserves.” The statement also stated that the HKMA will provide gold escrow accounts to some precious metals banks that have operations in Singapore and have relevant professional capabilities.