Singapore's central bank has opened its national vault to foreign central banks' gold and plans a GST waiver for wholesale gold services. Both strengthen the market around family office bullion holdings, but neither is aimed at families directly.

TL;DR

  • The Monetary Authority of Singapore (MAS) launched a central bank gold vaulting service on 10 November 2026 for foreign central banks, international financial institutions and sovereign entities, using Singapore's national currency vault, which can store up to 500 tonnes.
  • MAS and the Ministry of Finance will extend the GST waiver to specified wholesale gold services between institutional participants, such as vaulting, refining, assaying and broking, from April 2027, with details due at Budget 2027.
  • An over-the-counter gold clearing system built with SGX Group and six banks is due to begin live trading in the first quarter of 2027, with SGX gold kilobar futures targeted for the second quarter.

In short, a family office cannot open an account at the new MAS vault. MAS describes the service as an option for foreign central banks, international financial institutions and sovereign entities, and says it will offer gold custody accounts to select Singapore-based bullion banks that serve those institutions. For families, the relevance is indirect: a deeper Singapore gold market, Asian-hours clearing and a GST change that may affect the costs their custodians and dealers face.

What exactly did MAS launch?

MAS says the service offers secure, allocated custody with "efficient access to gold-market liquidity during Asian trading hours." The national currency vault can hold up to 500 tonnes, with room to expand as demand grows. According to The Star, which republished a Straits Times report, Deputy Prime Minister Gan Kim Yong, who chairs MAS, said some foreign central banks had already shown interest but did not name them, and Singapore's commercial vaulting capacity exceeds 2,000 tonnes. Gan described competition with Hong Kong as "not a zero-sum game."

What changes on GST, and when?

The enhanced framework builds on Singapore's existing GST measures for investment precious metals. It extends the GST waiver to specified wholesale services between institutional participants covered by the framework, including vaulting, refining or recasting, assaying and broking. MAS says the aim is for GST treatment to support wholesale "Loco Singapore" gold activity where the gold is not for domestic consumption. The framework is expected to take effect from April 2027, and details will be announced at Budget 2027.

What else is coming to Singapore's gold market in 2027?

SGX Group and six founding clearing banks are preparing an over-the-counter gold clearing system for completion by end-2026. MAS says industry testing is complete and the rulebook will be finalised soon, with live trading expected from the first quarter of 2027. The Star names the six clearing members as DBS, Deutsche Bank, ICBC Standard Bank, JPMorgan, OCBC and UOB, and reports that the system covers 400-troy-ounce bars and 1kg kilobars. SGX's physically deliverable Gold Kilobar Futures are targeted for the second quarter of 2027.

Why it matters for family offices

  • Market depth: MAS says the measures are meant to support price discovery and risk management during Asian trading hours. Whether that narrows spreads or custody fees for private clients is not yet known.
  • Custody check: families holding bullion in Singapore should confirm whether their gold is allocated, who the custodian is, and whether their provider expects to fall within the new GST framework. Alt Asset Asia's explainer on what vault buyers actually own is a useful starting point (altassetasia.com/singapore-gold-vaults-what-buyers-own/).
  • Hub positioning: the move adds to Singapore's competition with Hong Kong for wealth infrastructure, a theme we covered in our look at whether family offices are moving between the two (asiafamilyofficehub.com/are-family-offices-moving-from-singapore-to-hong-kong-what-mas-deloitte-and-beijings-trust-tax-rules-show/).
  • Tax planning: single family offices using Singapore tax incentives should also watch MAS's separate review of which investments qualify for exemption (asiafamilyofficehub.com/mas-is-reviewing-which-investments-qualify-for-single-family-office-tax-exemption-what-families-asked-for-and-what-is-not-confirmed/).

What is not confirmed?

Which institutions count as participants under the GST framework, which bullion banks will receive MAS custody accounts, and which central banks will use the vault have not been published.

Frequently Asked Questions

Can a family office store gold in the MAS vault?

Not according to MAS's release. The service is for foreign central banks, international financial institutions and sovereign entities, with custody accounts for select Singapore-based bullion banks.

When does the new GST framework for wholesale gold take effect?

MAS expects it to take effect from April 2027, with details to be announced at Budget 2027.

When will Singapore's gold clearing system start?

Preparations are due to finish by end-2026, with live trading expected from the first quarter of 2027. SGX Gold Kilobar Futures are targeted for the second quarter of 2027.

Sources and Method

This article is based on the MAS media release of 10 November 2026 on its central bank gold vaulting service and enhanced GST framework, checked against The Star's report of 10 November 2026, republished from The Straits Times via Asia News Network. Remarks by Gan Kim Yong, clearing bank names, bar sizes and commercial capacity figures are as reported by The Star. This article is for information only and is not tax, legal or investment advice.