According to Reuters, the Monetary Authority of Singapore (MAS) has officially launched a gold bullion storage service for foreign central banks, sovereign entities, and international financial institutions. The precious metal will be securely stored within the island nation's national currency reserves. The facility currently has a maximum capacity of 500 tons of gold and is ready to expand as market demand increases.
Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS Gan Kim Yong, said this move aims to expand Singapore's role as a trusted financial center.