Singapore wants a bigger slice of the global gold market. Is it too late to the party?

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Singapore is stepping up efforts to become a major player in the global gold market, betting that a new central bank vaulting service and tax incentives will help it attract more bullion flows. The Monetary Authority of Singapore on Tuesday launched a gold vaulting service for foreign central banks and sovereign entities, with an initial capacity of 500 metric tons. The city-state also plans to introduce tax exemptions for certain wholesale gold-related services such as vaulting, refining, recasting, testing and broking. In June, Singapore unveiled plans for a physical gold clearing system to facilitate the settlement of bullion transactions in the city-state, with operations expected to begin in the first quarter of 2027.