Singapore's gold hub plan gets lift with DBS vault expansion

Yihui Xie / Bloomberg

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The expansion of vault capacity is crucial to Singapore's plan to launch a gold clearing system as part of its push to become a global hub for the precious metal.(Sept 17): Singapore's push to become ...

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Oversea-Chinese Banking Corp Ltd (OCBC) has also approached precious metal storage providers about securing more space, according to people with knowledge of the matter.\nDeutsche Bank AG is similarly considering an expansion, said another person. The scale of vault growth for the banks is under discussion and plans are subject to change, the people said, asking not to be named as the conversations are private.\nThe expansion of vault capacity is crucial to Singapore's plan to launch a gold clearing system as part of its push to become a global hub for the precious metal. All clearing banks will need sufficient capacity to store and settle large volumes of bullion.\nBanks typically contract logistics providers to manage storage and movement of gold, though some, including Singapore-based United Overseas Bank Ltd (UOB), operate their own vaults. The third parties lease space at private facilities such as Le Freeport, a high-security premises in Singapore dubbed \"Asia's Fort Knox\", which is owned by a crypto billionaire.\n\nLe Freeport has been facing rising demand for gold storage in recent years and its basement vaulting space is nearly full, the operator said in an interview in May. Several people familiar with the matter said some banks may not be able to store bullion in its basement, their preferred location due to its enhanced security and higher load-bearing capacity, which enables more bars to be stacked than on upper floors. \nSingapore's ambition runs alongside regional rival Hong Kong, which began a trial run of a new clearing system in July while courting foreign banks to store gold. The city state is also weighing a price benchmark for gold traded and settled in Singapore, similar to Hong Kong's price ticker HAU launched in July, according to people involved in the discussion.\nA Deutsche Bank spokesperson declined to comment. An OCBC spokesperson said the bank has seen \"steady interest\" after it entered the physical gold business, especially from private banking clients. A spokesperson from the Monetary Authority of Singapore responded to Bloomberg questions by referring to an earlier speech by the deputy prime minister on the plans to launch a local gold clearing system. \nSingapore can currently store at least 2,200 tons at privately-owned facilities, 1,700 at Le Freeport and 500 at The Reserve, according to the operators. Hong Kong has pledged to expand its total storage capacity to 2,000 tons within three years. \nUploaded by Tham Yek Lee","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}