SINGAPORE – Singapore’s push to become a major gold hub is gaining momentum, with DBS Group Holdings adding bullion storage capacity and other banks considering similar moves.
DBS, South-east Asia’s largest lender, increased its vaulting space in 2026 to support growing demand from both private wealth and institutional clients, the bank said in an emailed response to Bloomberg’s request for comment on Sept 16.
OCBC Bank has also approached precious metal storage providers about securing more space, according to people with knowledge of the matter.
Deutsche Bank 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 because the conversations are private.
Banks typically contract logistics providers to manage the storage and movement of gold, though some, including Singapore-based 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.
Le 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 because of its enhanced security and higher load-bearing capacity, which enables more bars to be stacked than on upper floors.
A 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.
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. All clearing banks will need sufficient capacity to store and settle large volumes of bullion.
The Republic’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.
Singapore can store at least 2,200 tonnes 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. BLOOMBERG
