DBS Expands Gold Vaults as Singapore Targets 2,200 Tonnes Capacity
DBS Bank increased storage capacity to support Singapore's gold clearing system. Le Freeport's basement vaults are now nearly full.
Key points
- DBS Bank expanded its gold vaulting capacity in 2026 to meet rising client demand for storage and settlement services.
- Singapore holds 2,200 tonnes of gold across private facilities, including 1,700 tonnes at Le Freeport, which is now nearly full.
- Hong Kong pledged to increase its total gold storage capacity to 2,000 tonnes within three years to compete with Singapore.
DBS Bank expanded its gold vaulting capacity in 2026 to meet rising client demand. Singapore holds 2,200 tonnes of gold across private facilities.
OCBC Bank has contacted providers for additional storage space. Deutsche Bank is also considering a similar expansion, sources told VnExpress International.
Regional Rivalry Intensifies
Singapore aims to become a global hub for precious metal clearing. Hong Kong began testing its own clearing system in July to attract banks.
Hong Kong pledged to increase its total storage capacity to 2,000 tonnes. This target is to be reached within three years, per local reports.
Storage Space Constrained
Le Freeport, known as Asia's Fort Knox, has nearly full basement vaults. The basement offers greater security and higher load-bearing capacity for stacking bars.
Some banks may be unable to store bullion in these preferred areas. UOB operates its own vaults, while others rely on third-party logistics providers.
Clearing System Requirements
Clearing banks must store and settle large volumes of bullion. Singapore holds 1,700 tonnes at Le Freeport and 500 at The Reserve.
Expanding vault capacity is a key part of the national gold plan. The infrastructure supports the broader goal of becoming a global precious metal hub.
