GoldMoney, a Jersey-based provider of gold, silver, platinum and palladium for retail and corporate investors, is set to open a second vault in Singapore.
The new vault will be the company’s eighth vault facility worldwide all of which are managed by the team in Jersey. GoldMoney has opened its first storage facility in Singapore seven months ago.
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The new vault will be operated by Malca-Amit, a member of the London Bullion Market Association, reports Businesslife.co.
Malca-Amit provides logistical solutions and full operational services for companies dealing with precious commodities, high-valuables and special events.
Andrew McGowan, head of business development at GoldMoney, said: "A number of our existing customers have decided to move some of their metal to Singapore, particularly from Switzerland. We’ve also seen significant new customer demand for storage in Singapore despite the recent falls in precious metal prices."
Currently, GoldMoney has around 23,000 customers worldwide with more than US$1.3 billion of precious metal in storage.
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