Singapore Vault Launch is a big success for growing local company

Jersey based GoldMoney has expanded into Singapore with the opening of a new vault facility in partnership with Brink's. GoldMoney offers customers an easy and secure online platform to buy and store physical gold, silver, platinum and palladium.

GoldMoney opened its Singapore vault facility on 11th December and is already storing nearly US$50million (US$48.8m) in gold and silver bars. Andrew McGowan, Head of Business Development, said, 'We're delighted with the results so far, this has been our most successful vault launch to date. We identified that customers wanted to have more options for geographical diversification in a customer survey last year but the take-up has exceeded all of our expectations. Interestingly, customers have chosen to move some of their metal from storage in Switzerland to Singapore which reflects Singapore's rapid development as one of the world's leading offshore financial centres.'

GoldMoney which was established in 2001 has grown to 62 staff globally, with 32 of those positions in the Jersey head office. It is in the process of recruiting more staff to develop the business further. Mr McGowan said, 'We've seen continued interest from people keen to protect their assets from the current economic uncertainties by buying gold and other precious metals. Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did sixty years ago. This is in stark contrast to the price of oil in terms of national currencies such as the US dollar.'

The new vault facility in Singapore is GoldMoney's seventh storage location and increases to five the number of countries in which customers can store their precious metal, adding to Canada, Hong Kong, Switzerland and the UK. GoldMoney's operations, including its vault facilities, are managed by its team in Jersey. The partnership with Brink's builds on GoldMoney's existing relationship with Brink's for storage in Canada. GoldMoney currently has just under 23,000 customers worldwide with nearly US$2 billion of precious metal in storage.