Singapore's push to become a major gold hub is gaining momentum, with DBS Group Holdings Ltd. adding bullion storage capacity and other banks considering similar moves. DBS, Southeast Asia's largest lender, increased its vaulting space this year 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 Wednesday.

Oversea-Chinese Banking Corp. Ltd. has also approached precious metal storage providers about securing more space, according to people with knowledge of the matter. The developments underscore Singapore's ambition to rival established centers like London and Switzerland as a global bullion trading and storage hub, leveraging its strong financial infrastructure and strategic location in Asia.