Singapore's Deputy Prime Minister and Minister for Trade and Industry (Trade), and Chairman of MAS, Gan Kim Yong, stated in a parliamentary reply that the removal of the 5% cap on physical Investment Precious Metals (IPMs) from fund tax incentive schemes provides greater flexibility for Singapore-based fund managers and investors. This policy applies regardless of where the IPMs are vaulted, aiming to boost Singapore's gold trading and vaulting ecosystem. Palladium is not included as an IPM under these schemes, as its market is primarily driven by industrial demand.