New Private Vault Opens In Singapore

Friday, Mar 18 2016 10:48 AM

Thank you Mr. Christopher E. Hill for this blogpost about us:

 

"The other day I added a new entry- [email protected] to the “Singapore” list of private vaults on this blog’s sister site- Offshore Private Vaults. Rachel Boon reported on the website of The Straits Times (Singapore) Wednesday:

As Banks cut back on safe deposit box services in land-scarce Singapore, private operators are stepping in to fill the void.

The newest kid on the block, launched yesterday, is [email protected], a private fully-automated safe deposit box facility at 268 Orchard Road, formerly the Yen San Building. The 2,000-box, 1,500 sq ft facility was modelled after those in Europe and similar to the ATM concept…

Customers have direct access to the facility through a security card and biometric identification. Once they are in the premises, they enter a secure room with only a kiosk and a safe deposit box dispenser.

The safe deposit box, locked with a personal key, is dispensed by robots after the customer keys in his PIN number. The facility is monitored round the clock.

The boxes, by Swedish security systems firm Gunnebo, come in small and large sizes. The small box costs $888 a year to rent, while the large box costs $1,388. The aim is to serve the needs of customers living in upscale districts…
“ATM concept.” “Safe deposit box dispenser.” “Dispensed by robots.” I’ve seen a setup like this before. North of the border in Canada, Halifax, Nova Scotia-based private vault Nova Vaults utilizes what they call an automated access and retrieval system. It’s pretty impressive by the looks of it.

By the way, notice how Boon mentioned:

As Banks cut back on safe deposit box services in land-scarce Singapore…
It’s a topic she discussed more in depth in the piece, pointing out HSBC and DBS Bank have closed a number of safety deposit boxes on the island nation.

Apparently, it’s not just in the United Kingdom where financial institutions are getting out of the safe deposit box business.

Consequently, private, non-bank vaults are stepping up to provide what was traditionally a bank-offered service.

You can read the entire article on The Straits Times website here. And for more information about [email protected], you can visit their site here.

Offshore Safe Deposit Boxes wishes [email protected] all the best with their new venture.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)"