GoldMoney, the UK-based physical bullion provider, has expanded its vault network in Singapore to two, bringing the total number of its vaults worldwide to five.

The decision to open a second storage facility in Singapore is in line with the continuously rising demand for gold investments in the Asian region. The new facility, maintained in partnership with secure-storage firm Malca-Amit, offers GoldMoney clients 0.12 per cent per annum charged for gold storage and 0.49 per cent per annum for silver, decreasing to 0.39 per cent for silver holdings over 50,000 oz.

"Storage in Singapore has been very popular. Our partnership with Malca-Amit means we have further diversified our vault operators," Geoff Turk, chief executive of GoldMoney, said in a statement. 

Besides gold and silver, GoldMoney also provides platinum and palladium for retail and corporate customers. Buying and selling are conducted via its online platform.