Vault@268

Vault@268: StaShing valuableS goeS high tech In a world where you can store

documents in the ‘cloud’ and read ‘books’

on a tablet or e-reader, can there still be

much demand for that Gilded Age relic,

the safe deposit box?

Vault@268’s Executive Director

Charlene Kang is betting the answer,

even in this digital world, is “yes.”

The automated safe deposit box

facility on 268 Orchard Road is aiming

to leverage an advanced robotic system

to revolutionize a part of banking that

even the Internet cannot replace.

executive Director Charlene Kang

Out with the Old… Traditional bank safe deposit box-

es operate under the dual key system;

both the bank and the client hold a key

to the safe deposit box, which requires

both keys to unlock it. Access to them is

restricted to banking hours and you have

to wait for a bank employee to come

and open one of the locks. According to

Kang, not only is this inconvenient, it is

not very private for most people.

Kang also acknowledged that bank

safe deposit box services are slowly van-

ishing, “Banks have to keep in mind the

liability and the risks involved. This busi-

ness requires a lot of care, attention and

the costs of security requirements like

24-hour surveillance and higher wages

have made this a burden to the banks.”

“As office rents in Singapore soar,

businesses, including banks, have to val-

idate the way they use the space. Fur-

thermore, it is hard to get permanent

staff seeking administrative duty in a

cold vault as a career path,” she added.

…in with the new Vault@268 is not a bank – it’s a pri-

vately owned high-tech vault that uses

robotics to dispense safe deposit boxes

to its customers 24 hours per day, seven

days a week.

“We aim to provide authentic se-

curity storage for discerning clients. As

the facility at 268 Orchard is designed

for 24-hour access, our clients enjoy

convenience. Being able to access their

things at any time of the day when the

need arises is an added bonus,” said

Kang.

Kang said that while the concept

of non-bank safe deposit box centres

is new to Singapore, it has been around

in Europe for almost 20 years. Back in

2009, Kang came across it during her

travels and recognized its potential. De-

termined to emulate its success in Sin-

gapore, Kang set out to turn her vision

into a reality.

Careful planning and preparatiOn

It’s no accident that Kang chose

268 Orchard Road to open the facility.

Not only was it centrally located, the

demolition of the Yen San building meant

that Kang, in a joint venture with Ngee

Ann Development Pte. Ltd. was able to

plan, design and build all the necessary

security features from the ground up.

After conducting feasibility stud-

ies, attending countless meetings with

the architect and engineers, sourcing

the technology and making cautious

progress, Vault@268 was officially

launched in 2015. Despite all this, Kang

said that one of the biggest challenges is

awareness.

“This is first of its kind in Singapore.

Many cannot shake off the idea of a bank

attendant walking with you through the

rows of other people’s boxes and access

through a dual key system,” said Kang.

hOw it wOrKs There are four levels of security; a radio frequency identification (RFID) access card, a password, a biometric face scan and a key.

The access card and biomet-ric security are used to get through Vault@268’s front doors, into the dis-pensing room and then to activate the kiosk. Unlike a bank’s safe deposit vault, there is no wall of boxes – just a kiosk and dispenser – and no attendant. The glass door that was transparent when the client entered the room, proceeds to frost up and turns opaque when the client activates the kiosk, providing fur-ther privacy.

Once activated, clients are prompted to type in their password on the touch screen. If all the IDs match up, the steel hatch opens and the cli-ent uses a key to open the safe deposit box, which cannot be taken out.

Once the client has retrieved their passport, deed or grandmother’s jewel-lery, the hatch is shut, the box retracts and is automatically returned to the vault.

The boxes come in two sizes, start-ing at S$888 per year for the smallest and S$1,388 a year for larger ones. Clients who are worried about what will happen to their box in the event of their death can rest assured;

Vault@268 also offers complimentary

will custodian service. Clients can leave

instructions through a separate applica-

tion. Alternatively, clients may arrange

to add a co-renter before or anytime

during the occupancy of their boxes.

“We work closely with financial

institutions, fiduciary services, lawyers,

will writers, etc. Will writers refer cli-

ents who require storage of original will

as well as valuables,” confirmed Kang.

As for insurance, Kang noted: “Un-

fortunately, there is no insurance in

Singapore to insure the content in the

boxes. However we have found that you

may apply for home insurance and buy a

rider for the contents in a safe deposit

box stored off site. A declaration of the

contents is required, as well as the esti-

mated value of each item on the list.”

sOphistiCated seCurity and stOrage The safe deposit boxes are housed

within a vault with 6 sided eight-inch

thick reinforced concrete walls that is

Grade VIII, ECB certified and supported

by European Security Systems Associa-

tion (ESSA). ESSA is an International Se-

curity Association that awards certifica-

tion of maximum security according to

European and International standards.

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“We have been working on achiev-

ing ISO 9001:2008. We have achieved

the status as of 1st March 2016,” added

Kang.

“The vault door stays locked at all

times,” Kang continued. “The common

traditional safe deposit box facilities are

normal rooms housing rows and rows of

locked shelves secured by a vault door.

The vulnerability lies when the vault

doors stay open and as we have learnt

from Hatton Garden vault robbery, the

fragile boundary walls,” added Kang, ref-

erencing the 2015 safe deposit burglary

in the U.K., in which the burglars made

off with £14 million until they were fi-

nally apprehended later that year.

The company’s vault walls, on the

other hand, are so impenetrable that

it would take weeks to drill through it.

Moreover, Kang has planned for every

contingency; from CCTV cameras that

cover every angle of the facility, to the

layers of military grade security fea-

tures that protect the vault itself.

“Planning the layers of passive and

active security features was the best

part of the business,” said Kang. “That’s

why something like the Hatton Garden

robbery would never happen here,” she

claimed, proudly.

Kang believes that so far she has

achieved the right mix between technol-

ogy and security. “We needed to work

with the feasibility of implementation.

Security within the facilities needs to

provide flexibility while providing ease

of access. The military and security ad-

vancements available are astounding,

however, some newer options are not

stable at the time of deployment while

others are not user friendly,” explained

Kang.

Kang has gone to extreme lengths

to ensure not just the protection of cli-

ents’ valuables, but also the optimum

storage environment for them. “Our

unique clients have special needs for

their prized possessions. We are able to

work with 268 Orchard to attain those

requirements, for example humidity and

temperature.”

According to Kang, these special

conditions were necessary to meet the

needs of Vault@268’s elite clientele.

“Lawyers and fiduciary services who

deal with trusts and posterity planning,

bankers and their clients frequent our

facility as an alternative to long waiting

lists of the local safe deposit branches,”

she added.

Building lasting suCCess Kang attributes Vault@268’s suc-

cess to a few key elements: patience,

planning and client feedback. “Seeing

the planning and precautionary ap-

proach saving the day, is most satisfy-

ing. I have not the foresight to predict

everything, but given ample time, the

present offers clues and hints on its di-

rection. Vault@268 steps into the fu-

ture evolving with our clients’ needs,

successfully providing client focus im-

provements and enhanced user experi-

ence.”

According to Kang, it is not enough

for a company to just offer the product,

which is standalone military grade stor-

age. Kang and her team and have worked

hard to add value to the product by add-

ing layers of access, security and office

management systems.

As for the company’s future, Kang

said that at the moment Vault@268 is

focusing on making sure Vault@268

sustains its success. Although this has

not stopped various developers from

approaching the company for possi-

ble joint ventures. “Right now we are

only pursuing at consultancy level,” said

Kang.