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SBMA Outreach Extends to Vietnam, Indonesia

By SBMA

SBV’s Dao Xuan Tuan delivering his keynote speech at the Hanoi Market Forum.
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The Hanoi Forum was first proposed back in 2016, but due to unforeseen circumstances, it was postponed twice and was further delayed due to the COVID-19 pandemic.

With the changes in the market conditions and easing of travel restrictions, SBMA jointly co-organised the Hanoi Market Forum with the Vietnam Gold Traders Association (VGTA) on 14-15 November 2022. The forum, supported by the World Gold Council, attracted over 80 delegates from Vietnam, Singapore, Hong Kong, Malaysia, Thailand and Australia with almost half comprising SBMA members and business associates.

Vietnam, with its growing economy, is an important gold market in ASEAN. In organising the Hanoi Market Forum, SBMA saw an opportunity for our members to meet and network with the country’s key industry players and to take part in shaping next phase of development for Vietnam’s gold jewellery industry. This also provided the State Bank of Vietnam with a platform for open dialogue to receive feedback from SBMA members and an opportunity for the expert panellists to provide suggestions to the State Bank of Vietnam (SBV) during their presentations and panel discussions.

The objectives of the Hanoi Market Forum are multifold:

  1. To request the SBV to consider granting gold raw material import quotas.
  2. To request the SBV to consider re-authorizing the local commercial banks to provide gold loans/credits to gold jewellery manufacturers.
  3. To request the SBV to consider easing on the monopoly of tael bars in terms of production and distribution in order to allow investors to acquire investment gold bars in line with international gold price.
  4. To request the SBV to consider setting up a National Gold Exchange under the management and supervision of SBV.

Besides Dao Xuan Tuan, director-general of SBV’s Foreign Exchange department, who provided the forum’s keynote speech, speakers and panellists of the Hanoi Market Forum included:

  • Nguyen Thanh Long, chairman, VGTA
  • Andrew Naylor, regional CEO, World Gold Council APAC
  • Albert Cheng, CEO, SBMA
  • Dinh Nho Bang, general secretary, VGTA
  • Huynh Trung Khanh, deputy chairman, VGTA
  • Nguyen Thi Huong, deputy CEO, DOJI Jewelry Group
  • Le Tri Thong, CEO, PNJ
  • Le Thuy Hang, CEO, SJC
  • Prida Tiasuwan, chairman, Pranda
  • Ng Yih Ping, CEO, Tomei
  • Jonathan Prayoga, CEO, SKK Jewelry

In his closing remarks, SBV’s Tuan, said the panellists’ inputs and insights would be taken into consideration and urged the VGTA to play an active role in coordinating the suggestions and feedback received during the forum. He added that all related stakeholders and relevant government authorities need to work together and should not rely solely on SBV as all these changes and requests need to come from all the stakeholders involved in both domestic and international trade.

The SBMA will work closely with VGTA and all other stakeholders and will update our members of any future developments.

“The experience in the development of the ASEAN Gold Markets” panellists (L to R): Albert Cheng (SBMA), Prida Tiasuwan (Pranda Group), Chirag Sheth (Metals Focus), Jonathan Prayoga (SKK Group), Le Tri Thong (Phu Nhuan Jewelry).

“ SBMA’s delegation had a very successful and fruitful bullion market forum with our Vietnam counterparts in Hanoi this time; and will certainly continue engaging with our working partners in the ASEAN region.”
– KL YAP
General Manager, Metalor Technologies Singapore

“ The State Bank is thinking strategically about how to grow the jewellery fabrication sector in Vietnam and how to grow an export-processing hub for Vietnam. That’s impressive. Additionally, it was good to see so many ambitious and fast-growing enterprises in Vietnam with gold jewellery operations at their core.”
– NICHOLAS FRAPPELL
Global Head of Institutional Markets, ABC Refinery

Dialogue with Related Ministries on Setting up of Bullion Bank in Indonesia

A high-level SBMA delegation comprising members of the Management Committee, headed by CEO Albert Cheng, took part in a three-day visit to Indonesia with the Coordinating Ministry of Economic Affairs (CMEA), Ministry of Finance, Bank Indonesia, Financial Services Authority (OJK), and key stakeholders from Indonesia’s bullion industry from 28-30 November 2022.

The visit was coordinated with the assistance from the CMEA. At the kick-off meeting, discussions were held on the proposed banking policy, upcoming changes to support the Indonesian gold market and plans/timeline on the establishment of bullion banks. Ferry Irawan, assistant deputy for monetary and external sector, highlighted that the government is proposing to include bullion business activities as part of the Omnibus Law – a structural reform to attract foreign investment, strengthen Indonesia’s economy, increase the ease of doing business and create new jobs. He further elaborated on the country’s bullion bank implementation roadmap, in which the non-bank financial institution and state-owned enterprise PT Pegadaian has been earmarked for the pilot.

SBMA members also presented their companies and business activities and showcased how they can participate and engage with relevant Indonesian counterparties in setting up the proposed bullion banks and/or help to improve the overall bullion ecosystem.

A group photo in Indonesia after the kick-off meeting on Day 1.

On the second day, members of the SBMA delegation were also invited to meet with Dr Adi Budiarso, FCPA Financial Sector Policy Center, Fiscal Policy Agency, MoF Indonesia. During the discussions, Dr Adi said Indonesia would develop a bullion market that will be beneficial to both domestic and global market. The bullion bank implementation needs to start with a pilot project (with a non-bank financial institution), then in the future, Indonesia can have a full bullion bank. He added that OJK needs to prepare a bullion bank supervision mechanism and all relevant parties should prepare a gold trading mechanism, and he looked forward to participation/inputs from SBMA members.

Individual presentations and discussions on possible collaborations, research, and partnerships were also held with the following companies:

  • Bank Rakyat Indonesia (BRI)
  • Bank Rakyat Indonesia Danareksa Sekuritas (BRIDS)
  • PT Pegadaian Indonesia
  • PT Aneka Tambang

In rounding up the visits, the SBMA delegation had the honour of meeting Iskandar Simorangkir, deputy minister of macroeconomic and finance coordination, CMEA, over a casual dinner hosted by the World Gold Council, where he conveyed the seriousness of the establishment of the Indonesia bullion bank. SBMA is looking forward to be a part of the country’s journey in building its bullion ecosystem.

At the dinner table with Iskandar Simorangkir, deputy minister of macroeconomic and finance coordination, CMEA.

We have invited the key stakeholders in Indonesia to visit Singapore early next year and SBMA will help to organise and coordinate their visits with interested parties.

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Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

SBMA Committee-Photo-john-levin

Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

SBMA Secretariat-Fabian-Lew

Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

SBMA-margare-secretariat

Margaret Wong

BUSINESS DIRECTOR

Margaret Wong, Business Director at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

SBMA-Albert-secretariat

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

SBMA-Shaokai-Fan

Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

SBMA-Committee-Alan-Liew

Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

SBMA Committee-Photo-Andrew-Clarke

Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.