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My Journey With SBMA and the Singapore Bullion Market

By Martin Huxley, Former Chairman & Current Honorary Advisor, SBMA

SBMA AND THE SINGAPORE BULLION MARKET
2019 Melbourne Cup with Andrew Cochineas, CEO ABC Bullion.

I moved to Singapore at the start of 2014 to rebuild and grow StoneX’s precious metals franchise in Asia. StoneX enjoyed tremendous success in the period since, which benefitted, and coincided, with the “re-emergence” of SBMA. When I first arrived, there were far fewer active participants, both in number and the range of activities/services provided. People tended to be secretive and refrained from engaging through fear of competition and losing client flow. The bullion business was transacted and dominated by a handful of players and mainly financial institutions. Volumes that “touched” Singapore, however, were not significant.

In the years since, we have established a robust scalable ecosystem, which is capable of servicing the entire industry. In terms of behaviour, whilst there has been an ongoing technology push and a significant switch and boom in electronic trading, there remains an investor base wanting to own physical. This has been further complemented by a big expansion of the wealth management industry in Singapore, which has also raised awareness and interest in the merits of owning bullion as part of a diversified investment portfolio.

Reflecting on the past decade, some pivotal milestones shaped the Singapore bullion market. The addition of an LBMA-accredited gold refinery, Metalor Singapore, proved crucial and should not be underestimated. Its branded kilobar is globally recognised and KL Yap’s leadership has built trust and attracted bullion flows.

SBMA’s first major milestone was to host its own bullion conference in the Lion City, catering specifically for ASEAN, which took place in 2017. It was natural for us to worry whether sufficient interest could be generated, but we were blown away by the response, which extended to delegates joining from 23 countries. SBMA had been very proactive in the years preceding the conference and undertaking numerous initiatives, but for me, our first Asia Pacific Precious Metals Conference in 2017 was the platform and international recognition that “launched” SBMA. Fast forward to 2024, the 7th APPMC is set to be bigger than ever, serving as a robust endorsement for the size, role, and reputation of the Singapore bullion market.

Undoubtedly, there have been challenges. COVID-19, while disrupting momentum, ultimately strengthened the Singapore community. With Asia’s significant role in physical bullion markets, SBMA emerged as a vital contact point for the global industry.

SBMA AND THE SINGAPORE BULLION MARKET
2019 Melbourne Cup with Andrew Cochineas, CEO ABC Bullion.

I moved to Singapore at the start of 2014 to rebuild and grow StoneX’s precious metals franchise in Asia. StoneX enjoyed tremendous success in the period since, which benefitted, and coincided, with the “re-emergence” of SBMA. When I first arrived, there were far fewer active participants, both in number and the range of activities/services provided. People tended to be secretive and refrained from engaging through fear of competition and losing client flow. The bullion business was transacted and dominated by a handful of players and mainly financial institutions. Volumes that “touched” Singapore, however, were not significant.

In the years since, we have established a robust scalable ecosystem, which is capable of servicing the entire industry. In terms of behaviour, whilst there has been an ongoing technology push and a significant switch and boom in electronic trading, there remains an investor base wanting to own physical. This has been further complemented by a big expansion of the wealth management industry in Singapore, which has also raised awareness and interest in the merits of owning bullion as part of a diversified investment portfolio.

Reflecting on the past decade, some pivotal milestones shaped the Singapore bullion market. The addition of an LBMA-accredited gold refinery, Metalor Singapore, proved crucial and should not be underestimated. Its branded kilobar is globally recognised and KL Yap’s leadership has built trust and attracted bullion flows. SBMA’s first major milestone was to host its own bullion conference in the Lion City, catering specifically for ASEAN, which took place in 2017. It was natural for us to worry whether sufficient interest could be generated, but we were blown away by the response, which extended to delegates joining from 23 countries. SBMA had been very proactive in the years preceding the conference and undertaking numerous initiatives, but for me, our first Asia Pacific Precious Metals Conference in 2017 was the platform and international recognition that “launched” SBMA. Fast forward to 2024, the 7th APPMC is set to be bigger than ever, serving as a robust endorsement for the size, role, and reputation of the Singapore bullion market.

Undoubtedly, there have been challenges. COVID-19, while disrupting momentum, ultimately strengthened the Singapore community. With Asia’s significant role in physical bullion markets, SBMA emerged as a vital contact point for the global industry.

The Journey Continues

Today, Singapore boasts a vibrant bullion community characterised by active collaboration, engagement, and socialisation among its members. This atmosphere has led to an increase in companies establishing activities and offices in Singapore, alongside a notable increase in new local and foreign members joining the SBMA. With Asia’s significant presence in the physical bullion markets, this surge in participation underscores Singapore’s growing prominence as a hub for bullion trading and investment, endorsing SBMA’s role in facilitating connections between the Singapore bullion market and the global arena.

Acting as a first point of contact, SBMA has navigated regulatory and developmental initiatives within the region, enhancing Singapore’s position in the international bullion market. The involvement of Enterprise Singapore, particularly in earlier years, cannot be underestimated and a big factor in SBMA’s success.

Credit has to be given to the SBMA Secretariat, which, despite its modest resources, did a great job in gaining the buy-in and support of its Management Committee, which in turn garnered further interest from its wider membership base. Through its efforts, SBMA has not only elevated its profile across the Asia-Pacific but has also become a pivotal connector bridging the region with the broader international market and regulatory bodies. The combined work of industry participants have proved transformational in delivering an integrated bullion ecosystem in Singapore and regionally.

APPMC 2018
APPMC 2018 – Me, Ivan Tan (Director, Trade, Enterprise Singapore), KL Yap (General Manager, Refining Business Unit, Singapore, Metalor Technologies Singapore), Albert Cheng (CEO, SBMA)
Memorable celebratory evening with our Hong Kong Bullion Dealer friends.
Memorable celebratory evening with our Hong Kong Bullion Dealer friends.
At the dinner table with Mr. Iskandar Simorangkir, deputy minister of macroeconomic and finance coordination, CMEA with the SBMA team represented by KL, Andrew Naylor, Albert and myself.
At the dinner table with Mr. Iskandar Simorangkir, deputy minister of macroeconomic and finance coordination, CMEA with the SBMA team represented by KL, Andrew Naylor, Albert and myself.

Reflections: Martin Huxley’s Insights

Q: How Can Singapore Further Cement Its Position as a Leading Bullion Hub?

Singapore’s strengths lie in its strategic location, infrastructure, and political stability. However, the absence of local clearing and custody facilities presents a challenge for the market’s efficiency. Asia accounts for such a significant proportion of global flows. Whilst predominantly a Kilo bar market, it relies upon the 400 oz market for price discovery and inventory. When excess gold exists in the region, there is no option but to ship it back to Europe and recast into 400 oz bars that can then be delivered into the London vaults. Likewise, when demand returns those bars will be recast back to kilo bars and shipped back to Asia. That is not efficient and ideally, we would have delivery and clearing options in the region. Maybe Singapore could in the future become a hub for LBMA Good Delivery clearing?

Q: How Do You See Technology and Innovation Impacting the Bullion Trade and Investment in the Future?

Technology will drive electronic trading, tokenisation, and digitisation, making bullion more accessible to investors. When I joined StoneX, all clients traded by voice. We had an online platform in the early stages of development but there were many that continued to insist clients did not want or need electronic trading. Now, almost all trading seen is via the platform, no manual intervention, and we saw volumes over a few years rise more than tenfold. Going forward, continued advancements in technology will make it easier and more convenient for investors to buy, sell, and trade bullion online, ensuring increased accessibility for a broader range of investors. I would expect this to include instantaneous settlement, fractional ownership, fungible products etc. The World Gold Council’s Gold 247 initiative and vision offers great insight into what is needed.

Q: What Advice Would You Give to Young Professionals Aspiring to Build a Career in the Bullion Market or the Wider Natural Resources Sector?

I have spent the past 25 years focused on bullion and the wider commodity markets. I have lived with my family in three countries during this time, travelled all around the globe, continued to learn and greatly enjoyed the opportunities and experiences. For young and aspiring professionals, embrace opportunities, make an effort to understand clients and commodity flows—why they are happening—and prioritise adding value. Don’t be afraid or worried to ask ‘silly’ questions, as sometimes that is the only way to learn. Lastly, be prepared to challenge and don’t do something just because it has always been done that way.

Q: As We Celebrate SBMA’s 30th Anniversary, What is Your Outlook for the Next Decade in the Singapore Bullion Market?

I believe the outlook for both bullion and Singapore is favourable. There are many uncertainties, risks, geopolitical concerns, and other issues that are supportive for gold. Beyond this there are two key themes in my mind that will greatly influence the market in the coming years being de- dollarization and technology.

SINGAPORE’S STRENGTHS LIE IN ITS STRATEGIC LOCATION, INFRASTRUCTURE, AND POLITICAL STABILITY. HOWEVER, THE ABSENCE OF LOCAL CLEARING AND CUSTODY FACILITIES PRESENTS A CHALLENGE FOR THE MARKET’S EFFICIENCY.

MARTIN HUXLEY

MARTIN HUXLEY was appointed as SBMA’s Honorary Advisor in February 2023. This coincided with his relocating to the UK, where he has since established his own company Global Bullion Solutions Ltd. Prior thereto, Martin was the Global Head of StoneX Group’s precious metal business based in Singapore; leading teams operating out of 7 countries. Martin concurrently served as Chairman of the SBMA from 2017 to 2021, and Vice-Chairman thereafter until his departure. Before StoneX, Martin spent 14 years with Standard Bank, dedicated to the natural resources sector. After moving to HK in 2004, he assumed a number of roles for the Asia region, including Head of Credit Risk, leading the bank’s Structured Commodity Solutions team, and Head of its Structured Finance division.

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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.