Singapore Bullion Market Association

Website Sponsor

Article List

Article List

LBMA & SBMA: A GOLDEN PARTNERSHIP

By Ruth Crowell, Chief Executive, LBMA

Crucible30-SBMA-LBMA-Article

Congratulations to the Singapore Bullion Market Association (SBMA) and its CEO Albert Cheng on a transformative 30-year tenure in the region, playing a pivotal role in the development of Singapore as an ASEAN precious metals hub and a global centre of connectivity for precious metals.

Over this period, LBMA has worked to support the SBMA, and strengthened relationships not just between bullion centres in London and Singapore, but with exchanges and trade associations in the region, sharing initiatives, knowledge, and best practices. I can fondly recall innumerable trips to meet Albert and other SBMA board members in Singapore. Particularly memorable was working together for our joint Bullion Market Forum in 2014 as well as holding the LBMA Conference in Singapore in 2016. Through these events and regular in person and virtual meetings we have connected with stakeholders across the region, including SBMA members, bullion banks, exchanges, refineries, trading firms and logistics companies, regularly throughout my own tenure as LBMA CEO.

I hope that LBMA support has contributed somewhat to SBMA’s vision for Singapore as a leading precious metals hub in the Asia Pacific region and as a global centre of  connectivity for precious metals. One of the many outcomes of the strong relationship I believe exists between LBMA and SBMA has undoubtedly been the  reinforcement of transparency, trust, and standards across the global supply chain.

At LBMA, we have seen significant and steady growth in the Asia region. The number of Good Delivery Refineries has increased even in the last few years, from 14 gold only refineries in 2020 to 16 in 2024, and from 21 silver-only refineries to 24 in the same time span. Meanwhile the number of refineries producing both metals in the region has increased from 24 in 2020 to 25 in 2024. These figures reflect a surge of activity, demand, and trust in the region. We have also seen a rise in the number of GDL applications from
Asia, particularly in the silver space.

This shift reflects the growing market for precious metals demand in Asia. Globally, LBMA has members from 24 countries, spanning five continents and all major bullion centres.

An upturn in LBMA membership in Asia is also apparent, with LBMA servicing 34 members from Asia in 2024 – comprising 13 full members and 22 affiliate members – up from a total of 28 members in 2013. This shift reflects the growing market for precious metals demand in Asia. Globally, LBMA has members from 24 countries, spanning five continents and all major bullion centres.

gold bullions over black

LBMA KEY STRATEGIC INITIATIVES FOR 2024 AND BEYOND

Our Sustainability and  Responsible Sourcing Strategy, launched in 2024, is ambitious.  We know we cannot do it alone – we need action from the entire global value chain, from rock to ring. Our five key areas of focus are:

  • Improvement of LBMA oversight of audits
  • Increasing the share of responsible ASM gold in the market
  • Trust and integrity across the full value chain
  • LBMA’s own sustainability
  • The wider sustainability agenda

Look out for our latest Sustainability and Responsible Sourcing Report later this year, which will provide an update on how we are delivering against this strategy, as well as other updates on the Responsible Sourcing Programme as a whole. Work is also underway on laying the foundations for the next Responsible Gold Guidance – Version 10 – that will be launched next year.

Another current key deliverable for LBMA is working with the World Gold Council on the Gold Bar Integrity initiative, which is set to digitise the Responsible Gold Guidance. The initiative aims to build greater trust in gold purity and the provenance of gold bars, bolstering transparency across the entire gold supply chain, removing risks associated with money laundering, threat financing, and illicit trade.

Meanwhile, LBMA – strengthened by its worldwide relationships – continues to ensure the quality of precious metals in the London market and beyond through its Good Delivery programme, Responsible Business Conduct thanks to the Global Precious Metals Code, and ethical sourcing of metals via its Responsible Sourcing Programme.

Crucible30 SBMA LBMA Article 03
LBMA/LPPM Precious Metals Conference 2016 – Session 3: LBMA Developments,
moderated by Ruth Crowell, LBMA Chief Executive.
Crucible30 SBMA LBMA Article 04
LBMA/LPPM Precious Metals Conference 2016 – Session 4: The Bullion Market in China,
moderated by Albert Cheng, CEO, Singapore Bullion Market Association.

LBMA’s Return to China

We are excited to return to China for the first time since COVID-19 to speak at the China Gold Congress and Expo, in the Gold Market Development Summit plenary session. The China Gold Congress takes place July 26-28, 2024 in Shanghai, and is hosted by the China Gold Association and World Gold Council.

Continue the Conversation

Register now for the Global Precious Metals Conference, which will take place from Sunday, 13 October till Tuesday, 15 October 2024 at The Diplomat in Miami, Florida, USA. Find out more and book your ticket at https://www.lbma.org.uk/events/lbma-lppm-global-precious-metals-conference-2024. We hope to see you there!

Ruth Crowell

Ruth Crowell is the Chief Executive of LBMA, responsible for its strategic development, in partnership with the Chairman and the Board. She maintains accountability to, and the quality of, the Association’s membership and Good Delivery refiners as well as representing LBMA’s interests in relation to regulators, investors, media and international precious metals markets. Prior to joining LBMA, she worked in bank finance and US corporate law and also acted as a monitor at the UN Commission on Human Rights in Geneva.

PREV ARTICLE
NEXT ARTICLE
Back to Index

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.