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SBMA ANNUAL GENERAL MEETING 2024: A YEAR OF GROWTH AND NEW INITIATIVES

SBMA

On November 29, 2024, SBMA held its 2024 Annual General Meeting (AGM) at The Reserve, bringing together members both in-person and virtually to reflect on the past year’s achievements and set the stage for an exciting 2025. The meeting provided a platform for discussing SBMA’s accomplishments in 2024 and outlined the association’s ambitious initiatives for the year ahead.

CHAIRMAN’S ADDRESS: EMBRACING A YEAR OF TRANSFORMATION

The AGM was officially opened by SBMA Chairman KL Yap, who welcomed all attendees and set the tone for the upcoming year. Yap highlighted that 2025, symbolised by the Snake, wisdom, adaptability, and transformation – qualities that he believes resonate with the evolving dynamics of the precious metals industry. He emphasised that these traits will guide SBMA’s efforts to foster growth, innovation, and sustainability in the sector.
Looking back on 2024, Yap took the opportunity to reflect on the association’s key initiatives and achievements.

2024: A year of strategic initiatives and international engagement

Singapore Bullion Market Association - SBMA Annual General Meeting 2024
One of the standout initiatives of 2024 was the launch of the Retail Gold Investment Committee, a collaboration with the World Gold Council (WGC), which was introduced at the 7th Asia Pacific Precious Metals Conference (APPMC). This committee aims to enhance trust and transparency in gold investments, setting the groundwork for higher ethical standards in the precious metals market.
Yap also highlighted the success of APPMC 2024 and urged members to look forward to APPMC 2025, scheduled to take place at the Shangri-La Hotel in Singapore from June 15-17, 2025.
In addition to these regional milestones, SBMA has expanded its international footprint. Throughout 2024, Yap represented SBMA at major global events. Notably, he spoke at the China Gold Congress and Expo in Shanghai in July, where he addressed the “Belt and Road” Gold & Jewellery Cooperation session. In August, Yap also participated in the Penang Signature Gold, Gems & Jewellery Fair (PSG) in Malaysia, where he spoke at the International Gold & Jewellery Summit. These engagements reflect SBMA’s growing influence and presence on the global stage.
SBMA also forged strategic international partnerships. In 2024, the association signed two Memorandums of Understanding (MoUs). The first MoU was with the Shenzhen Gold, Silver, Jewelry, and Creative Industry Association (BaoChuangXie), aimed at enhancing bilateral supply chains between China and Singapore. The second MoU, signed with Lao Bullion Bank in October, establishes a strategic collaboration between Singapore and Laos. These agreements are set to further strengthen SBMA’s role as a key player in the global precious metals market. Read more on pages 14 – 15 for details about these MoUs.

MEMBERSHIP GROWTH AND EXPANSION

Despite the departure of five members due to unforeseen circumstances, SBMA experienced significant membership growth in 2024. The association welcomed 10 new members, increasing the total from 69 in 2023 to 74 members in 2024. New members include:
  • Local Associates: Hua Seng Heng Singapore Co., Ltd, MIND ID Trading Pte Ltd, The Singapore Mint, Mustafa’s Pte Ltd.
  • Foreign Associates: Nihon Material Co., Ltd, Bulmint One Ltd, Sun Yip Hong Gold Dealers Ltd, The Royal Mint, FinMet Pte Ltd, AC Precious Metal Refinery Limited.
SBMA continues to uphold the highest standards of due diligence, particularly in areas such as Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and responsible sourcing. These measures ensure the integrity of the association’s membership base and maintain confidence within the precious metals community.

Financial Performance and Sustainability

SBMA remains in a strong financial position, with its accumulated funds showing healthy growth compared to the previous year. The association operates under a self-sustainable business model, with revenue primarily generated from membership fees, APPMC, and sponsorships. At the AGM, the audited accounts for the year ending June 2024 were presented and adopted, reaffirming SBMA’s robust financial health.

SBMA Academy 2025

Looking ahead, SBMA is excited to announce the return of the SBMA Academy, scheduled for January 14, 2025, in partnership with the World Gold Council.
Singapore Bullion Market Association - SBMA Annual General Meeting 2024
The Academy will offer a valuable learning opportunities for junior staff, providing deep insights into the precious metals industry. This event will take place at Enterprise Singapore, followed by a networking session. The fee for SBMA members is $300 per participant and $500 for non-members (before GST). For details, please contact info@sbma.org.sg.

Closing Remarks: A Year of Growth and Gratitude

In his closing remarks, Yap expressed sincere gratitude to all SBMA members for their continued support and to Silver Bullion for graciously hosting the AGM at The Reserve. Special thanks were extended to the SBMA Management Committee and the Secretariat team for their dedication and efforts throughout 2024.
Singapore Bullion Market Association - SBMA Annual General Meeting 2024
From left: Bruce Wagner, Managing Director, The Reserve; KL Yap, Chairman, SBMA; Andrew Clarke, Brink’s Global Services.
Reflecting on the year, Yap reiterated that SBMA has solidified its role as a leading force in the global precious metals industry. With the achievements of 2024 behind them, SBMA is excited about the opportunities that lie ahead in 2025 as it strives to further strengthen Singapore’s standing as the premier hub for precious metals in the Asia-Pacific region.

Resolutions and Appointments

At the AGM, several resolutions were confirmed, including the ratification of the minutes from the 2023 AGM, the endorsement of audited financial statements for the year ending June 30, 2024, and the appointment of Law Piang Woon & Co as external auditors for SBMA.

Guests Presentation: Kallanish Index Services

After the AGM, Steve Randall, Director of Kallanish Index Services (KIS), was invited to provide an update on the “Gold Daily Report”, an initiative launched with SBMA’s support, which seeks to enhance price transparency in the Asian wholesale gold market, providing much-needed reference prices for gold kilobar premiums during Asian trading hours.
In his presentation, Randall also shared KIS’ plans for 2025, which include expanding geographical and product coverage, as well as providing deeper market insights. This initiative is seen as a critical component in supporting the development of Singapore’s Gold Hub, with its success depending on the continued support of industry stakeholders.

Thank You and Next Step

SBMA extends its heartfelt thanks to all those who attended this year’s AGM. For more information on upcoming events and initiatives, SBMA members and guests are encouraged to follow the association on social media or visit the SBMA website.
Singapore Bullion Market Association - SBMA Annual General Meeting 2024
From left: Damien Han, ICBC Standard Bank Plc; Alan Liew, United Overseas Bank Limited; Andrew Clarke, Sia Wee Sin, Brink’s Global Services.
Singapore Bullion Market Association - SBMA Annual General Meeting 2024
From left: Wong Hong An, Koh Sze Yen, Enterprise Singapore; Lee Jia Yi, Margaret Wong, Albert Cheng, Clara Chang, SBMA.
Singapore Bullion Market Association - SBMA Annual General Meeting 2024
From left: Margaret Wong, SBMA, and Nikos Kavalis, Metals Focus.
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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.