Singapore Bullion Market Association

Website Sponsor

Article List

Article List

Next-Generation Gold Tracking

By Gregor Gregersen, CEO, CACHE

Published on September 8, 2020

Imagine yourself changing the jurisdiction of where your gold holdings are held – for example, in Singapore instead of the United States. Based on conventional ways of moving gold, you could hire a secure logistics company to fly it to Singapore. Alternatively, you could sell your gold in the United States and use the funds to buy gold again in Singapore, incurring buy-sell spread costs in the process.

But what if there were an easier and faster option that saved you the hassle and expense that comes with international logistical transfers and navigating the customs requirements of different jurisdictions for precious metals?

Singapore-based technology company CACHE is attempting to overcome these obstacles with the introduction of CACHE Gold tokens (CGT), which are ERC-20 tokens, each backed by 1 gram of pure, investment-grade gold. The company does not buy nor sell gold or tokens to the general public – its scope of operations is limited to tokenizing physical gold and facilitating the redemption of tokens for physical gold.

CACHE plans to develop a marketplace comprising global vaults and bullion dealers to allow gold owners to easily swap between bullion and CGT across jurisdictions. The CACHE marketplace currently has gold stored in the vaults of Loomis, Dillon Gage’s wholly owned IDS and The Safe House, which can be redeemed using CACHE Gold tokens.

Investors can therefore bring gold bars to Dillon Gage’s vault in Texas and have them tokenized into CGT, which can then be redeemed for physical gold held in Singapore at The Safe House vault. In a matter of minutes, your gold holdings have switched jurisdictions without the need to engage a secure logistics company or wait several weeks for the delivery to be completed. Such transactions can be done between vaults on the CACHE marketplace, giving gold holders a myriad of options to better manage their holdings.

Viewing gold stored within the CACHE Gold ecosystem using the CACHE Explorer

SECURITY AND CONVENIENCE

Each gold bar that backs CGTs is deposited in commercial vaults using the GramChain asset tracking system, which enforces transparency through specialised RFID scanners, tamper-evident bags and data hashes broadcasted in real-time to the ethereum blockchain. This guarantees that the event history of each bar cannot be surreptitiously tampered or manipulated in any way by anyone, including CACHE.

CGT stored in digital wallets can be securely carried anywhere in the world or traded on digital exchanges with no impediment. The tokens are essentially warehouse receipts that can be redeemed for physical gold bars as small as 100 grams. Redeemed gold can also be sold to participating bullion dealers on the CACHE Marketplace or shipped to the token holder’s address.

CGT is also freely transferable on the ethereum blockchain and can be traded on select digital exchanges. Token holders are free to choose their preferred ERC-20 compatible wallets and can trade without an account with CACHE unless redemption of gold is required.

Holders of CGT can also redeem and sell their gold to participating dealers who offer bids at specific vaults within the CACHE marketplace. As CACHE Gold is investment-grade gold of known provenance, it is an attractive way for dealers to obtain gold at the prices they are willing to pay. Secondly, by bidding slightly more for gold in one jurisdiction, such as in Singapore compared to Dallas, dealers can obtain the gold in the jurisdiction they need it most and reduce the need to ship inventory between jurisdictions.

CACHE provides the foundational technologies to enable trusted gold digitalisation but leaves the trading to third-parties. This approach makes the CACHE marketplace highly scalable and its growth independent of CACHE. Users of CGT do not need the consent of CACHE to create new markets or find new uses for CGT, thereby allowing organic growth of its marketplace.

AS GOOD AS GOLD

The CACHE Gold Token is a powerful new asset class that offers the store-of-value function of physical gold, while also providing the convenience and flexibility of a public, non-proprietary, blockchain-based digital asset. It is not a replacement or substitute for physical gold but connects gold to the distributed digital trading world in a transparent and credible manner. CGT therefore complements physical gold and offers new options for wealth management.

Visit https://cache.gold for more information.

GREGOR GREGERSEN is the Chief Executive Officer of CACHE. He was a Senior Data Architect with Commerzbank AG where he witnessed first-hand the fragility of the financial system during the 2008 Global Financial Crisis. It started him on a journey to seek safe haven assets such as precious metals and led to his founding of Silver Bullion, a Singapore-based company specialising in wealth protection from systemic risks. Gregor also founded The Safe House, a 630-tonne capacity precious metals vault in Singapore.

PREV ARTICLE
NEXT ARTICLE
BACK TO INDEX

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.