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OPINION - INDONESIA’S BULLION MARKET TRANSFORMATION: ATM GOLD AND INNOVATION DRIVING THE NEXT GROWTH PHASE

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Indonesia is accelerating the transformation of its bullion market, supported by strategic policy direction, regulatory reform, and growing industry participation.
As global demand for gold strengthens amid economic uncertainty, the country is repositioning gold from a traditional commodity into a strategic financial asset.

At the centre of this shift is the Indonesia Bullion Ecosystem Roadmap 2026–2031, introduced by the Otoritas Jasa Keuangan (OJK)

At the centre of this shift is the Indonesia Bullion Ecosystem Roadmap 2026–2031, introduced by the Otoritas Jasa Keuangan (OJK). The roadmap outlines a comprehensive plan to develop a fully integrated bullion ecosystem spanning the entire value chain – from upstream mining and refining to downstream financial services and trading.
The roadmap focuses on expanding bullion-based financial services, developing gold-backed investment instruments, and strengthening governance and market standards. It also aligns with Indonesia’s broader downstreaming (hilirisasi) agenda, aimed at increasing domestic value creation from gold resources (OJK, 2026).

Roadmap Sets Strategic Direction

The roadmap serves as the foundation for the country’s bullion market transformation, providing a clear strategy to build a fully integrated gold ecosystem – from mining and refining to financial services.
It focuses on expanding bullion-based financial services, developing gold-backed investment instruments, and strengthening governance and market standards. It also aligns with Indonesia’s downstreaming (hilirisasi) agenda, aimed at retaining more value domestically.
Through this initiative, gold is increasingly positioned not just as a commodity, but as a strategic financial asset within Indonesia’s evolving economy (OJK, 2026).

Regulation in Motion: OJK Strengthens the Foundation of Indonesia’s Bullion Market

Regulatory reform has become a key pillar in accelerating Indonesia’s bullion market transformation. OJK has introduced a series of policies aimed at formalising bullion business activities and expanding the range of gold-based financial products.
Key initiatives include the implementation of POJK No. 17/2024, which provides legal clarity for bullion operations, the introduction of gold-backed ETFs in 2026, and the early development of gold tokenisation, with pilot transactions reaching approximately IDR 8 billion (S$591,200).
These measures are expected to enhance transparency, strengthen governance, and encourage broader participation from financial institutions and investors. Indonesia’s bullion market is steadily evolving into a more structured, regulated, and investable ecosystem. (OJK, 2026).

ATM Gold Expands Market Access

An ATM Gold machine deployed by Brink’s Indonesia

One of the most notable developments is the rise of ATM Gold (also referred to as Gold ATM or ATGM), which enables automated buying and selling of physical gold.

Beyond policy and regulation, infrastructure innovation is emerging as a significant driver of change. One of the most notable developments is the rise of ATM Gold (also referred to as Gold ATM or ATGM), which enables automated buying and selling of physical gold.
Brink’s Indonesia is leading the deployment of ATM Gold across major institutions, including AMMAN Mineral, ANTAM, Hartadinata Abadi, BCA Syariah, and BSI. This initiative marks a shift from manual, limited transactions towards automated, on-demand access, making gold investment accessible to a broader population.
Market observers note that ATM Gold is evolving into a critical infrastructure layer, connecting producers, financial institutions, and retail investors within a more integrated ecosystem.

Opportunities and Challenges Ahead

Indonesia’s bullion market transformation presents significant opportunities, particularly in mobilising idle gold assets held by households. Integrating these assets into the financial system, the country could expand financial inclusion, strengthen domestic liquidity, and enhance market depth.
Challenges remain, however. Market liquidity is still developing, and strong cultural preferences for physical gold continue to shape consumer behaviour. Integration with global bullion markets also requires further alignment in standards, infrastructure, and regulation.

Market in Transition

Despite these challenges, Indonesia’s direction is clear. With strong policy support from OJK, growing industry participation, and infrastructure innovation such as ATM Gold, the country is well-positioned to unlock the full potential of its gold market.
As accessibility improves and financialisation accelerates, Indonesia is on track to evolve into a modern and integrated bullion hub in Southeast Asia – one where gold plays an increasingly important role in investment, financial markets, and economic growth.
DAVID MAKSUD President Director of Brink’s Indonesia, brings over two decades of industry experience to his role. With a proven track record of driving growth, optimising operations, and fostering a culture of excellence, David has been instrumental in shaping Brink’s Indonesia’s trajectory in recent years, positioning it as a trailblazer in the evolving landscape of cash services.
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Mr Bernard Sin

Regional Director, Greater China
MKS PAMP (Singapore) Pte Ltd
Regional Director of Greater China since 2020, and previously Head of Trading. Bernard joined MKS PAMP as a country representative of Singapore in 1996 and moved to Switzerland in 1997. He holds an MBA in International Business from the European University in Geneva. Prior to joining MKS PAMP, Bernard worked 6 years for Standard Chartered Bank in Singapore and Hong Kong as an FX and Bullion Dealer.

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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 in partner with the Chairman and the Management Committee. Also, he is responsible for maintaining accountability to and the quality of, the Association’s Membership and the annual Asia Pacific Precious Metals Conference (APPMC) as well as representing the interests of the Association in relation to regulators, investors, media and international precious metal markets, and also responsible for all the legal and regulatory aspects of the work of the Association.

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Margaret Wong

Executive Director – Head of Operations

Margaret Wong, Executive Director – Head of Operations 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 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.

Ms Crystal Xu

Vice President
TD Securities
Based in Singapore, Crystal has over a decade of experience in the metals market, specializing in trading, structuring, and delivering solutions for institutional and commercial clients across Asia. She leads initiatives spanning both physical and derivative products and plays a central role in advancing TD’s regional metals strategy. With deep expertise in market dynamics and strong cross-functional collaboration, she helps drive business growth, product innovation, and risk-informed decision making across the firm’s Asia-Pacific platform.

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.

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.

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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.

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.

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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-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.

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-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Managing Director – Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch
Kazuya (Kaz) Naoki is the Managing Director – 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-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-Raman-Walia

Mr Raman Walia

Managing Director
JP Morgan Chase Bank N.A.

Raman is Managing Director 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-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-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.