Singapore Bullion Market Association

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Asia Pacific Precious Metals Conference Continues Growth in Third Year

By SBMA, 12 June 2019 The annual Asia Pacific Precious Metals Conference, which had the theme “Building a Sustainable Precious Metals Hub in ASEAN”, continued growing in size in its third year, welcoming over 400 delegates, including a contingent of over 100 from China and Hong Kong. Additionally, the conference saw sizeable participation from industry counterparts in Australia, the world’s largest second-largest gold producer and one of the largest suppliers to Asia’s hungry gold markets. Australian government economist Thuong Nguyen gave participants an overview of the country’s gold industry and market, while Perth Mint CEO Richard Hayes and Clean Mining managing director Jeff McCulloch were part of the panel discussing regulation of the precious metals supply chain. The strong turnout by the international bullion community this year reflected the vibrant regional market and growing role Singapore has in connecting regional players with international markets. In particular, the response to the first Kilobar Pavilion, in which 10 gold refiners displayed and marketed their kilobars, was a strong indicator that Singapore has become an important marketplace for global precious metal market players.

SBMA’s 25th anniversary

The conference was also an opportunity for organiser Singapore Bullion Market Association (SBMA) to celebrate its 25th anniversary with its members and other key stakeholders in the industry. Marking this occasion was SBMA’s founding chairman and former global head of precious metals at TD Bank, Tim Gardiner, who delivered the conference’s opening address. “In those days, Singapore was not on the map for precious metals trading. It was Hong Kong, Tokyo and Sydney,” Gardiner said about SBMA’s early days and how the association brought together industry stakeholders together to lobby the government for removal of GST for the trans-shipment of gold, and eventually to the trade in gold. Ivan Tan, director of the Trade & Business division of Enterprise Singapore, said the volume of gold traded out of Singapore reached 1,600 tonnes in 2017, and that the industry has recorded a CAGR of 24% since the lifting of GST in 2012. However, he stressed that to remain relevant and competitive in this sector, firms need to manage financial risk management and infrastructure, for example by strengthening AML standards, which raises trust in the sector; focus on digitalisation and innovation by forming partnerships with companies in Singapore’s innovation ecosystem; and continue to grow the talent pool.

Talking points

The topics that garnered the most discussion over the two-day conference included the effects the ongoing US-China trade war will have on this sector, changes digital gold is bringing to the industry, and the role of gold in investment portfolios. According to Rhona O’Connell, head of market analysis EMEA and Asia, INTL FCStone, gold is still desired because it remains liquid, deep, comparatively stable, and is regarded as a hedge against risk. “It is truly a global commodity and functions predominantly as a currency”, she said. In line with the theme of the conference, environmental, social and governance issues in the precious metals sector were also discussed in detail, with the session on revolutionising the precious metals supply chain providing lively debate on responsible mining and responsible sourcing, as well as the challenges refiners face when addressing these issues.

Increasing regional connectivity

Participants also discussed possibilities and opportunities for increased regional connectivity and mutual benefits in the gold jewellery and gold financing sector between China and Southeast Asian countries. Roland Wang, World Gold Council managing director for China, noted the US$600 billion in trade between China and ASEAN, and the growing investment in ASEAN by China. With jewellery demand in ASEAN remaining stable, and the fact that China fabricated one-third of global production, with innovations like new products and intelligent fabricating processes, he said that the potential for collaboration between China and ASEAN in the jewellery sector is enormous. “As such, it is strategically important to foster development and foster connectivity”, Wang said.

Gallery

Delegates at the opening of the 3rd Asia Pacific Precious Metals Conference Delegates at the opening of the 3rd Asia Pacific Precious Metals Conference
Tim Gardiner, Founding Chairman of SBMA and TD Bank Former Global Head of PM delivering the Opening Address. Tim Gardiner, Founding Chairman of SBMA and TD Bank Former Global Head of PM delivering the Opening Address.
Enterprise Singapore Director of Trade & Business Services Division Ivan Tan delivering the Welcome Address. Enterprise Singapore Director of Trade & Business Services Division Ivan Tan delivering the Welcome Address.
First Keynote Address by INTL FCStone Head of Market Analysis Rhona O’Connell on “Where is the precious metals market headed?” First Keynote Address by INTL FCStone Head of Market Analysis Rhona O’Connell on “Where is the precious metals market headed?”
Thuong Nguyen (Economist, Department of Industry, Innovation and Science, Australian Government) gave participants an overview of the Australian’s Gold Industry and Market. Thuong Nguyen (Economist, Department of Industry, Innovation and Science, Australian Government) gave participants an overview of the Australian’s Gold Industry and Market.
SBMA celebrated its 25th anniversary with its members and other key stakeholders in the industry. SBMA celebrated its 25th anniversary with its members and other key stakeholders in the industry.
Terry Heymann (CFO, World Gold Council) presented on “ESG Criteria – The new paradigm for Precious Metals Supply Chain?” Terry Heymann (CFO, World Gold Council) presented on “ESG Criteria – The new paradigm for Precious Metals Supply Chain?”
Jeff McCulloch (MD, Clean Mining) presenting in the panel discussion on the topic of “The Precious Metals Supply Chain is getting more regulated for better or worse?” Jeff McCulloch (MD, Clean Mining) presenting in the panel discussion on the topic of “The Precious Metals Supply Chain is getting more regulated for better or worse?”
Roland Wang (MD China, World Gold Council) presenting on the topic of – Is there any possibility and opportunity for the “Regional Connectivity and Mutual Benefits” in the gold jewellery and gold financing sector between China and Southeast Asian Countries according to the principles of “seeking common points while reserving differences”? Roland Wang (MD China, World Gold Council) presenting on the topic of – Is there any possibility and opportunity for the “Regional Connectivity and Mutual Benefits” in the gold jewellery and gold financing sector between China and Southeast Asian Countries according to the principles of “seeking common points while reserving differences”?

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.