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SBMA: A Catalyst for Global Connectivity

On 14 November 2024 – Indonesia Financial Services Authority (OJK) issued OJK Regulation (POJK) Number 17 of 2024. This landmark regulation establishes comprehensive guidelines for conducting bullion business activities, including gold deposits, trading, financing, and custody. The framework emphasizes prudential principles, good governance, risk management, and adherence to international standards for anti-money laundering and consumer protection. Read more about POJK here.
As Indonesia embarks on a new era for its bullion industry, the SBMA plays a crucial role in developing a strong regulatory framework for bullion business activities. Our collaboration with key stakeholders from Indonesia’s financial and bullion sectors showcases SBMA’s ability to build trust, share expertise, and drive transformation in the market.

June 2022: Laying the Foundation for Bullion Banking at APPMC 2022

During the Asia Pacific Precious Metals Conference (APPMC) 2022, Mr. Iskandar Simorangkir, Deputy for Macroeconomic & Financial Coordination, Government of Indonesia, delivered a video presentation detailing upcoming changes in Indonesia’s gold market, including the removal of the 10% VAT and plans for bullion banking.

November 2022: Pioneering Discussions on Indonesia's Bullion Future

Singapore Bullion Market Association Newsroom A Catalyst for Global Connectivity
A group photo in Indonesia after the kick-off meeting on Day 1.
In November 2022, a high-level SBMA delegation, led by CEO Albert Cheng, embarked on a pivotal three-day visit to Indonesia. The delegation engaged with the Coordinating Ministry of Economic Affairs (CMEA), Financial Services Authority (OJK), Bank Indonesia, and other critical stakeholders.
Singapore Bullion Market Association Newsroom A Catalyst for Global Connectivity
Singapore Bullion Market Association Newsroom A Catalyst for Global Connectivity
Day 2 of the delegation
Discussions revolved around the roadmap for establishing bullion banks, integrating bullion business activities into Indonesia’s broader economic reforms under the Omnibus Law, and creating a pilot project for bullion banking spearheaded by PT Pegadaian.
Singapore Bullion Market Association Newsroom A Catalyst for Global Connectivity
At the dinner table with Iskandar Simorangkir, deputy minister of macroeconomic and finance coordination, CMEA.
These engagements underscored the need for a comprehensive regulatory framework, with SBMA providing strategic insights on market development, operational best practices, and mechanisms to integrate bullion into Indonesia’s financial services ecosystem.
Read more on the SBMA Outreach to Indonesia here.

February 2023: Knowledge Sharing and Training

Singapore Bullion Market Association Newsroom A Catalyst for Global Connectivity
Training programme ran from 27 Feb to 2 Mar 2023
Building on the momentum, in conjunction with WGC, SBMA hosted a closed-door training program in February 2023 for a delegation from Indonesia, including representatives from OJK. The program delved into the fundamentals of the global gold market, its supply chain dynamics, and its role as a strategic financial asset class.
Singapore Bullion Market Association Newsroom A Catalyst for Global Connectivity
Group after the training session
Participants gained insights into gold’s multifaceted role in investment portfolios, ethical practice standards, and risk management mechanisms. This training session highlighted SBMA’s commitment to capacity building and knowledge sharing, providing Indonesian stakeholders with a deeper understanding of gold’s strategic value and how a bullion ecosystem can be sustainably developed.

June 2023: Progress and Next Steps for Indonesia APPMC 2023

At APPMC 2023, Sahat Pangaribuan, Senior EVP of PT Pegadaian, joined Albert Cheng, CEO of SBMA and other panellist in Session 1 of APPMC 2023. In the session, he discussed Indonesia’s gold ecosystem. Low domestic demand, despite being a global producer, led the government to prioritise development. Tax regulations will be reassessed, and gold exportation restricted. Promoting gold as an asset class requires strengthening the financial system and implementing appropriate measures, he noted.
Panellists for “What Do Market Participants Want From the ASEAN Precious Metals Markets?” (L to R): Louis Ng (Malaysia Gold Association, Malaysia), Nuttapong Hirunyasiri (MTS Gold Group, Thailand), Albert Cheng (SBMA, Singapore) – moderator, Huynh Trung Khanh (Vietnam Gold Traders Association, Vietnam), and Sahat Pangaribuan (PT Pegadaian, Indonesia).
Indonesia also took centre stage in a special session curated by SBMA. Keynote speaker Dr. Ferry Irawan, Acting Deputy Minister for Macroeconomic and Finance Coordination, outlined Indonesia’s economic growth strategies and progress in bullion banking. He noted that technical regulations (POJK) are being drafted to determine if financial service institutions can offer bullion services, and the government has reduced the tax on gold to expedite their implementation.
Panellists for the Special Session on Indonesia: Ferry Irawan (CMEA, Republic of Indonesia), Albert Cheng (SBMA), Agus Wibowo (CMEA, Republic of Indonesia), and Sahat Pangaribuan (PT Pegadaian).

March 2023: Facilitating Market Insights

Recognising the importance of learning from global best practices, SBMA facilitated a study visit for the Indonesian delegates to Singapore in March 2023. The visit focused on understanding Singapore’s established bullion ecosystem, regulatory standards, and market structures. Through facilitated meetings with key players in Singapore’s bullion industry, the Indonesian delegates gained actionable insights that would later form the regulatory framework for Indonesia.

November 2024: OJK Regulation on Bullion Business Activities

SBMA’s years of collaboration with Indonesia culminated in the issuance of the OJK Regulation (POJK) Number 17 of 2024 on November 14, 2024.
As Indonesia steps into a new era for its bullion industry, SBMA’s involvement exemplifies our mission to connect Asia to the global bullion community. From facilitating strategic dialogues to empowering stakeholders through education and fostering regulatory advancements, SBMA has demonstrated the indispensable role of a trusted partner in market transformation.
Indonesia’s successful adoption of a comprehensive bullion regulatory framework is a testament to the power of collaboration. SBMA remains committed to supporting Indonesia and other ASEAN economies in their journey to build robust, trusted, and globally competitive bullion markets. Together, we continue to strengthen the region’s position as a key player in the global precious metals industry.
For more information, please contact the SBMA secretariat.

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SBMA Contact

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.