Singapore Bullion Market Association

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A Good Year of Progress for SBMA


Published on December 20, 2019

“2019 has been a good year of progress, and 2020 promises to be another year of note”, chairman Martin Huxley said at the Singapore Bullion Market Association’s Annual General Meeting on 26 November.

Indeed, the past year, SBMA’s Silver Jubilee, was full of new milestones for the association. They include the continued growth of the Asia Pacific Precious Metals Conference (APPMC), which saw 390 delegates from 180 companies in 27 countries attending its third edition, the conference’s highest ever.

Mr Huxley noted the “exceptional growth” of SBMA, which began in 1993 as an informal grouping for industry members, and is now playing a crucial role in driving the development of the precious metals industry in Singapore and beyond.

SBMA is also enjoying a growing revenue base and sponsorship arrangements, with a 95% growth in website traffic and 59% increase in page views in the past year, along with increased interaction on its social media pages.

The association has also been successful in initiatives set out in Enterprise Singapore’s three–year LEAD grant, which expired in June, Mr Huxley said. With a constant stream of interest in the association, he expects SBMA’s membership base to grow to over 50 in the next two years.


SBMA CEO Albert Cheng said that SBMA’s success and growth in recent years is because it is “truly a member-led association”. “Our members compete but also collaborate healthily because we know the cake is big enough”, Mr Cheng said.

He highlighted the priorities for the association in the coming year: membership recruitment and retention. “Members are the core of the association, and Singapore is an important node in the global bullion market. We need the help of members to develop APAC as an innovation hub for precious metals”, Mr Cheng said.

In addition, Mr Cheng said SBMA would continue to maintain its core activities, but look for new areas to build on, and continue building Singapore as an enhanced and holistic hub for the precious metals market in Asia.


During the AGM, members voted in SBMA’s new nine-member Management Committee for a two-year term. The Management Committee for 2020-2021 comprises SBMA’s three Cat 1 members – ICBC Standard Bank, JP Morgan and ScotiaBank – and World Gold Council, TD Securities, Metalor, INTL FCStone, Brinks, and YLG Bullion.

Mr Martin Huxley from INTL FCStone was re-elected to a second term as chairman, while Mr KL Yap from Metalor will also serve a second term as vice-chairman.