Singapore Bullion Market Association

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Annual General Meeting 2020: “A Year Like No Other”


Published on January 12, 2021

“It’s been a year like no other, and one that no one could have predicted”, said SBMA Chairman Martin Huxley, kicking off the association’s first-ever virtual annual general meeting.

The pandemic, coupled with the postponement of APPMC, have limited SBMA’s outreach efforts. Consolidation within the industry, as well as strategic decision to exit by others, also resulted in the departure of several SBMA members, with only Rand Refinery joining as a foreign associate member.

“We want to grow our membership base and annual subscriptions, but we will not do this for the sake of it and where our integrity may later be questioned”, Huxley said, noting that SBMA is maintaining its high standards, while progressing applications for several prominent names and is optimistic that the membership base will return to its increasing trend.

The postponement of APPMC this year and shortfall in revenue will be realised in the current fiscal year. The past year also saw the expiry of the Lead Grant, which SBMA has received from Enterprise Singapore for the last three years, requiring the association to find other revenue sources and cut costs.

“We remain prudent as an organisation, however, and focused on operating a self-sustainable business model. We have looked closely at our cost base, trimming this back wherever possible to the minimum levels possible”, Huxley said, urging members to consider allocating either a new marketing budget or increase their support in 2021 through sponsorship in Crucible, via the website, or other forms of contribution.

While SBMA regretfully had to cancel APPMC in 2020, the association managed to partner with SGX for its Commodities Unplugged seminar series with a two-day webinar on precious metals. The association’s online engagement has also grown amid the pandemic, with a year-on-year increase in website traffic of over 108% and increased page views of 71%.

SBMA has continued its work on the Phase 2 development of the Singapore Gold Hub Vision together with the World Gold Council and Enterprise Singapore, and is following guidelines from relevant authorities with regards to the gradual resumption of business activities and is in the midst of planning for a hybrid APPMC in 2021.

“It remains too early to commit, but we remain optimistic that there will be an opportunity to meet at physical events in some form as we return to normalcy”, Huxley said.

SBMA CEO Albert Cheng was similarly hopeful, highlighting how SBMA has managed to continue to play a role as a connector in the community and the region, despite the challenges brought about by the pandemic and said he “remains cautiously optimistic” in looking towards 2021.