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Hot Topics Under the Microscope at the Inaugural 2023 Malaysia Gold Conference

By SBMA

Organised by the Malaysia Gold Association (MGA), the event provided first-hand information from local and foreign gold veterans, as well as industry associations working to grow and develop the Malaysian gold market. Guests included Bulat Sugurbayev, Ambassador of the Republic of Kazakhstan to Malaysia.

The welcoming remarks were given by Haji Abdul Wahab Hamid, honorary secretary of MGA, followed by an opening speech by Louis Ng, founder and executive chairman of Public Gold (PG) Group and president of MGA. Chirag Sheth, principal consultant of Metals Focus, shed light on the global gold market and its outlook in 2023. Sheth explained that gold prices are likely to increase due to the easing of US inflation, raising hopes of a lower peak in US interest rates compared to the Fed’s projections. He also mentioned that the weaker dollar would lend support to the gold price.

Albert Cheng, CEO of SBMA, elaborated on the types of gold available to institutions and consumers. He highlighted the benefits of gold, including returns, liquidity, diversification, portfolio protection, and long-term optimisation. Cheng cautioned investors to check the premium of physical gold products, including making charges and vendor’s profits, since not all are created equal. He gave the audience a general rule of thumb: the larger the piece, such as 50 and 100-gram bars, the more cost-efficient it would be, as small gram bars attract a higher premium compared to the prevailing international gold price. Proof-finished and thematic gold bars, medallions, and coins usually bear much higher premiums due to higher production value. Investors need to understand that a higher portion of their purchase price goes to the making charges, which producers cannot recover if they sell them back as scrap precious metal, he explained.

Albert Cheng, SBMA CEO, receiving a token of appreciation from Louis Ng, MGA president. Image provided by Public Gold.

The last session by Ermin Siow, advisor to the Federation of Goldsmiths and Jewellers Association of Malaysia, detailed the current situation of the Malaysian gold market. Siow said that Malaysia had recovered well after the pandemic in various sectors, including gold jewelry exports, IPM investment products, and domestic gold jewelry consumption, as illustrated by the annual reports of the two listed companies, Poh Kong and Tomei. Thanks to the general government financial support to the industry and individuals, which helped to release the pent-up demand from the lockdown period, leading to 2022 being a good year. The gold mining sector is small, with five operating mines in Malaysia, two active gold mines in Pahang and Sabah, and total output has returned to 5 tonnes annually.

THANKS TO THE GENERAL GOVERNMENT FINANCIAL SUPPORT TO THE INDUSTRY AND INDIVIDUALS, WHICH HELPED TO RELEASE THE PENT-UP DEMAND FROM THE LOCKDOWN PERIOD, LEADING TO 2022 BEING A GOOD YEAR.

MGA also invited Ryan Long, head of commodity derivatives at Bursa Malaysia, to present a short introduction on the Bursa Malaysia gold derivatives contract. Long shared that Bursa Malaysia recently revamped and enhanced its Gold Futures (FGLD) contract, allowing investors to have immediate exposure to international gold price movements. Its uniqueness is trading gold denominated in US Dollars, but cash settled in Malaysia Ringgit, giving retail investors exposure to the international trading market with the convenience of settlement in local currency.

The conference also saw the launch of the Malaysia Gold Automated Teller Machine (ATM) by Public Gold, with the ceremony officiated by the Kazakh Ambassador Sugurbayev, Danny Ooi, founder and advisor of The Malaysia Book of Records, Louis Ng, founder and executive chairman of Public Gold (PG) Group and president of MGA, and Yvonne Lim, executive director of PG Group.

The launch of the Malaysia Gold ATM Ceremony Image provided by Public Gold.

The Malaysia Gold ATM allows consumers to purchase physical gold bars with a purity of 999.9, ranging up to 5 grams, at the push of a button. These gold bars, known as Gram Gold Bars, come in eye-catching designs featuring popular characters from Disney, Marvel Studios, Warner Bros, Juventus, Garfield, Ejen Ali, and Monsta, among others, to encourage consumers to buy them for personal collection, gift-giving, and physical gold trading purposes. Ng stated that the company aims to install 50 ATMs in 2023, placing them in high-traffic areas such as airports and theme parks, to make gold buying more accessible.

The Malaysia Gold Association is looking forward to hosting the Malaysia Gold Conference as an annual event to promote the local gold market to the community and international players.

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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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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.

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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.

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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.

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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.

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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, 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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.