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SPECIAL FEATURE:

Our Journey – SBMA’s Humble Beginnings To Our Silver Jubilee And Beyond

By Albert Cheng, CEO, SBMA

Published on June 5, 2019

In 1993, at the age of 40 and after eight exciting years with the Royal Canadian Mint in Asia, I migrated with my family to Singapore to take on the position of Regional Manager at the World Gold Council. While engaging in market development work there, I joined the Singapore Bullion Market Association (SBMA) at its inception as its honorary secretary. This was the start of my decades-long involvement with the association, which continued even after I left the World Gold Council.

In 2015, I was invited to lead SBMA to continue the association’s unfinished work and champion Singapore as a gold hub for ASEAN and beyond, again on an honorary basis, though with the help of a small team. This has been a role in which I have been very happy to contribute by grooming the next generation of market development professionals.

HISTORY OF SBMA

In 1993, the Singapore government announced the implementation of the Goods & Services Tax (GST) scheme to all business transactions. In response, JP Morgan and the World Gold Council felt it was necessary to form an industry forum of bullion market participants to lobby the government for concessions for gold trading businesses dealing in physical transactions, hence the birth of SBMA.

SBMA was formally registered as an association in December 1993 and became operational in 1994 with an initial membership of only 16 corporate members from the gold industry. It was not until 2015 that we had our first full-time staff and our own office. Prior to this, the association’s secretariat and registered address was the World Gold Council’s Singapore office.

From its inception, SBMA contributed to discussions and deliberations between the bullion community and the Inland Revenue Authority of Singapore (IRAS). We convinced IRAS to exempt re-exported physical gold bars from GST through a special scheme to qualified bullion banks and houses, which took effect on 1 April 1994.

The long bear market in the late 90s, which led to the departure of key personnel in the gold industry and the closure of gold desks at many international bullion houses and banks, put SBMA into inactivity since 2000, though it remained a registered association. However, in the advent of the financial crisis in 2008 and its aftermath, there were growing activities in the bullion market and players that had left the market re-entered Singapore and became active again.

REVIVAL OF SBMA

In February 2012, Singapore said it would exempt investment-grade bullion and precious metals (IPM) from GST (currently 7%) to encourage the growth of refining, trading, clearance, custodian/storage services, market-facing institutions and retail investors in the country’s bid to become a gold hub. The market took the announcement positively, and the bill, which exempted IPM from GST, came into effect on 1 October 2012.

This was the result of extensive efforts initiated by government agency IE Singapore, the predecessor of Enterprise Singapore, which engaged with members of the bullion community such as the World Gold Council, commercial banks, and bullion houses as early as 2010 to look for ways to develop Singapore as a hub for financial market activities such as oil and precious metals.

With the support of IE Singapore, the World Gold Council and key bullion players took the lead to revive SBMA and engage with various government agencies and the international bullion market in pursuing the proposition of developing Singapore into a global gold-trading hub alongside London and Zurich, amid strong Asian demand.

GOING FORWARD

SBMA will continue to work with stakeholders on introducing a benchmark gold price in an Asian time zone to cater to the region’s gold market and help build Singapore to be an efficient trading, clearing and storage centre that attracts key players in the international bullion community. This is a big step forward that requires the support of authorities and the cooperation of key bullion players in the region.

With Singapore at the forefront of digital financial services in the region, we hope to engage stakeholders – both regulators and users – to promote the use of physical gold as a tangible asset to back the units created in the crypto space. We are also in discussions with key gold jewellery manufacturers in China (the biggest in the world) to use Singapore as a hub to connect to the consumer base in Southeast Asia and beyond and to service countries along the Belt and Road route.

At the same time, we want to become a thought and innovation leader for the Asia Pacific bullion market. APPMC will no doubt be crucial for this as it continues to attract bullion market players to Singapore and grows in importance on the bullion market calendar, particularly among global players hoping to use Singapore as a springboard for growth in Asia Pacific.

ALBERT CHENG is a gold industry veteran and has spent over 30 years working in the field in various capacities. He is currently the honorary CEO of SBMA and Advisor to the World Gold Council and Shanghai Gold Exchange. Before his retirement in 2015, he spent more than 20 years at the World Gold Council, becoming Managing Director, Far East in 2003.

Snapshots Of Engagement Activities In Asean Countries During The Early Days

Picture 1: Visit of Mr Kerr Cruikshanks, regional CEO of World Gold Council Far East and Albert Cheng to the State Bank of Vietnam, represented by Mr Nguyen Doan Hung, director of the Forex department, and Mrs Nguyen Thi Nhien, deputy director of the Forex department (June 1995).
Picture 2: Albert Cheng with HT Khanh and Mrs Cao Thi Ngoc Dung, chairwoman of Phu Nhuan Jewelry (PNJ), at the PNJ Factory in 1997.
Picture 3: Albert Cheng at the Opening Ceremony of the 3rd Vietnam Jewellery Fair in 1994 with Mr Nguyen Huu Dinh, general manager of Saigon Jewellery Company (SJC), and Mr Nguyen Thanh Long, SJC deputy general manager.
Picture 4: Jewellery sales counters at the Central Market in Phnom Penh, Cambodia (around 1994).
Picture 5: The Central Market Mall in Phnom Penh, Cambodia, 1994.
Picture 6: Jewellery manufacturing in Laos in 1994.
Picture 7: Visit to Ventiane Market, Laos, with Mr and Mrs Konfa Phoummasak, owners of Fa Jewellery, in 1994.
Picture 8: Gold sales in Yangon, Myanmar.
Picture 9: Gold jewellery shop in Yangon, Myanmar (1995).
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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.

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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.

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.

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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.

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.

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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.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
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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.