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Interview:

Martin Huxley

SBMA Chairman

By SBMA
Published on September 10, 2021

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Interview:

Martin Huxley

SBMA Chairman

By SBMA
Published on September 10, 2021

Martin Huxley, Global Head of Precious Metals, StoneX, will be stepping down from his role as SBMA Chairman later this year, after four years at the helm. In a wide-ranging interview with Crucible, he shares his journey in the precious metals sector, and his observations on its development in Singapore, alongside the challenges and triumphs during his tenure as chairman.

Martin, how did you get started in the business, and what brought you to StoneX and Singapore?

I have been active in the commodities markets since 1999; initially as a credit risk manager with Standard Bank in London, but later relocated to Hong Kong in 2004 as the Asia Head with the mandate to regionalise all approvals, monitoring and reporting. The majority of my time was dedicated to the natural resources sector and required me to travel extensively to visit clients and their operating assets. Our bullion trading activities were one of the many desks I was responsible for.

Having worked closely with the sales and trading desks, I later transferred into a Front Office role that straddled both the financing and trading activities of the bank. This remained focused on commodities; including financing to gold mines structured against physical offtakes, and prepayments to smelters/refineries in exchange for finished products.

In 2013, I was approached by StoneX and asked to head up its precious metal activities for the Asia region. I relocated at the start of 2014 and have not looked back. The growth in our business has been quite phenomenal, especially the last 5 years, and I was later appointed as Global Head of our precious metals business overseeing teams spread across 9 offices in 7 countries.

What were your goals/aims when taking on the role as chairman, and are you satisfied with the outcome?

Firstly, I would like to express my thanks to the Secretariat and our Management Team. Together, we maintain a diverse representation within the bullion industry and have achieved some amazing results building our profile; not just within Singapore, but across Asia Pacific, and the international market. I would of course also like to express my appreciation for the ongoing support from all our members.

In answering this question, I think it is important to recognise the resources that are available; and being realistic in what can be achieved, what are the priorities, and how we can deliver on them. Our overall goal has been to continue to build Singapore into a sustainable global precious metal hub, facilitating access to ASEAN and the wider APAC region, for both regional and international market participants.

We focus on supporting and facilitating collaboration among our members, whilst seeking to expand and diversify our membership base. This is further complemented by networks we have established and continue to strengthen with prominent organisations such as LBMA, WGC, and CGSE. The Asia Pacific Precious Metals Conference, or APPMC, is of course a key part of the overall connectivity.

Am I satisfied with the outcome? The answer is unquestionably yes! I personally believe what we have achieved, and in a relatively short space of time over the last 5 or so years, has been quite remarkable.

There are other goals and long-term ambitions that we aspire to, but we have to be realistic in what we can deliver on a standalone basis. Lastly, we continue to pay close attention to technology advancements and initiatives and the potential involvement of SBMA.

What are some of the highlights/pivotal moments during your tenure as SBMA chairman?

We are an important global bullion trading hub. Physical gold movement in and out of Singapore reached new highs in 2020. In the last few years we have observed an increasing number of commodity trading companies, foreign fund managers, and financial institutions setting up a presence in Singapore.

APPMC would be the obvious standout. We launched our inaugural event in June 2017. As a non-profit organisation, we have limited financial and people resources, both of which presented challenges, and success, or even breaking even, is not guaranteed. Despite delivering and exceeding expectations, doubts remained after that first event as to whether this could be repeated and whether we could achieve our ambition of holding an annual flagship industry conference. Having overseen three subsequence conferences, I feel we have taken APPMC to another level and it is a huge compliment that many consider us alongside LBMA as the conferences of choice. APPMC is now a permanent fixture on the calendar in the second week of June. Fingers crossed, we can meet in person in June 2022.

The fact APPMC was able to adapt in 2021 to a virtual conference, at short notice, was another milestone; with an added bonus that we could accommodate a higher number of participating registered delegates versus a physical venue.

What have been your biggest challenges as Chairman of SBMA?

No prizes for guessing that this has to be the global pandemic and all the uncertainty that has resulted. Outreach, educational seminars, networking etc. has either slowed, or not been possible, and of course APPMC was cancelled in 2020 and moved to a virtual event this year.

Prior to that, industry consolidation and members exiting the market for strategic decisions had seen a decline in our membership base for the first time.

Both of these factors had implications on the overall financial sustainability of the SBMA, which was further compounded by the fact they occurred shortly after the expiry of a 3-year government grant. Prudent management, successful initiatives, growing profile, hard work, and attractiveness of Singapore as a bullion hub has, however, ensured that we are self-sufficient. Despite all the challenges, our revenue in 2021 will cover all expenditure, and without any change in our membership fees.

How has the role/focus of SBMA changed over the years?

The focus and mandate of SBMA in recent years has expanded considerably whereby we are widely acknowledged and recognised as a key “conduit” both within the region, but also for the global precious metal industry into ASEAN and vice versa. With our growing reputation and profile, we are observing healthy interest in new membership, especially over the last 18 months and when some may have expected this to slow as a result of the pandemic. Ten new members have been added during this period with a pipeline of further applications in progress. Our membership now extends to Singapore, Hong Kong, Malaysia, Vietnam, Thailand, Indonesia, Australia, South Africa, Turkey, Italy, USA, and UK.

Beyond serving our members, we are also privileged to be recognised as the voice of the bullion industry by regulators and market development bodies. We have benefitted strongly under the support and guidance of Enterprise Singapore (ESG), including a government grant that allowed us to take APPMC from aspiration to delivery. ESG remains closely involved in SBMA; as an observer/attendee at our regular management committee meetings, and a member of its Finance Committee. SBMA was also the industry body that Ministry of Law Singapore engaged with on the introduction, and subsequent ongoing monitoring/reporting requirements and considerations, for the Precious Metals Dealers Prevention of Money Laundering and Terrorism Financing Act.

What aspect of the industry excites you the most?

The extraordinary events surrounding Comex in March 2020 and physical being in the wrong place and wrong form are known to all. We have also had the West versus East conundrum for many years. There are no easy or quick fixes to these. However, digitalisation of the industry is something that is going to happen and it will help change the way in which we view gold as an asset (and no doubt other precious metals/commodities). This will help determine how, where, and when it is settled, how it can be used as collateral (greatly improving efficiency e.g. instant title transfer), DVP, etc.

As the benefits and mechanisms used to facilitate this new ecosystem are recognised and accepted, there is the potential for a new global pool of fungible liquidity to be created, which will help drive other positives; such as greatly reducing operational, settlement, and other risks.

What are you looking forward to?

One of the biggest enjoyments in my role with both SBMA and StoneX is travelling, meeting existing and new clients, engaging and feeling the local markets first hand. Having been stationery for the best part of 2 years I certainly look forward to being able to travel again.

With regard to the SBMA, I think if we can achieve the same level of success and progress of that in the last 3 years, it will be very respectable. With the network we are part of, we are very well placed to participate in future regional and global developments and initiatives.

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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.