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2022 Asia Pacific Precious Metals Conference Summary

By Joni Teves, Precious Metals Strategist, UBS Investment Bank

The focus of the 2022 APPMC was increasing accessibility and fungibility of precious metals, a fitting theme for the current environment, especially after the challenges and dislocations that the precious metals markets have faced in the past few years. The increasing role of gold and precious metals in investor portfolios highlights the importance of 24/7 market accessibility across various channels and more harmonised products.

It also raises the question of how gold and precious metals can evolve in the world of fintech and digital assets amid the shifting preferences of the next generation of market players and investors.

Singapore Bullion Market Association (SBMA) chairman KL Yap’s welcome address set out this theme clearly , providing the audience an overview of what to expect from the sessions for the rest of the conference. He was optimistic about the future growth in the region. One thing that stood out in his address was the initiative to have an Asian gold reference price, showing the discount or premium of kilo bars.

KL Yap, chairman of the Singapore Bullion Market Association, welcomed delegates to APPMC 2022.

The discussions and sessions during the rest of the conference could perhaps be summarised in three words: 1) unprecedented, 2) resilient and 3) optimistic. The first word is borrowed from the keynote speaker, Ong Sin Beng. The experience over the last couple of years was unprecedented as developments in the world have led to conditions that many people have not seen in their lifetime.

As an industry, we face numerous new challenges and uncertainties and therefore have had to adapt and figure out a way to navigate them. This is captured by the second word: resilient. Throughout the conference, participants engaged in many meetings to look for synergies and ways to work together and grow their businesses, which is a testament to the precious metals market’s resilience. A common theme among many presentations not only highlighted that the global pandemic caused a dip in GDP and a decline in sales and volumes, but more importantly, that these have all recovered from the lows in the aftermath. The market has seen dislocations, but it has endured.

The final word is optimistic, perhaps cautiously optimistic, given the continued uncertainty that we faced with the ongoing recovery from the pandemic and the lingering geopolitical fears but hopeful, nonetheless. Developments in bar provenance and integrity, responsible sourcing, sustainability and Environmental, Social and Governance (ESG) goals are all moving in the right direction. The continued dialogue around these topics allows us to look forward to the industry’s future. Technology can help us towards these developments and enable the industry to evolve into the digital world. Updates on the various ASEAN gold markets detailed some positive changes and increasing regulatory support, which should help the region to grow and develop.

Following the warm welcome from SBMA’s chairman, the conference kicked off with three special addresses. David Tait, global CEO of the World Gold Council (WGC), walked us through WGC’s regional initiatives and vision for the gold market.

Tait gave a detailed discussion on the WGC initiatives, such as the responsible gold mining principles and its collaboration with the LBMA to implement a global system of gold bar integrity, provenance, and chain of custody.

Tait gave a detailed discussion on the WGC initiatives, such as the responsible gold mining principles and its collaboration with the LBMA to implement a global system of gold bar integrity, provenance, and chain of custody. It tied in nicely with the next speaker, Sakhila Mirza, executive board director and general counsel, LBMA, who provided further details on this initiative, encouraging the audience to look forward to the results, which are to be released in Q3. She also summarised the LBMA’s 3-year strategic plan covering four key areas: 1) responsible sourcing, 2) physical market enhancements, 3) financial market enhancements, and 4) communications and engagement. One key takeaway from Mirza’s address was that the LBMA wants to get as much feedback on its strategy and initiatives and asks everyone to get more involved.

Moving on, Nicholas Frappell, ABC Refinery’s global head of institutional markets, emphasised the importance of information to increase accessibility. Investors need information to navigate these markets; this includes information on the market, macro factors, and education about product offerings. Their initiatives include providing retail customers regular updates via the refinery’s podcast, “The Pod of Gold”.

David Tait, the global CEO of the World Gold Council, delivered a special address on the WGC regional initiatives and the vision for the gold market.
Sakhila Mirza, executive board director & general counsel, LBMA, delivered a special address on the Gold Bar Integrity initiative and LBMA’s 3-year strategic plan.
Nicholas Frappell, global head of institutional markets, ABC Refinery, discussed ABC Bullion’s initiatives to increase the accessibility of gold in Australia.

The keynote speech by Ong Sin Beng, chief economist for emerging Asia and ASEAN, JP Morgan Chase Bank, N.A., helped to contextualise the current macro backdrop, especially for the region. Among the key takeaways from the keynote speech is that firstly, EM Asia exports are likely to come down, which implies weaker Asian currencies versus the dollar. Second, inflation may ease, but there are risks to the upside. Inflationary pressures include high fuel costs, wage increases, rising input costs and the risk of physical commodity shortages. Based on their view, high inflation suggests that real rates should stay negative. The fear is that the world is already in a stagflationary environment – a scenario where growth is falling while inflation is high. There are also risks around the US Federal Reserve’s quantitative tightening.

JP Morgan’s chief economist for Emerging Asia and the ASEAN, Ong Sin Beng, delivered a keynote address covering ASEAN’s economy and gold during inflationary periods.

Moving to the first panel session, moderated by SBMA CEO Albert Cheng, it was interesting to hear about market updates across the region. Iskandar Simorangkir, deputy for macroeconomic and financial coordination under the government of Indonesia, brought the audience up to speed with recent and upcoming changes in the Indonesian gold market, such as the removal of the 10% VAT and the establishment of bullion banks to support the jewellery industry. Bullion banks are to sit at the core of market reform, which will be carried out gradually. Jennifer Heryanto, CEO of PT Sentral Kreasi Kencana (SKK Jewels) and one of Forbes’ “30 Under 30”, provided an update from the perspective of the Indonesian jewellery industry. Heryanto also provided details on recent regulatory changes in Indonesia, including the establishment of a national standard for gold content to help protect consumers, and two more regulations in the pipeline.

Huynh Trung Khanh, vice chairman of Vietnam Gold Traders Association (VGTA), then gave his insight on onshore premiums in Vietnam. It was interesting to hear about the strength in demand for Saigon Jewelry Company’s Dragon Tael Bars, which pushed premiums to as high as US$700 for an ounce of gold at one point. He also gave regulatory updates, including the liberalisation of production and sales of gold jewellery and 24 karat gold investment products, as well as easing and simplifying licensing conditions for gold tael bars in Vietnam.

REGULATION SEEMS TO BE MOVING IN THE RIGHT DIRECTION IN VIETNAM, BUT ONE TAKEAWAY FROM THE FOLLOWING SPEECH BY LE TRI THONG, CEO OF PHU NHUAN JEWELRY JV STOCK COMPANY, IS THAT THE PROCESS OF LIBERALISING SUPPLY MIGHT TAKE TIME.

Regulation seems to be moving in the right direction in Vietnam, but one takeaway from the following speech by Le Tri Thong, CEO of Phu Nhuan Jewelry JV Stock Company, is that the process of liberalising supply might take time. That said, engagement between the State Bank of Vietnam (SBV) and stakeholders such as the jewellery industry and the VGTA is overall quite positive.

For Thailand’s gold market, Tanarat Pasawongse, CEO of Hua Seng Heng, noted that one can trade gold domestically in US dollar terms, and that the Bank of Thailand allowed this to help contain the impact of net gold exports on the Thai baht. He also gave an overview of the Gold Now application, highlighting that the wide use of mobile banking in Thailand can create opportunities for the gold market.

To round up the panel session, Ermin Siow, advisor of the Federation of Goldsmiths and Jewellers Association, gave insight into the Malaysian gold market. Despite the decline in gold demand in Malaysia, he highlighted that companies’ bottom lines were less affected, helped by the high gold price and the resilience in underlying local demand to offset some of the losses in exports. Gold was the focus of the panel session, but it implied room for growth and the possibility of expansion into the PGMs and the rest of the precious metals within the region.

“Asia Pacific Precious Metals Markets Update” panellists (L to R): Ermin Siow (Federation of Goldsmiths and Jewellers Association, Malaysia),Tanarat Pasawongse (Hua Seng Heng, Thailand), Le Tri Thong (Phu Nhuan Jewelry JV Stock Company, Vietnam), Huynh Trung Khanh (Vietnam Gold Traders Association, Vietnam), Jennifer Heryanto (PT Sentral Kreasi Kencana, Indonesia) and Albert Cheng (Singapore Bullion Market Association, Singapore), moderator.

The afternoon session then kicked off with the launch of GoldZip by Brian Fung, CEO of the Chinese Gold & Silver Exchange Society (CGSE) and YK Goh, CEO of V Systems. It was interesting to get details of this digital gold token backed by GoldZip Eligible Gold Bars, the first physical gold-backed token issued by an exchange-related issuer.

The second panel session, led by John Levin, APAC head of commodities, TD Securities, focused on strategies to increase precious metals accessibility. Bruce Ikimezu, executive director of Japan Bullion Market Association (JBMA), spoke about the Zipang coin, a digital currency launched in Japan. It is still in its early stages and volumes are still limited. There are further developments in the pipeline, including launching similar products for other commodities, he said.

ANDREW NAYLOR, REGIONAL CEO, APAC (EX-CHINA), WGC, THEN FOCUSED ON THE DEMAND SIDE OF ACCESSIBILITY AND SPOKE ABOUT WHAT DRIVES CONSUMER INTEREST.

Andrew Naylor, regional CEO, APAC (ex-China), WGC, then focused on the demand side of accessibility and spoke about what drives consumer interest. Different sources and motivations for gold demand make gold a unique asset. He also noted that ESG issues are key factors in making gold more accessible, particularly for institutional investors, Naylor said.

Kazuya Naoki, head of metals, Asia of ICBC Standard Bank Plc., Singapore Branch focused on access to the physical market. Interestingly, his presentation showed the conditions in the physical market before and after COVID. The impact of the pandemic included: 1) disruptions to logistics , particularly the cost and time of moving metal physically, 2) dislocations leading to large swings in physical premiums, and 3) less leverage and more regional markets, caused by restrictions from COVID-related policies. The topic of accessibility in platinum group metals (PGMs) was then expertly tackled by Oliver Martin, PGM trader, AngloAmerican Platinum, who provided a long history of access to the PGM markets, dating back to the 1950s and 1960s. He summarised the evolution of players that had access to PGMs over time and highlighted the importance of introducing exchange-traded funds (ETFs) to allow more market participants to be involved.

All in all, the audience learned from this panel session that accessibility could mean anything from getting access to new products like the Zipang coin in Japan, addressing what consumers are looking for, such as ESG increasingly becoming a key consideration for many institutional investors, and access to physical markets in gold, silver and PGMs.

“Strategies to Increase the Accessibility of Precious Metals” panellists (L to R): Oliver Martin (AngloAmerican Platinum), Andrew Naylor (World Gold Council), John Levin (TD Securities) – moderator, Kazuya Naoki (ICBC Standard Bank Plc) and Bruce Ikemizu (Japan Bullion Market Association).

The third-panel session for the day, moderated by Sunil Kashyap, director of FINMET, focused on linking regional and international metals markets. Mirza provided the LBMA’s view, elaborating on the importance of having a common set of global standards, which could later be augmented to fit the regional context. Sachin Patel, senior director of metal products at CME Group, provided the perspective and insights from the CME, particularly into the unprecedented exchange for physical (EFPs) moves in 2020. Pramod Mohan, managing director of FINMET, then discussed the UAE gold market and the recent establishment of a UAE good delivery, currently with two refineries and more to come. To round up the panel, Ravi Ramakrishnan, head of precious metals trading Asia, JP Morgan, highlighted how the lack of fungibility in the gold market makes gold more of a commodity than a currency. He noted that varied demand drivers account for the key differences across the different markets. While it remains unclear how precious metals can be more fungible, it is important that the market is having the conversation.

“Linking Regional and Global Precious Metals Marketplaces” panellists (L to R): Ravi Ramakrishnan (JP Morgan), Pramod Mohan (FINMET), Sachin Patel (CME Group), Sakhila Mirza (LBMA) and Sunil Kashyap (FINMET), moderator.

Starting Day 2, Ashok Gautam, managing director and CEO of India International Bullion Exchange (IIBX), gave details on the soon-to-be inaugurated exchange that, for the first time, will allow qualified jewellers to import gold against US dollars directly. This has been approved by the Reserve Bank of India. Other projects in the pipeline include gold loans, leased products to access US dollar liquidity and the introduction of gold and silver ETFs in India.

Ashok Gautam, managing director & CEO of the India International Bullion Exchange, presented on India’s first international bullion exchange.

SBMA CEO Albert Cheng returned as a moderator, leading the roundtable discussion on China. Zhao Fanghua, general manager of the Shanghai Gold Exchange International (SGEI), gave an overview and update on gold trading volumes on the exchange. She also introduced the Gold Road project and talked about continued collaboration and opening up to increase international participation. Tracy Yan from the market and strategy department of SGEI then provided further details and statistics highlighting how large and critical the Chinese gold market is to the global gold market. She shared some insights on the Gold Road initiative, encouraging international entities to work with counterparts in China through the SGEI.

To illustrate the advantages of participating in this initiative, Mr Alan Liew, head of bullion and commodity trading, United Overseas Bank (UOB), and Huang Yourong, deputy general manager of the marketing department, Zijin Mining Group, provided more specific insights on their own experiences. Liew shared UOB’s experiences and helped the audience to understand why international entities might want to trade on the SGE. Huang then explained its set-up of participating onshore via the SGE and in the International, trading gold out of Hong Kong. He highlighted how the company’s participation in the Gold Road initiative helps facilitate gold exports, widen its overseas channels, and expand globally.

“Roundtable Discussion on China” panellists (L to R): Zhao Fanghua (Shanghai Gold Exchange International), Alan Liew (United Overseas Bank), Tracy Yan (Shanghai Gold Exchange International), Huang Yourong (Zijin Mining Group) and Albert Cheng (Singapore Bullion Market Association).

Paul Wilson, CEO of the World Platinum Investment Council (WPIC), who presented on platinum and PGMs, argued the case for platinum as an investment, highlighting some of its advantages against gold, including platinum being 30 times rarer than gold. However, the most compelling argument Wilson presented in platinum’s favour was that supply is likely to be constrained, while at the same time there is a decent potential for demand growth in the long run for platinum out of the hydrogen economy.

Paul Wilson, CEO of the World Platinum Investment Council, presented platinum as a case for investment.

Gregor Gregersen, founder of Silver Bullion, introduced us to The Reserve, a modern design-forward building that will hold expensive things like gold, high-end watches, and art. It should be ready early to mid-2023, built next to Changi Airport.

Gregor Gregersen, the founder of Silver Bullion, presented on The Reserve.

Roland Wang, CEO of WGC China, gave an update on China’s gold market, highlighting the resilience of the market in Q1 but the likelihood of a weaker second quarter. He also detailed the WGC’s initiatives in China to promote awareness and support the gold jewellery industry.

Roland Wang, World Gold Council’s regional CEO in China, discussed the WGC initiatives and programmes in China.

The fourth-panel discussion was on the digitisation of gold led by Matthew Keen, managing director of Emergent Technology & Responsible Gold Trading DMCC, joined by Gaurav Mathur, managing director of SafeGold, Brian Lan, co-founder of Goldblocx, Barry Ip, head of digital innovation, CGSE, Urs Roosli, CEO of aXedras Group AG and Simon Sywak, COO of Vaultex Exchange. Digitisation of gold seems to depend on the target market. Focusing upstream and when talking about institutional investors, the emphasis would be more on the provenance, ESG and having a trusted harmonised platform where one can get all of the data, which Roosli talked about. Downstream on the consumer end, the focus would be more on having a user-friendly setup, convenient transactions, access to affordable prices and divisibility. It also depends on the market. As stated clearly by Lan and Mathur, markets like India and China are more focused on physical delivery. Sywak also pointed out the distinction between primary issuers of these gold tokens or digital gold assets versus having a secondary market to trade.

Digitalisation of Gold panellists (L to R): Gaurav Mathur (SafeGold), Brian Lan (Goldblocx), Barry Ip (Chinese Gold Silver Exchange Society), Urs Roosli (aXedras Group AG), Simon Sywak (Vaultex Exchange) and Matthew Keen (Emergent Technology Responsible Gold Trading DMCC), moderator.

The fifth and final panel was packed with information and kicked off with the launch of the 2022 Gold Focus by Nikos Kavalis, managing director of Metals Focus and the presentation by Rhona O’Connell, head of market analysis EMEA & Asia at StoneX Group on the global platinum and palladium market trends. They were later joined by JBMA’s Ikemizu, Trevor Raymond, WPIC director of research, Cameron Alexander, manager of market development and industry research of the Perth Mint, and Silver Bullion’s Gregersen as panelists.

Towards the end of the conference, it was great to have different perspectives on the price outlook for the precious metals. Various aspects of the market were represented, including that of a refinery, bullion dealer, and investors. Gregersen and Ikemizu were most bullish, with a year-end target of US$1,950–2,000 for gold. Ikemizu and Raymond were bullish on platinum, with a year-end target of US$1,700. There was more consensus on silver, looking for US$26 by the end of the year, estimated by Gregersen and Ikemizu.

“Precious Metals Price Outlook” panellists (L to R): Cameron Alexander (The Perth Mint), Gregor Gregersen, (Silver Bullion), Bruce Ikemizu (Japan Bullion Market Association), Trevor Raymond (World Platinum Investment Council) and Nikos Kavalis (Metals Focus), moderator.
Albert Cheng, CEO of the Singapore Bullion Market Association, gave me a gift for presenting the conference summary.

JONI TEVES is the precious metals strategist within the UBS Economics and Strategy Research team, based in Singapore. She covers all four precious metals and is responsible for fundamental analysis, forecasting, and writing research pieces on these markets. She has been in the industry for 16 years, initially as a gold trader for the central bank of the Philippines, subsequently joining UBS as a precious metals strategist in 2011.

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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.