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Blockchain Comes to the Gold Market

By Jason Toussaint, MD Asia-Pacific, Emergent Technology

Published on January 17, 2019

Jason leads the Asia Pacific region and wealth management sector globally for EmTech. Based in Singapore, Jason is developing the Responsible Gold supply chain ecosystem and commercialisation strategies for key business segments. Jason is the co-founder and managing partner of Hard Asset Partners, an alternative investments platform providing physical gold investment to the United States Individual Retirement Account (IRA) market. He was previously CEO of the SPDR Gold Shares (GLD), the world’s largest gold ETF, where he led the growth in assets to more than $77 billion. He was also Managing Director and Global Head of Investment at the World Gold Council.

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Since the creation of Bitcoin, global financial market participants have questioned the relevancy of cryptocurrencies as investments and their implications on businesses and industries. While investors, the media and market pundits continue to debate the intrinsic value of a Bitcoin and other cryptocurrencies, they pay little attention to the evolution and benefits blockchain technology is having on entire industries.

The application of blockchain and distributed ledger technology is particularly beneficial to industries and supply chains that require secure chains of custody and irrefutable confirmation of origin of material. A recent example is the pharmaceutical industry in the United States (US), which has used blockchain along with secure tamper-proof radio frequency identification (RFID) tags to securely and publicly trace the chain of custody of prescription drugs in the US market, thereby directly addressing and dramatically reducing the persistent issue of counterfeiting. Similarly, the US agricultural and farming industry is applying blockchain to easily trace the source of produce, dairy products, and livestock. Recently, blockchain technology has been applied in the diamond industry, allowing traceability of diamonds to their source mine – a dramatic improvement of the Kimberley Process. These examples of the benefits that blockchain provides to various industries are merely a fraction of the vast developmental changes we will witness in the coming years as the application of blockchain technology increases.

The industry is now able to provide end users of gold a secure supply chain with traceability back to specific mines. In my view, this is the next logical step in the evolution of the gold industry.

At Emergent Technology, we have developed and released the world’s first blockchain solution for the global gold supply chain, called Responsible Gold. By applying blockchain and cryptoseal technology, we are able to irrefutably record the chain of custody and journey of gold from gold dore bars at the mine to the logistics company, and finally at its arrival at the refinery where the dore bars are then batched-processed and refined into 0.9999 kilobars.

The industry is now able to provide end users of gold a secure supply chain with traceability back to specific mines. In my view, this is the next logical step in the evolution of the gold industry. That is, we are enabling all participants in the supply chain to fulfil the guidelines and regulations apportioned to their role in the supply chain – including World Gold Council conflict-free mining standards, LBMA responsible sourcing standards, and OECD and Responsible Jewellery Council standards. Additionally, we are employing Responsible Gold standards to address the issues of money laundering and terrorist financing.

We currently use cryptoseals that are physically attached to each kilobar that comes through the Responsible Gold supply chain. Although an effective anti-counterfeiting measure, it is not a practical or easily scalable solution in practice. Our subsidiary Trust Stamp specialises in developing facial recognition software for the finance and banking industry and we are in the process of adopting their technology to the imaging of kilobars in an effort to increase the integrity of the global kilobar market.

The benefits of using blockchain to provide a secure, traceable supply chain and Trust Stamp’s imaging technology to address counterfeiting in the kilobar market has benefits to all participants in the gold market, including miners, refiners, logistics companies, fabricators, jewellers, and finally end gold consumers, whether for investment or physical consumption. Consumers are now able to identify, with certainty, the origin of the gold they are buying. It is also abundantly clear that next-generation consumers, aka millennials, are very aware of and focused on issues of good corporate citizenship and sustainability.

Consumers are now able to identify, with certainty, the origin of the gold they are buying.

By employing these measures to ensure the provenance of gold, market participants can ensure the relevancy and attractiveness of gold as well as increase overall gold demand. We will soon see gold coming through the Responsible Gold supply chain being used in fabricated products, which will allow consumers to know exactly where the gold in the products they purchase has come from. It will also go a long way in preventing illegally sourced gold from entering the supply chain and ending up in consumer goods.

The integrity of the gold market is paramount to its attractiveness and continued relevance to global consumers and investors. By applying blockchain and imaging technology to the supply chain and fabricated products, we believe the industry can meet and exceed increasing demanding regulatory requirements while at the same time meet the demands of increasingly educated and socially responsible consumers.

Jason leads the Asia Pacific region and wealth management sector globally for EmTech. Based in Singapore, Jason is developing the Responsible Gold supply chain ecosystem and commercialisation strategies for key business segments. Jason is the co-founder and managing partner of Hard Asset Partners, an alternative investments platform providing physical gold investment to the United States Individual Retirement Account (IRA) market. He was previously CEO of the SPDR Gold Shares (GLD), the world’s largest gold ETF, where he led the growth in assets to more than $77 billion. He was also Managing Director and Global Head of Investment at the World Gold Council.

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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.

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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.

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.

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.

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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.

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.

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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.

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.