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CHARTING THE NEXT CHAPTER: HIGHLIGHTS FROM SBMA’S 2025 ANNUAL GENERAL MEETING

By SBMA

Singapore Bullion Market Association Charting the Next Chapter
The Singapore Bullion Market Association (SBMA) held its 2025 Annual General Meeting (AGM) on 14 November. In addition to reviewing the past year’s progress and activities, this year’s AGM was especially significant as it hosted the election for the new Management Committee (MC), which will serve a term from November 2025 to November 2027.
In his address, SBMA chairman KL Yap provided an overview of SBMA’s growing membership base. SBMA recorded strong membership growth in 2025, welcoming 11 new members and expanding its membership from 74 in 2024 to 83 currently. This growth underscores SBMA’s relevance and expanding role within the regional bullion ecosystem.
KL added that 2025 has been a highly active year for SBMA, characterised by extensive regional outreach and industry engagement. SBMA led multiple delegation trips across ASEAN and key markets to strengthen collaboration and explore new opportunities. Highlights included a visit to Jakarta following the establishment of two new bullion banks in Indonesia, during which SBMA engaged with regulators to seek clarity on OJK Regulation 17 of 2024. SBMA also participated in Shanghai Platinum Week and held meetings with the Shanghai Gold Exchange, underscoring its commitment to deepening ties with China’s precious metals ecosystem. SBMA attended the inaugural Lao Gold Festival, supporting the country’s growing ambitions in the bullion space. The Association further engaged the region through participation at the Thailand Gold Forum and member outreach activities in Bangkok, as well as at the China Modern 24K Gold Jewellery launch in Hong Kong, where CEO Albert Cheng delivered the opening address. KL also noted that Albert and business director Margaret Wong represented SBMA at the LBMA Conference in Kyoto, where SBMA hosted the Champagne Roundtable on Day 1 to provide an opportunity for delegates from across the value chain to connect with SBMA and learn more about Singapore’s role as a regional hub.
The AGM also recognised SBMA’s flagship event, the Asia Pacific Precious Metals Conference (APPMC). In June 2025, SBMA successfully hosted the 8th APPMC, achieving record participation with 603 delegates, 300 companies from 30 markets, and 5,000 online viewers. Building on this momentum, the chairman confirmed that the 2026 APPMC will be held at Shangri-La Hotel, Singapore, on 14–16 June 2026, and encouraged members to support the conference through sponsorships, exhibitions, advertisements, and participation.
The AGM also served as an important moment to recognise and thank the outgoing Management Committee for its dedication and stewardship over the past term. KL expressed his appreciation to the outgoing vice chairman, StoneX APAC Pte Ltd (Vinh Nguyen and Amar Singh); Hon. Secretary, ICBC Standard Bank PLC, Singapore Branch (Kazuya Naoki); Hon. Treasurer, Brink’s Global Services Pte Ltd (Andrew Clarke and Sia Wee Sin); and committee members JP Morgan Chase Bank, N.A. (Raman Walia and Alex Jiang); World Gold Council (Shaokai Fan); YLG Bullion Singapore (Khun Pawan and Adrian Goh); MTS Gold Group (Khun Golf and Dawn Chen); Metals Focus (Nikos Kavalis); United Overseas Bank Limited (Alan Liew) and Toronto-Dominion Bank, Singapore Branch (Clifford Yu).
Their collective contributions have helped to advance SBMA’s strategic initiatives and member engagement efforts through a period of dynamic change in global precious metals markets.
Singapore Bullion Market Association Charting the Next Chapter
Albert Cheng and Margaret Wong with SBMA’s outgoing Management Committee, which served from Nov 2023 – Nov 2025.
The election process to elect the new Management Committee was witnessed by SBMA legal counsel, Allen & Gledhill, Ms Leong Yi-Ming.
Singapore Bullion Market Association Charting the Next Chapter
Vote counting at the AGM 2025.
The new Management Committee for the November 2025 to November 2027 term comprises the following members:
  • Brink’s Global Services Pte Ltd (Hon. Treasurer)
  • ICBC Standard Bank Plc, Singapore Branch (Hon. Secretary)
  • JP Morgan Chase Bank N.A.
  • Metalor Technologies (Singapore) Pte Ltd (Chairman)
  • Metals Focus Singapore Pte Ltd
  • MKS PAMP (Singapore) Pte Ltd
  • MTS Gold Global Trading Pte Ltd
  • StoneX APAC Pte Ltd (Vice Chairman)
  • United Overseas Bank Limited
  • World Gold Council
  • YLG Bullion Singapore Pte Ltd
The new team will continue to propel our strategic initiatives, (in particular) our most ambitious to date, The Project Lion 2, which will be instrumental in advancing Singapore’s position as a leading and trusted hub in the global bullion ecosystem.
A key leadership announcement was also made at the AGM. CEO Albert Cheng was pleased to share that business director Margaret Wong will step up as executive director – head of operations with effect from 1 January 2026. This appointment reflects SBMA’s continued focus on strengthening its secretariat capabilities, deepening member services, and enhancing operational excellence as the Association prepares for its next phase of growth.

In closing, KL conveyed his appreciation to the SBMA Secretariat – Albert, Margaret, Clara and Jia Yi – for their commitment and hard work in delivering another successful year for the Association.

In closing, KL conveyed his appreciation to the SBMA Secretariat – Albert, Margaret, Clara and Jia Yi – for their commitment and hard work in delivering another successful year for the Association. SBMA warmly congratulates the newly elected Management Committee and looks forward to working closely with them, alongside the Secretariat and thanked all members for their support to SBMA.

Following the formal proceedings, members gathered at Quaich Bar Wanderlust for a networking session and informal discussions.

Singapore Bullion Market Association Charting the Next Chapter
Members at the networking session post-AGM.
Singapore Bullion Market Association Charting the Next Chapter
More photos from the AGM have been uploaded onto SBMA’s social media accounts. Find the photos and follow us on LinkedIn, Facebook, and X for the latest updates.
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Mr Bernard Sin

Regional Director, Greater China
MKS PAMP (Singapore) Pte Ltd
Regional Director of Greater China since 2020, and previously Head of Trading. Bernard joined MKS PAMP as a country representative of Singapore in 1996 and moved to Switzerland in 1997. He holds an MBA in International Business from the European University in Geneva. Prior to joining MKS PAMP, Bernard worked 6 years for Standard Chartered Bank in Singapore and Hong Kong as an FX and Bullion Dealer.

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 in partner with the Chairman and the Management Committee. Also, he is responsible for maintaining accountability to and the quality of, the Association’s Membership and the annual Asia Pacific Precious Metals Conference (APPMC) as well as representing the interests of the Association in relation to regulators, investors, media and international precious metal markets, and also responsible for all the legal and regulatory aspects of the work of the Association.

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 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.

Ms Crystal Xu

Vice President
TD Securities
Based in Singapore, Crystal has over a decade of experience in the metals market, specializing in trading, structuring, and delivering solutions for institutional and commercial clients across Asia. She leads initiatives spanning both physical and derivative products and plays a central role in advancing TD’s regional metals strategy. With deep expertise in market dynamics and strong cross-functional collaboration, she helps drive business growth, product innovation, and risk-informed decision making across the firm’s Asia-Pacific platform.

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.

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.

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.

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-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.

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-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-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-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-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-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.