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Gold Bar Integrity Programme: Next Steps to Success

By Sakhila Mirza, Executive Board Director, and General Counsel, LBMA

Ruth Crowell, LBMA Chief Executive, and David Tait, World Gold Council Chief Executive [on screen] launch the Gold Bar Integrity pilot phase.

SAKHILA MIRZA In her role as General Counsel of LBMA and also as Executive Director of the LBMA Board, SAKHILA MIRZA works closely with the CEO on the strategic direction of the LBMA. Her role involves addressing all the legal and regulatory matters, the Responsible Sourcing Programme, market development initiatives, and lobbying efforts on behalf of members.

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In March 2022, LBMA and the World Gold Council (WGC) announced a pilot phase for the Gold Bar Integrity (GBI) joint initiative, which aims to monitor the gold moving through the entire global value chain digitally – from rock to ring – by:

  • Ensuring gold supply integrity through verifying its authenticity
  • Confirming provenance
  • Providing transparency over the Chain of Custody

The initiative aims to increase trust in gold purity and the provenance of gold bars by offering greater transparency across the entire global gold supply chain, mitigating illicit trade risks, and a secure chain of custody to reduce the chance of fraudulent bars entering the formal supply chain.

GBI project and scope

The Gold Bar Integrity project has two parts: the Security Feature and GBI Database, which will work together to ensure a robust digital ecosystem.

  • Security Feature – The Security Feature is a physical feature that will establish the identity and verify the authenticity of a gold bar, akin to a bar passport, which will link to the GBI Database. The market standards for the Security Feature were launched in 2020 by LBMA, and the associated application process opened in 2021. The Association has also established a working group with a panel of technical experts to review the Security Feature applications and determine if they meet the standards. Further updates will be announced once the GBI Database has been established.
  • Gold Bar Integrity Database – A transparent ledger of gold bars will give consumers, investors, and traders greater confidence in gold as an asset class and advance standards for the common good of the global industry. The GBI Pilot will provide international market participants with the opportunity to help define the scope of the database, identify priorities, and gain a better understanding of how interoperability may work.

The GBI pilot

The pilot involves the implementation of the solutions of two vendors with participants’ internal systems. Several global market participants have volunteered to participate in the pilot and will test the two platforms to increase their understanding of the technology and the associated benefits. This will enable participants to see the life cycle of a particular gold bar (from mine to refiner and vault) and work through all the various ways the bar enters and exits the professional ecosystem.

A crucial consideration in the development of this global digital ecosystem is the treatment of data. The pilot will allow for scrutiny of data storage practices and an understanding of governance requirements. Participants will provide feedback on what should be the mandatory data fields and identify the challenges of using the technology.

The pilot is a crucial step towards bringing a digital ecosystem into reality and is expected to last for three months. At the end of the pilot, LBMA and the WGC will review feedback received from the broad selection of participants. Understanding this feedback and identifying solutions to any issues raised is pivotal to determining the next phase of work.

The future of the global digital ecosystem

The success of the initiative will be judged on the successful implementation of the following:

  • Verifying the integrity of the gold being traded.
  • Gold provenance records illustrating the origin and transaction information.
  • Chain of custody records to increase accessibility to secondary markets.
  • Verification of participants against a set of qualification requirements to ensure ecosystem integrity.
  • An interoperable system that can be scaled as required.
  • A global integrity ledger with broad acceptance and participation, including all key trading hubs.

Any next steps will be discussed with the wider industry, and together we will help determine the implementation plan.

Find out more

If you’d like to find out more about the Gold Bar Integrity initiative, or the pilot, please email Sakhila.Mirza@lbma.org.uk. You can find out more about LBMA’s initiatives and events in our newsroom, www.lbma.org.uk/newsroom, or sign up to receive news from LBMA by visiting https://portal.lbmahosting.org.uk.

SAKHILA MIRZA In her role as General Counsel of LBMA and also as Executive Director of the LBMA Board, SAKHILA MIRZA works closely with the CEO on the strategic direction of the LBMA. Her role involves addressing all the legal and regulatory matters, the Responsible Sourcing Programme, market development initiatives, and lobbying efforts on behalf of members.

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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.

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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.

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.