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Leveraging Technology to Modernise Gold

By Brian Lan, Managing Director, GoldSilver Central

Gold is an essential part of an investment portfolio, especially in the current geopolitical climate and increasingly volatile equity, currency and bond markets. Hence accessibility and fungibility for gold are imperative in today’s Internet of Things (IOT) and super-app enabled world. Improving accessibility and fungibility ensures that gold will remain attractive to younger investors and allow anyone who wishes to own any amount of gold to participate in the gold market, reducing friction between vendors and dealers in the gold trade.

Established in Singapore in 2011, GoldSilver Central has created products to enable clients to accumulate precious metals in bite-sized amounts through different product offerings such as GSC Live! and the more popular GSC Savings Accumulation Program. These various services have assisted many clients to accumulate precious metals while addressing the issues of high-cost accessibility and micro fungibility. GSC has always adopted the view that we need to embrace new technology to increase the efficiencies and benefits to end-user clients for their gold. The merging of technology with the trusted aspects of physical gold is required to unlock more of gold’s multi-faceted asset values.

One example of this is our collaboration with Goldblocx, our technology partner that applies digital ledger technology to various functions and processes of the operational supply chain, bringing about enhanced traceability and efficiencies. An example of this is Auto-Save, the DIY version of what is currently GSC’s Savings Accumulation Program. Clients can now start, stop, cancel, or continue their precious metals accumulation via the Goldblocx app at any time with no restrictions. Any additional clarification or query can be directed immediately via the in-app chat without the need to send any external emails.

Fractionalisation of gold

With Goldblocx, fractionalisation of gold is simple, allowing anyone the ability to buy any amount of gold, even in S$0.01 increments. And in Auto-Save, this can even be set up automatically and daily. The format of gold transacted via Goldblocx is in Pool Allocated format, allowing users to easily convert their purchased accumulated gold into their desired physical gold bar, coin or even jewellery via the app. Additional bar/coin/jewellery premiums would apply and differ accordingly based on the selection. Alternatively, users can also immediately sell it off anytime if they want to and in any amount without incurring any premium cost loss. Fractionalisation makes all this possible.

One can access additional services via the app, which include converting existing physical gold into a more convenient and manageable micro trading format, direct conversion/buying/selling of gold against silver or vice versa in one click, sending/collateralising your physical holdings for a cash loan or linking up to another broker/dealer and using your physical gold as collateral for margin trading. We are constantly creating new applications internally that can hopefully produce meaningful and valuable outcomes to meet end-user client needs.

Left Image: GSC Live! On mobile
Right Image: Goldblocx app with features displayed above

Something for everyone

Goldblocx provides tools and services that help users become better investors – from applying dollar-cost averaging strategies for novice investors to fractional position sizing strategies for advanced traders.

On the wealth management side, Goldblocx provides a free tool for users to track their physical gold holdings, including any jewellery they may own, providing real-time valuation of these holdings and giving them the flexibility to do what they want with them in any desired quantity and when the time is right for them – not their vendor.

Staying connected

Precious metals dealers, jewellery manufacturers and jewellers must keep offering great experiences to end-user clients and remain relevant to investors looking to seamlessly interact with their physical gold.

Technology will continue to play a meaningful role in connecting the various products and services currently available in the precious metals space and ultimately bring about increased usability and connectivity to the precious metals community.

GoldSilver Central and Goldblocx (GoldPlus Assets) are registered precious metals and precious stones dealers under the Ministry of Law Singapore for anti-money laundering purposes, countering terrorism financing and operating by following the regulations under the Commodities Trading Act Singapore.

BRIAN LAN is the Managing Director of GoldSilver Central, where he was instrumental in developing the leading GSC Live! application in 2016. Brian is also Co-CEO of Goldblocx, which he co-founded with his partners to follow his passion for leveraging technology to transform business processes and advance client outcomes.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.