Singapore Bullion Market Association

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SBMA’s 2023 AGM: a Focus on Expansion and Regional Integration


The 2023 Annual General Meeting of SBMA was convened at Hotel InterContinental on November 24, 2023, followed by a networking session for our members and business associates.

a Focus on Expansion and Regional Integration

Chairman KL Yap, in his introductory remarks, emphasised the Association’s continued expansion in membership and stature. This growth is highlighted by the keen interest from many to join SBMA, using Singapore as a gateway to delve into opportunities within the precious metals landscape in the Asia Pacific region. In 2023, eight new members joined the Association. With confidence, he projected further growth in the membership count, given the number of potential members already showing interest.

SBMA has enhanced its regional presence through initiatives such as the Thailand Gold Forum and an official visit to CGSE, alongside the formation of various sub-committees to further its initiatives both in Singapore and the broader region.

The Retail Market Group committee, helmed by Silver Bullion and including members such as Metalor, YLG Bullion, and GoldSilver Central, is dedicated to bolstering confidence among private investors in gold investment avenues and the retail gold market. Collaborating with the World Gold Council (WGC), this committee is uniting Singapore’s retail investment entities under the SBMA banner. With a stringent Code of Conduct and operational guidelines, the committee aims to cater to investor interests and envisages extending its reach to the ASEAN region The launch of the Code, local Investor guidance materials, and an approved retailer logo are scheduled for January 2024, with further details to follow.

A new task force has been established to reassess the Approved Refiner and Consolidator Scheme, a decade-old framework. This task force is working with Enterprise Singapore to liaise with the Inland Revenue Authority of Singapore (IRAS)/ Assisted Compliance Assurance Programme (ACAP) to revisit and refresh GST laws to be in sync with contemporary business practices.

In the wake of the successful pilot of the World Gold Council & SBMA Academy and its second iteration tailored for Indonesian delegates, SBMA anticipates hosting its third edition on January 2024, with details forthcoming. The chief goal remains to cultivate the next wave of bullion traders and industry professionals.

On the occasion of the 7th Asia Pacific Precious Metals Conference (APPMC) in 2024, which aligns with SBMA’s 30th Anniversary, the Chairman urged member companies to seize the opportunity to host ancillary events for their clientele to celebrate this landmark anniversary.

Despite a surplus in the fiscal ledger, courtesy of our benefactors and patrons, the rising costs and inflation alongside the Association’s ambitious future projects necessitating increased manpower have led the Management Committee from November 2021 to November 2023 to sanction a 10% hike in membership fees effective January 1, 2024, for all categories, to preserve operational standards.

Resolutions confirmed include the ratification of the minutes from the 2022 AGM, the endorsement of audited financial statements for the year concluded on June 30, 2023, and the appointment of J Tan & Co. as the independent external auditor for SBMA.

Members welcomed SBMA’s new eleven-member Management Committee, comprising four CAT 1 members – ICBC Standard Bank, JP Morgan, United Overseas Bank, World Gold Council – as well as seven additional members voted in: StoneX, Brink’s, Metalor, MTS, YLG, Metals Focus, and TD.

Management Committee Nov 2023 – Nov 2025

  1. Metalor Technologies (Singapore) Pte Ltd (Chairman)
  2. StoneX APAC Pte Ltd (Vice Chairman)
  3. ICBC Standard Bank Plc, Singapore Branch (Hon. Secretary)
  4. Brink’s Global Services Pte Ltd (Hon. Treasurer)
  5. JP Morgan Chase Bank, N.A.
  6. Metals Focus Singapore Pte Ltd
  7. MTS Gold Global Trading Pte Ltd
  8. The Toronto-Dominion Bank, Singapore Branch
  9. United Overseas Bank Limited
  10. World Gold Council (Singapore) Pte Ltd
  11. YLG Bullion Singapore Pte Ltd