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The Dragon & The Merlion: Collaborative Tale of Gold Guardianship

By Nuttapong (Golf) Hirunyasiri, CEO, MTS Gold Group

2024 is the Year of the Dragon, a symbol of power, strength, wisdom, knowledge, and prosperity, and being the Guardians of Gold in both the Eastern and Western cultures. Gold is also seen as a symbol of good luck, fortune and prosperity
by many cultures.

The past few years have been especially challenging, with the pandemic disrupting much of the region’s connectivity and logistics routes. However, Singapore proved itself once more to be resourceful, and with quick adaptation to the global inconveniences, we established logistical and financial efficiencies, sealing the importance of the country’s Bullion market as an essential sector, and solidifying Singapore’s position as an important gold hub in Asia.

Founded in Thailand in 1952, MTS Gold was invited by Enterprise Singapore (ESG) in 2014 to open its international office in Singapore. We have worked closely with ESG, Singapore Bullion Market Association (SBMA), local brokers, and exchanges to boost market liquidity. MTS Gold is now an integral member of Singapore’s bullion market and remains committed to the industry.

The traditional craftsmanship and cultural artistry of Thailand, along with its vibrant and mature gold market, have a new avenue of reach, leveraging Singapore’s reliability, financial efficiency and strong regulatory framework, creating a powerful partnership for the gold market.

This was highlighted by the joint Thai Gold Forum held in Bangkok in September 2023, organised by the SBMA, World Gold Council (WGC), the Thai Gold Traders Association (GTA) and Gem and Jewellery Institute (GIT), which was attended by distinguished guests from both countries and reiterated the importance of both countries being integral gold hubs in the region.

2024 marks a momentous year with MTS Gold’s 10th anniversary coinciding with SBMA’s 30th.

SUPERBRANDS (2021-2023) - MTS Gold

Whilst many are familiar with our international brand, MTS GOLD, its origins lie in the challenging business environment of its founding in 1952. “Mae Thong Suk”, or “MTS”, was coined by Mrs. Ampaiwan Hirunyasiri, the company’s founder. “Mae” refers to her, “Thong” means gold, and “Suk” signifies reliability and responsibility.

Our core values are:

  • Masters of Innovation
  • Trust & Integrity
  • Service Excellence
Thriving for over seven decades is a testament to our commitment to continuous innovation. We see gold as more than just a traditional asset and are striving to be a regional leader in innovative gold trading solutions. Our robust portfolio of physical, financial, and now digital trading capabilities showcases this commitment. We have been recognised for our progressive innovations in gold investment, winning the “International Finance Awards- Most Innovative Broker” award for four years running and being named a Superbrand for three years in a row.
COLLABORATIVE TALE OF GOLD GUARDIANSHIP

Championing Singapore

MTS Gold offers a full suite of precious metals trading services with global access to financial markets. In addition to physical bullion, jewellery and refining, MTS Gold has also established a niche in commodity derivatives.

Our global partners now include regional exchanges such as SGE, SGX, CME, APEX, LME, who tap on our expertise with their physically settled gold futures contracts and liquidity.

We are one of the few Singapore companies to be an International Trading Member of the Shanghai Gold Exchange (SGE). We have received the prestigious SGE Outstanding International Member award for six years running (2018-2023) for our role in connecting China’s and Singapore’s Bullion markets. MTS Gold is the first non-bank Singapore entity to access the Chinese gold and precious metal market, and to launch the “Gold Belt and Road” Initiative with the SGE.

More recently, MTS GOLD became the first Thai Broker to partner with two Singapore-domiciled futures exchanges, giving the Thai retail market global access.

In 2022, the Asia Pacific Exchange (APEX) welcomed MTS Gold as the first Foreign General Member. This partnership aims to enhance access to new derivative markets between Singapore, China and Thailand.

In 2023, MTS Gold became a licensed derivatives agent of the Singapore Exchange (SGX), marking a significant milestone in Asian trading connectivity. This partnership allows Thai investors to directly access Singapore derivatives markets and enhances investment opportunities in new products like Asia Stock indexes, SGX TSI Iron Ore CFR China and SGX Rubber. MTS Gold aspires to become the top Thai broker in Asia, expanding its trading services to offer more diversity and secure and convenient investment options to local investors.

SBMA MTS 1200 02

Physical, Bullion & Refining

Besides being a leading Bullion dealer with multiple branches and wholesale subsidiaries across Thailand, MTS Gold boasts one of the largest refineries in Southeast Asia: MTS Refinery & Manufacturing Co. Ltd. Our world-class refinery received the Responsible Jewellery Council (RJC) certification in 2022, and holds the distinction of being the first gold producer to win the Green Industry awards in Thailand.

By collaborating closely with the renowned Metalor Technologies Singapore and other financial institutions, MTS Gold plays a pivotal role in building a robust import and export arena, further solidifying Singapore’s status as a premier gold trading hub. While Thailand contributes a sizeable market, with rigorous quality regulation, Singapore’s efficiency and technology prowess create a compelling synergy, ensuring the highest standards of precious metal purity across both nations.

Furthermore, as part of our dedication to enhancing transparency and fostering confidence within the Asian market, MTS Gold collaborates with SBMA and its partners to formulate gold reference prices in Asia that closely align with established benchmarks like average spot market levels. We achieve this by providing our valuable insights and local expertise.

Additionally, in our capacity as a committee member of SBMA, along other committee members, MTS offers guidance and expert advice to Singapore government agencies on issues related to precious metals. For example, we have shared our industry best practices with the Inland Revenue Authority of Singapore (IRAS) to enhance their understanding of the intricacies of the country’s gold industry.

As a seasoned trading house, we take pride in disseminating invaluable insights on gold trading practices, believing that greater precision and informed decision-making contribute to enhancing transparency and trust within the precious metal sector.

Going Digital

MTS Gold continues to embrace innovation as we enter the digital era.

In 2020, MTS Gold revolutionised the Thai Gold investment landscape by launching its Gold Wallet. Investors can purchase and store a small amounts of gold using the MTS Gold Blockchain, publicly known as MGB. The Gold Wallet allows investors to purchase gold with 99.99% purity on the platform, optimising real-time transaction efficiency and transparency. Once they accumulate 1 baht of gold, investors can opt to redeem it for physical gold delivered directly to them. This blockchain innovation has added a new dimension to the gold-saving experience.

In 2021, MTS GOLD forged a landmark partnership with Krungthai Bank, resulting in the MTS-Krungthai Gold Wallet. This platform offers the first real-time, commission-free investment for 99.99% gold on an open digital platform, Pao Tang.

The Krungthai Gold Wallet is the first end-to-end online gold trading platform in Thailand, with a minimum investment of only 0.1 ounce, or approximately 6,000 baht. Investors can trade in US dollars at prices referenced against global markets.

In 2023, MTS Gold and Saha Pathana Inter-Holding Public Company Limited (SPI) jointly developed an investment platform for digital gold savings targeted at SPI employees. This platform caters to over 100,000 employees across 200 affiliated companies within the Sapat Group.

SBMA MTS

Awakening the Dragon: What Lies Ahead

In the last 10 years, MTS Gold has been a key player in contributing to the ASEAN gold ecosystem.

Our Singapore office facilitates international collaborations with global counterparts, aiming to establish Thailand and Singapore as one of ASEAN’s most vibrant and centralised gold trading hubs.

MTS is committed to continuing its digital innovation journey and remaining an integral member of the SBMA and the ASEAN Gold Belt and international market. We strive tocontinually connect the precious metals market across physical, OTC and exchange-traded format, and the digital realm, becoming a one-stop investment house and an esteemed choice for both Thai and global customers and counterparts.

NUTTAPONG HIRUNYASIRI

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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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.

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.

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-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-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.