Singapore Bullion Market Association

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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.

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.


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 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.