Singapore Bullion Market Association

Website Sponsor

Article List

Article List

BUILDING ASIAN BULLION TIGERS

By FINMET PTE LTD

The bullion market in Asia has gone through a radical transformation in the post-Covid era, resulting in increased opportunities for regional trading companies and local banks to seize market share left by exiting international banks.
In our view, there are major five challenges for Asia’s market players that need to be addressed through innovative and customised solutions:
  1. Minimal direct physical metal trade between producing and consuming countries in Asia.
  2. Reduced access to market liquidity.
  3. Limited role of regional commercial banks.
  4. Lack of financing options for metal inventory
  5. Hurdles for Asian champions to become global winners.
At FinMet, we are taking a close look at each of these issues, the reasons behind them and building possible pathways to solutions.
One of the most vexing aspects market observers note is that the vast share of gold and silver that is produced and exported from countries like Australia, Indonesia, Korea, Philippines and China, is sold to international bullion banks, which in turn deliver the metal to consuming Asian countries like China, Thailand, India, Vietnam, Cambodia, and Malaysia. The value of direct intra-Asia trade accounts for less than 15% of the market. Accordingly, we are working on building direct relationships between large producers and consumers by providing more market intelligence and understanding to both sides.
The reduced activity in Asia of some major international bullion banks has limited the ability of mid-tier players here to access liquidity. Opening a trading account with an established liquidity provider often takes 4-6 months and involves furnishing numerous disclosure documents. The consequent reduced market access adversely affects profit margins and increases market risk for these companies. We are introducing new trading platforms to the market and educating players on how to use these new tools.
Commercial banks in Asia tend to cater specifically to their domestic bullion market’s needs and have not really expanded their services beyond their home country into other countries in the region. The local banks in China (ICBC, BOC, CCB), India (ICICI, HDFC), Singapore (OCBC, DBS) and the UAE (Emirates NBD, NBF, RAK) have developed considerable expertise in physical trading, hedging and metal financing in their home markets, but have been shy to expand into other markets regionally. The reticence stems from a lack of risk appetite and in-depth knowledge about other bullion markets in the region. FinMet is working with some of these banks to help them develop an understanding of new markets and extend their product footprint for physical metal trading and financing.
Metal inventory financing has emerged as one of the critical needs of market players in Asia. We have structured new financing solutions that suit the credit policies of regional financial institutions by using the existing market infrastructure to enhance fungibility and transparency of the underlying metal being financed. These new products help mid-tier jewellers, industrials and traders to access a new source of liquidity to reduce their funding costs and improve their bottom-line.
Finally, one of the enduring themes across the bullion markets in Asia is the absence of regional leaders on the global stage. We identify leading, strong players in local markets who have been unable or unwilling to expand their activities globally in a meaningful way. Our goal is to educate these local leaders about opportunities in other markets and assist them to grow their presence on the global stage. We achieve this through education, strategic partnerships and opportunistic transactions.
As regional markets rebound in the wake of the pandemic, Asian corporates and financial institutions have a golden opportunity to overcome past challenges and solidify their position in the bullion markets. This move could boost their profitability, while raising their international profile.
At FinMet, we leverage our unique position – our feet firmly planted in the pivotal hubs of the Far East, Dubai, and India – to bridge these markets. Our in-depth product knowledge, acute market insight, and strategic global network are tailored to empower our clients to capitalise on these opportunities and achieve their ambitious goals.
SBMA Building Asian Bullion Tigers
FinMet’s management team (from left: Sunil Kashyap, Director; Pramod Mohan, Managing Director; Johnson Lewis, Managing Director).
SBMA Building Asian Bullion Tigers

FINMET PTE LTD

is a pioneering force in the precious metals industry, catalyzing change with a global perspective and deep industry experience. Their innovative blend of technology and precious metals revolutionizes trading, financing, logistics, and risk management. Since 2021, they have aimed to lead the market by delivering flexible, affordable solutions tailored to stakeholders’ needs. With a seasoned management team boasting over 60 years of combined experience, they are committed to being a trusted ally, providing bespoke solutions th
SBMA Building Asian Bullion Tigers
PRAMOD MOHAN is Managing Director at FinMet Pte Ltd. He has over 25 years of international experience in commodities and financial markets, spanning across India, Australia, Far East, Middle East, and North America and works closely with various regulators and stakeholders in the UAE and India.
PREV ARTICLE
NEXT ARTICLE
Back to Index

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.