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CELEBRATING 30 YEARS OF EXCELLENCE: THE SINGAPORE BULLION MARKET ASSOCIATION

By SBMA

The Singapore Bullion Market Association (SBMA) is proud to celebrate its 30th anniversary this year. This milestone marks a significant journey for the organisation, which has played a pivotal role in shaping the landscape of the precious metals industry in Singapore and the wider Asian region.
This special feature brings together congratulatory messages from our valued member companies and business associates. Their words reflect not only the achievements of the SBMA but also the spirit of collaboration and innovation that has driven our success.
As we look ahead, the SBMA remains committed to its core mission: to promote the interests of the precious metals industry and establish Singapore as a global hub for this vital asset class. We are confident that the coming years will bring even greater opportunities for collaboration, innovation, and growth.
In the following pages, you will hear from industry leaders who share their perspectives on the SBMA’s journey and their hopes for the future. We invite you to join us in celebrating this momentous occasion!
editorial

Albert Cheng

CEO, Singapore Bullion Market Association

CONGRATULATORY MESSAGES FROM MANAGEMENT COMMITTEE MEMBERS

Congratulations to SBMA on reaching this significant milestone of its 30th anniversary! Your unwavering dedication to advancing the interests of the precious metals industry has been truly commendable.
Looking ahead, my hope for SBMA’s next chapter is to continue driving innovation and collaboration within the bullion industry, further solidifying Singapore’s position as a global hub for precious metals. Building on the momentum gained in recent years, I envision SBMA playing an even greater role in facilitating cross-border trade, promoting sustainable practices, and nurturing talent within the industry.
Additionally, I believe there is immense potential for Singapore to enhance its collaboration with key players in the Asian gold market, such as China, India, Australia, and ASEAN neighbours. By leveraging our collective strengths and expertise, we can unlock new opportunities for growth and establish Singapore as a premier destination for refining, trading, and custody of physical precious metals.
— KL Yap, General Manager, Singapore Refining Unit, Metalor Technologies (Singapore) Pte Ltd & SBMA Chairman
SBMA - CELEBRATING 30 YEARS OF EXCELLENCE: THE SINGAPORE BULLION MARKET ASSOCIATION
2017: Signing of a Memorandum of Understanding between the Chinese Gold & Silver Exchange Society and the Singapore Bullion Market Association at the inaugural APPMC 2017.
The 30th anniversary not only symbolises three decades of existence but also embodies a celebration of courage, resilience, and the unwavering belief in turning dreams into reality. SBMA has evolved into a prominent regional bullion association, facilitating industry participants in expanding their business endeavours. Congratulations on SBMA’s remarkable achievement on its 30th anniversary!
— Vinh Nguyen, Head of Precious Metals, Asia, StoneX APAC Pte Ltd & SBMA Vice Chairman
Congratulations to the Singapore Bullion Market Association on reaching its remarkable 30th anniversary milestone! It has been an incredible journey working alongside such dedicated individuals and industry experts, all driven by a common goal: to elevate and innovate the bullion market landscape in the region. Together we have navigated through challenges, explored opportunities and built a foundation of trust and integrity. We still have a lot of work ahead of us but are confident in what future holds for the SBMA and its members. Also, big thanks go to the past & present leadership and secretariat team for their dedication and determination. Here’s to three decades of excellence in the bullion market and to the exciting journey ahead!
— Kazuya Naoki, Head of Metals, Asia, ICBC Standard Bank Plc, Singapore Branch & SBMA Honorary Secretary
On behalf of Brink’s Global Services, I would like to congratulate the Singapore Bullion Market Association on their 30-year anniversary. A significant milestone. Happy birthday SBMA! I would also like to extend a heartfelt thank you to Albert Cheng, Margaret Wong, Fabian Lew from the SBMA, the office bearers (both former and present), the management committee and the members for making SBMA what it is today. A special acknowledgement to Albert and Margaret for their leadership, drive and determination which pathed the way forward.
Reaching a member base of 69 and counting, its numerous successes and international standing are commendable. The SBMA has created a healthy and professional environment for market players and associations to cement relationships to work together to drive growth. Through dedication and rigor, the SBMA has been a driver to market development in the Lion City, Asia, and rest of the world. We look forward to the next 30 years and the Forward SBMA 2030 initiative!
— Andrew Clarke, Head of Brink’s Global Services, Brink’s Global Services Pte Ltd & SBMA Honorary Treasurer
SBMA - CELEBRATING 30 YEARS OF EXCELLENCE: THE SINGAPORE BULLION MARKET ASSOCIATION
2018: Signing of a Memorandum of Understanding between the Vietnam Gold Traders Association and the Singapore Bullion Market Association at the 2nd APPMC 2018.
Congratulations to SBMA on completing 30 years. JPMorgan, as one of the founding members, has been part of its extraordinary journey filled with challenges and triumphs, and is proud of how far SBMA has come. Whether putting Singapore on the map as a regional Precious Metals trading hub or organizing industry-leading Precious Metals conferences, SBMA has achieved many milestones. We wish it continued success in the future as it works to further advance the activities and interests of the precious metals industry in the region.
— Raman Walia, Executive Director, Head of Commodities Sales – APAC, JP Morgan Chase Bank N.A.
We are delighted at SBMA’s remarkable 30-year journey. It is the dedication and passion of each member of the team that has helped propel the organisation to embrace challenges and turn them into opportunities, forge lasting relationships with various partners and stakeholders, and galvanise the precious metal community. With unwavering belief in the shared vision and mission, here are our wishes for growth, success, and making a difference to the region. Congratulations!
— David Tait, CEO, World Gold Council
SBMA - CELEBRATING 30 YEARS OF EXCELLENCE: THE SINGAPORE BULLION MARKET ASSOCIATION
2019: Cake-cutting ceremony in celebration of SBMA’s 25th anniversary at the 3rd APPMC 2019.
Congratulations to SBMA on reaching its 30th anniversary! We celebrate another year of collaboration, growth and unwavering support as we strive towards elevating Singapore into a leading precious metals hub in the Asia Pacific region. SBMA’s steadfast commitment to supporting member firms in establishing a foothold in the vast precious metal ecosystem continues to be integral to the success and growth of the Singapore precious metals industry. Let’s look forward to many more years of shared accomplishments. Happy 30th Anniversary!
— Alan Liew, Head of Bullion & Commodities Trading, United Overseas Bank Limited
SBMA - CELEBRATING 30 YEARS OF EXCELLENCE: THE SINGAPORE BULLION MARKET ASSOCIATION
2022: Roundtable discussion on China at the 5th Hybrid APPMC 2022. Panellists (L to R): Zhao Fanghua (Shanghai Gold Exchange International), Alan Liew (United Overseas Bank), Tracy Yan (Shanghai Gold Exchange International), Huang Yourong (Zijin Mining Group), and Albert Cheng (SBMA).
On behalf of Metals Focus, I would like to extend my heartfelt congratulations to the Singapore Bullion Market Association on its 30th anniversary. It has been a privilege for Metals Focus to work with the Association, joining its ranks in 2019 and becoming a member of its Management Committee last year. Just as it has for so many other companies in the precious metals industry, the SBMA has played a key role in the development of Metals Focus’ presence and business in East Asia. The SBMA provides an important platform and network for ASEAN and wider APAC precious metals markets to link up with the rest of the world, through Singapore’s ecosystem. Its flagship event, the Asia Pacific Precious Metals Conference, has become a staple in the precious metals calendar, offering a much-needed opportunity to learn about the latest trends in our industry as well as connect with clients, partners and friends every June. Metals Focus would like to thank the SBMA for its invaluable contribution to the industry and wish it continued successes in its fourth decade and beyond. We look forward to being part of its journey, as it continues to shape Singapore’s, APAC’s and ultimately the global precious metals market landscape.
— Nikos Kavalis, Managing Director, Metals Focus Singapore Pte Ltd
SBMA - CELEBRATING 30 YEARS OF EXCELLENCE: THE SINGAPORE BULLION MARKET ASSOCIATION
2022: SBMA members visited the DOJI Tower, headquarters of the DOJI Gold & Gems Group, which is also the largest diamond-shaped building in Hanoi, following the Vietnam Gold Jewellery Market Forum.
Happy 30th anniversary SBMA! On this milestone anniversary, I would like to extend my deepest appreciation for your hard work and dedication to the Singapore Bullion Industry. Today, we celebrate the vision, resilience, and unwavering commitment of the SBMA team that have made this possible. Your commitment and passion have been instrumental in building connectivity across the Singapore and regional bullion ecosystem.
As we reflect on the challenges overcome and the lessons learned, we can embrace the incredible journey that we have been through together with the SBMA the last 10 years that MTS Gold has been in Singapore. MTS Gold has worked hand in hand with the SBMA as key player in ASEAN gold ecosystem, and we are committed to continuing our innovation as an integral member of the SBMA.
There is much gratitude for the journey together, excitement for the future, and pride for all the SBMA has accomplished. May this anniversary be a reminder of how far we’ve come and how much more we can achieve. As we toast to another year of accomplishments, let’s remember that the best is yet to come. Wishing you continued success as we celebrate this milestone hand in hand.
— Golf Hirunyasiri, CEO, MTS Gold Global Trading Pte Ltd
As the CEO of YLG Bullion Singapore, I am delighted to extend heartfelt congratulations to SBMA on its 30th anniversary. Since our membership in 2015, we have witnessed the remarkable growth of the Singapore bullion market, thanks in large part to SBMA’s invaluable contributions. Under the exemplary leadership of Albert, the CEO of SBMA, Singapore has emerged as a prominent gold hub in Asia. His steadfast guidance has been instrumental in steering the industry towards success.
SBMA’s commitment to excellence and innovation has not only elevated the stature of the Singapore bullion market but has also paved the way for future growth and prosperity. As we celebrate this milestone, we express our deepest appreciation to SBMA for its dedication to advancing the bullion industry and fostering a collaborative and thriving ecosystem. Here’s to thirty years of achievement and many more to come. Congratulations on this momentous occasion.
— Pawan Nawawattanasub, CEO, YLG Bullion Singapore Pte Ltd
SBMA - CELEBRATING 30 YEARS OF EXCELLENCE: THE SINGAPORE BULLION MARKET ASSOCIATION
2023: A group photo of the SBMA Management Committee members at the 6th APPMC 2023.
Congratulations to the SBMA on turning 30 years old! It’s somewhat sobering for me to write this, but that almost matches the number of years I have been involved in the precious metals market. It has been wonderful to witness the SBMA evolve during that time. Much of that time was from a distance, as my career has taken me to New York and London as well for 16 of those years, but this last trimester of my career has been here in Asia, and I’m proud to be associated with the SBMA.
I wish I could say that I was a strong advocate of the SBMA from the beginning, but the truth is, I was a little hesitant of its role and efficacy, but time and time again it has proven its value. I need to congratulate Albert Cheng in particular for having the vision of Asia’s growing footprint in the global market, and Singapore’s potential to be a significant hub. When I moved back to this region in 2012, it also coincided with an explosive growth in the region that remains to this day. The SBMA has been instrumental in bringing together the main stakeholders from government, banks, dealers, security carriers, and refiners where the whole is truly greater than the sum of its parts.
We have all accumulated memorable moments during our careers I’m sure, but there is something about the gold market that seems to make it the most interesting of markets and communities. I did share one of many memorable moments involving Singapore’s development with KL Yap, our current Chairman. He tells it better than me, so perhaps grab him during the conference and ask!
The centre of gravity for the gold market has been shifting toward Asia for many years now and I can’t see that reversing anytime soon. I think it was Oscar Wilde who said a cynic knows the price of everything, but the value of nothing. I see the value of the SBMA’s role every time I attend a Management Committee meeting, as I survey the room populated with such wide and vast experience.
I’ll end this note as I began it – Congratulations again on turning 30, SBMA. I’m so proud to be associated with it and its members.
— John Levin, Global Metals, TD Securities
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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.