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STRATEGIC EXPANSION & MARKET ADAPTATION: YLG BULLION’S JOURNEY INTO DUBAI’S GOLD ARENA

By Pawan Nawawattanasub, CEO, YLG Bullion International

STRATEGIC EXPANSION & MARKET ADAPTATION
The strategic entry of YLG Bullion into the Dubai gold market aligns perfectly with the United Arab Emirates’ (UAE’s) significant advancements in financial regulation, underscored by its removal from the Financial Action Task Force’s (FATF) “grey list” on February 23, 2024. This important milestone not only highlights the UAE’s dedication to enhancing its anti- money laundering and countering the financing of terrorism (AML/CFT) measures but also boosts Dubai’s standing as a reliable and secure hub for global financial transactions, including the gold trade. This scenario provides an ideal backdrop for YLG Bullion’s launch there, demonstrating the company’s strategic foresight and timely expansion.
Dubbed the “City of Gold,” Dubai is a vital link for gold trade routes, connecting African mines with Asian markets. Its strategic location, supported by sophisticated trading platforms like the Dubai Gold and Commodities Exchange (DGCX) and the infrastructure of the Dubai Multi Commodities Centre (DMCC), plays a key role in the global gold trade. Known for its transparency, trading volume, and regulatory framework, Dubai offers an attractive environment for YLG Bullion’s operations, which focus on ethical sourcing, fair pricing, and unparalleled customer service.

STRATEGIC EXPANSION BLUEPRINT

1. Utilising Core Strengths

YLG’s strategy to expand into the Dubai gold market leverages its successful track record in Southeast Asia, combining strong financial backing, a diverse product portfolio, competitive pricing, and exceptional customer service. These attributes align well with the needs of Dubai’s dynamic gold market, creating a solid foundation for YLG’s regional growth.

2. Embracing Market Dynamics

The tax-exempt environment and security and efficiency in Dubai present YLG Bullion with a prime opportunity to enhance its market presence. The company’s commitment to transparency and ethical practices is expected to resonate with Dubai’s market values, fostering trust and reliability with new partners and customers.

3. Leveraging the Singapore Experience

Using its Singapore office as a model for expansion into the Middle East offers YLG a proven approach for entering new markets. Insights from Singapore are crucial in developing a strategy for YLG’s establishment in Dubai, providing a blueprint for operational management in a foreign setting.

4. Localisation

Acknowledging the distinct characteristics of the Middle Eastern market, including daily variations in gold bar premiums and discounts, YLG intends to tailor its products and services to meet local preferences. This client-centred approach aims to address the regional demand for gold jewellery and premium bullion, ensuring that YLG’s offerings are well-received in the Dubai market.

5. Broader Internationalisation Strategy

YLG Bullion’s expansion into Dubai represents a significant milestone in its broader internationalisation strategy, positioning the company as a prominent player in emerging markets worldwide. By strategically entering Dubai’s gold arena, YLG sets a precedent for future expansions into other profitable markets, capitalising on its unique strengths and market insights.

6. YLG’s Uniqueness and Strengths

YLG Bullion’s unparalleled strength stems from its ability to seamlessly connect markets across Southeast Asia, including Singapore, Thailand, Cambodia, Vietnam, and other ASEAN countries. With over thirty years of reputable service and significant paid-up capital, YLG is a trusted name, supported by renowned international bullion banks and accredited refineries globally.

7. Choice of Products and Pricing Strategies

YLG prioritises ethically sourced products with LBMA accreditation, emphasising “conflict-free” sourcing and environmentally friendly production. In Dubai, YLG can also access Dubai Good Delivery accredited refineries to meet market preferences, sourcing a variety of brands, including favoured Swiss bars and various accredited refinery brands, to ensure customer satisfaction and market adaptability.

8. Ready Stocks and Supply Assurance

YLG’s meticulous inventory management guarantees a consistent supply of gold bars, secured by reputable storage companies. This commitment to preparedness boosts customer confidence and ensures prompt delivery, even in fluctuating market conditions.

9. Innovative Trading Platform and Timely Transactions

YLG’s commitment to customer convenience is underscored by its innovative trading platform and timely transactions. Real-time monitoring and immediate transaction processing allow customers to capitalize on favourable market opportunities, showcasing YLG’s dedication to service excellence.

SETTING THE STAGE FOR SUCCESS

YLG Bullion’s well-planned entry into Dubai’s gold market capitalises on the UAE’s robust regulatory framework and Dubai’s status as a global trade hub. YLG brings its proven Southeast Asian experience, emphasizing ethical sourcing, competitive pricing, and exceptional service, which aligns perfectly with Dubai’s market values. By understanding local preferences and tailoring products and services accordingly, YLG is poised to replicate its Southeast Asian success in the Middle East. This strategic expansion not only strengthens YLG’s presence as a global bullion leader but also underscores its commitment to ethical practices and innovation.
Pawan Nawawattanasub
Pawan Nawawattanasub is the CEO of YLG Bullion Singapore and the CEO 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 and is a SBMA Committee member.
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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.