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Elevating Gold: A Collaborative Approach

By CHEN QINGHAN, Central Banks and Public Policy Lead, World Gold Council

Singapore Bullion Market Association Elevating Gold: A Collaborative Approach
For over 30 years the World Gold Council (WGC) has been the leading market development organisation for the gold industry, shaping the industry’s narrative and fostering trust, access, and understanding among all stakeholders.
To provide insights into the gold market and support its development, the WGC collaborates with a diverse range of stakeholders, including governments, central banks, regional and local associations and the investment community. Our goal is to promote the benefits of gold as a valuable asset and bolster market participants’ confidence.
A key aspect of our strategy involves forging strong partnerships with other industry associations to achieve shared objectives in gold market development.

Global Partnerships for Global Challenges

Gold247 is the WGC’s vision for transforming the global gold market to meet the evolving needs of today’s consumers and investors. It aims to do this by increasing transparency, improving accessibility and enhancing trust.
A cornerstone of Gold247 is our collaboration with key industry stakeholders, such as the London Bullion Market Association (LBMA). Together, we’ve developed and implemented the Gold Bar Integrity (GBI) programme, an international system of gold bar integrity that leverages distributed ledger (blockchain) technology to digitally track gold throughout the global supply chain and create an immutable record of gold bar integrity stored and transferred on the blockchain. By confirming provenance and ensuring transparency over the chain of custody, GBI enhances trust among consumers, investors and market participants that their gold is authentic and has been responsibly produced and sourced.
For its pilot programme, the WGC and LBMA brought together representatives from the global gold supply chain. This collaborative effort defined the scope of the database, identified priorities, and explored interoperability possibilities.
The GBI programme lays the foundation for broader market reform and digitalisation. In today’s digital age, market participants expect transparency, seamless integration across markets and easy access with low trading costs.
The WGC is committed to working with other stakeholders to drive the digitalisation of gold, as this is an opportunity and impetus for us to modernise the industry and work towards a better future for gold.
Singapore Bullion Market Association Elevating Gold: A Collaborative Approach

Driving Progress Through Local and Regional Partnerships

The WGC fosters close relationships with local and regional trade associations. These associations serve as critical links to on-the-ground developments in their respective local and regional gold markets, and are invaluable partners in building effective, transparent and accessible gold markets.
Here are some of the key highlights of our current work in Singapore, in collaboration with the SBMA:

Singapore as a Gold Hub

In partnership with the SBMA, the WGC is actively working with stakeholders and relevant authorities to position Singapore as the premier gold hub in the Asia Pacific region.
As the Asia Pacific region experiences rapid economic growth and increasing affluence, there is a pressing need to establish a regional gold hub to enhance efficiency and enable service and product providers to cater to the region’s growing demand.
Singapore’s unique attributes – political stability, robust infrastructure, economic resilience, and a strong regulatory framework – make it an ideal candidate for the role of a regional and even global hub. By leveraging its strong legal framework and regulatory expertise, Singapore can offer a safe and reliable environment for gold trading, storage, and investment in the region.
Developing Singapore as a gold hub is a vision which leverages Singapore’s unique strengths and capabilities. This is a multifaceted endeavour that requires concerted efforts across infrastructure, regulation, innovation and partnerships. The WGC is excited to collaborate with the SBMA, industry stakeholders and relevant authorities to realise this vision. This initiative will unlock new economic opportunities in the region, enhance market efficiency, and elevate the importance of the Asia Pacific region and Singapore in the global gold market.

Adoption of the Retail Gold Investment Principles

The WGC launched the Retail Gold Investment Principles (RGIPs) in 2020. Developed in consultation with 52 industry stakeholders from 16 countries, the RGIPs provide a framework of best practices for providers of all types of retail gold investment products. Since their launch, the WGC has been working with industry stakeholders in various markets to encourage their adoption.
Widespread adoption of these principles will foster the highest standards of fairness, transparency, and integrity across the market, empowering retail gold investors to make informed decisions. We believe that a trusted retail gold industry is essential to unlocking its full potential.
The WGC has successfully worked with local stakeholders and associations to roll out the RGIPs in key markets like India, China, Singapore, Germany, and North America. The SBMA, in partnership with the WGC, launched the Singapore chapter of the RGIPs in June 2024, a monumental step towards enhancing trust in Singapore’s retail gold market and a crucial component of the broader vision to establish Singapore as a premier gold hub.
As we continue to collaborate with stakeholders in other markets to develop and implement the RGIPs, we envision a future where greater trust benefits both customers and product providers alike, creating value and driving demand across the industry.
The WGC’s collaboration with industry associations is instrumental in supporting the development of regional and local gold markets and addressing global industry challenges. We look forward to continuing our partnerships and pursuing crucial industry initiatives to achieve our shared goals.
Singapore Bullion Market Association Elevating Gold: A Collaborative Approach
CHEN QINGHAN based in Singapore, is the World Gold Council’s Central Banks and Public Policy Lead. With extensive experience garnered from previous positions at ISDA and the Ministry of Finance, Qinghan excels at navigating the intricate interplay between finance and policy. She holds a Master of International Affairs in Economic and Political Development from Columbia University.
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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.