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Honoring Three Decades of Excellence: Celebrating SBMA’s Long-Standing Members and Their Contributions

By SBMA

Singapore’s Bullion Market Association (SBMA) has forged a legacy of excellence over three decades, propelling the city-state into a premier global precious metals hub. A cornerstone of this success is the unwavering dedication of its long-standing members, whose instrumental contributions have shaped the industry’s trajectory. As SBMA celebrated another triumphant Asia Pacific Precious Metals Conference (APPMC) in 2024, it took a moment to honour 14 of these stalwart partners who have been integral to the market’s growth and development:
  1. JP Morgan Chase Bank, N.A.
  2. World Gold Council
  3. Brink’s Global Services Pte Ltd
  4. Standard Chartered Bank (Singapore) Limited
  5. United Overseas Bank Limited
  6. Heraeus Materials Singapore Pte Ltd
  7. ICBC Standard Bank Plc, Singapore Branch
  8. Metalor Technologies (Singapore) Pte Ltd
  9. StoneX APAC Pte Ltd
  10. Malca-Amit Singapore Pte Ltd
  11. Phillip Nova Pte Ltd
  12. Silver Bullion Pte Ltd
  13. Sumitomo Corporation Global Commodities Ltd
  14. YLG Bullion Singapore Pte Ltd
The foundation laid by these esteemed members has been instrumental in SBMA’s evolution into a driving force within the precious metals industry.
Singapore Bullion Market Association Celebrates 30 Years at Landmark APPMC 2024
SBMA, founded in 1993, has steadily grown to become a pivotal player in the precious metals industry, supporting its members through strategic initiatives, policy advocacy, and industry collaboration. One of the most impactful government policies championed by SBMA was the exemption of GST on Investment Precious Metals (IPM) in 2012. This move significantly boosted trading and refining activities, positioning Singapore as a competitive player in the global market.
Our long-standing members reflect on their journey and Singapore’s role in the global precious metals ecosystem.

A Pillar of Strength

Liu Chee Wei, Head of Markets for Singapore and ASEAN at Standard Chartered, underscored the importance of Singapore’s strategic location and policy environment. “Strategically located in ASEAN, Singapore serves as one of the hubs for storage of precious metals for the region,” he said. The GST exemption policy for Investment-grade Precious Metals has been particularly beneficial, enabling Standard Chartered, which counts Singapore one of its key operating hubs, to grow its business in importing, refining, supplying and trading precious metals.
Singapore Bullion Market Association
Singapore Bullion Market Association
KL Yap, General Manager of Metalor Technologies (Singapore) Pte Ltd, also highlighted the pivotal role of SBMA and the Singapore Government in establishing Metalor’s presence in Singapore. The establishment of Metalor in 2013 and it’s accreditation by the LBMA in 2014 directly resulted from the supportive business environment fostered by SBMA and the government’s initiatives, such as the GST exemption on IPM. According to KL Yap, “As the only LBMA Accredited Refinery in Singapore, Metalor Technologies (Singapore) Pte Ltd’s growth has been driven by the efforts of the Singapore Government and market development agency Enterprise Singapore, which aim to position Singapore as one of the world’s major hubs for the physical trading of precious metals.
In recent years, SBMA has surmounted various challenges and has been instrumental in organising a range of events, seminars, and workshops. These gatherings provide invaluable knowledge and networking opportunities. Notably, the recent APPMC, held in June this year, has not only unified business opportunities within Singapore but has also connected the entire Asia Pacific region, fostering and enhancing opportunities across the region. Additionally, the ongoing Project Lion 2 will further enhance and reposition Singapore as a global hub for precious metals connectivity.”
Singapore Bullion Market Association
Singapore Bullion Market Association
Vergel Villasoto, Director at Silver Bullion, also highlighted the impact of SBMA’s support and government policies on their business. “The most impactful amendment was when precious metals became tax exempt effective 1 October 2012,” Villasoto noted. This policy change allowed Silver Bullion to establish its storage program successfully, attracting clients seeking a secure jurisdiction for wealth preservation.

There are many conferences/gatherings in various Asian countries, but I reconfirm Singapore is the centre and connecting points among all Asian countries because of meeting with multi-national counterparties

Meanwhile, Hitoshi (Austin) Ishida, Singapore Branch General Manager at Sumitomo Corporation Global Commodities Limited, emphasised the strategic importance of Singapore’s location. “There are many conferences/gatherings in various Asian countries, but I reconfirm Singapore is the centre and connecting points among all Asian countries because of meeting with multi-national counterparties,” he said, highlighting Singapore’s unique advantage and role in facilitating efficient trade flows and monitoring premium locations from China to Dubai.
Singapore Bullion Market Association
Singapore Bullion Market Association
Basky Narayanan, Vice President of Brink’s Asia Pacific Limited, also spoke about the strategic advantages provided by Singapore. “Singapore’s strategic location, financial infrastructure, and regulatory framework coupled with its strong regional and global connectivity has created a conducive environment for the growth of the bullion market,” he explained. Brink’s has played a crucial role in facilitating secure logistics and vaulting services, essential for the market’s growth.

Looking Forward: SBMA’s Vision for the Future

SBMA envisions Singapore as a leading hub for precious metals in the Asia Pacific region and a global centre of connectivity for precious metals. The association is committed to supporting its members, fostering growth, and enhancing Singapore’s position in the global market. As SBMA continues to evolve, the contributions of its long-standing members will remain pivotal. The association’s collaborative efforts have been crucial in discussing industry trends, exploring new opportunities, and strengthening connections within the Asia-Pacific region.
Dick Poon, General Manager of Heraeus Materials, praised SBMA’s efforts in fostering industry connections. “SBMA’s APPMC is a very valuable event which gathered participants of the precious metal industry in Asia,” he noted. The conference has evolved into a significant platform for networking and knowledge exchange, connecting industry players across the region.

The contributions from our long-standing members will remain pivotal and will play a leading role in discussing industry trends, exploring new opportunities, and strengthening connections within the Asia-Pacific region

- Albert Cheng, CEO, SBMA

Singapore Bullion Market Association
Singapore Bullion Market Association
Members like Ms Pawan, CEO of YLG Bullion International and Singapore office, have praised these efforts, acknowledging the significant impact SBMA has had on their business and the broader industry. “YLG has proudly been a member of the Singapore Bullion Market Association (SBMA) for approximately ten years. During this period, we witnessed the inception of Project Lion 1, backed by Enterprise Singapore, aimed at establishing Singapore as a global hub for precious metals trading. A pivotal aspect of this project was the government’s implementation of GST exemption on trading investment-grade precious metals (IPM) in 2012. This initiative significantly boosted gold trading volumes and attracted major industry players to utilize Singapore as a launchpad for the Asia Pacific Market.”
Moreover, the annual APPMC, organised since 2017, has become a crucial platform for networking, discussing industry issues, fostering connections, and creating business opportunities within the Asia-Pacific region.
Singapore Bullion Market Association
Singapore Bullion Market Association
Singapore Bullion Market Association
Singapore Bullion Market Association
Singapore Bullion Market Association
Today, SBMA is embarking on Project Lion 2 to further enhance Singapore as a global hub for gold. “We are thrilled about this upcoming project and grateful to contribute as executive members to the best of our abilities,” Pawan said.
The journey of SBMA and its long-standing members is a testament to the power of collaboration, strategic vision, and unwavering commitment to excellence. As we celebrate their contributions and look towards the future, it is clear that the best is yet to come. SBMA will continue to play a vital role in shaping the precious metals market in Singapore and beyond, driving growth and innovation for years to come.
SBMA KIS - LEE LIANG LE photo
SAWAN TANNA has over 18 years of experience in the investment and commercial banking and finance sector and precious metals industry. He previously worked at ANZ Banking Group Limited in Perth, Royal Bank of Canada and UBS Investment Bank in London. Sawan was awarded the title of a Chartered Accountant (CA) from The Institute of Chartered Accountants in Scotland, after attaining a Bachelor of Arts in Accounting and Finance with First Class Honours from Lancaster 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.