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FORGING CONNECTIONS ACROSS BORDERS: SBMA’S SUCCESSFUL JAPAN DELEGATION

By SBMA

Singapore Bullion Market Association Forging Connections Across Borders
Speakers at the Precious Metals Round Table.
The landscape of precious metals trading is undergoing a significant transformation. A recent surge of Japanese interest in Singapore’s bullion market is a testament to this shift. Fueled by a confluence of factors, including Singapore’s strategic location, robust regulatory framework, and thriving market ecosystem, Japanese companies are increasingly viewing the city-state as a prime destination for expansion.
In our last issue of The Crucible, we spoke to Bruce Ikemizu, chief director of the Japan Bullion Market Association (JBMA), who highlighted the immense potential for collaboration between JBMA and SBMA to further facilitate Japanese participation in the region. Building on this momentum, SBMA recently embarked on a milestone delegation trip to Japan, underscoring its commitment to strengthening relationships with members, exploring partnerships, and deepening its understanding of this vital market.

Record-Breaking Presence at JBMA Networking Event

Singapore Bullion Market Association Forging Connections Across Borders
SBMA’s Albert Cheng presenting at the JBMA Roundtable.
SBMA’s participation in the JBMA networking event was a highlight of the trip. For the first time, 25 SBMA members joined the gathering, contributing to a record-breaking turnout of 150 participants from across the precious metals industry. SBMA CEO Albert Cheng shared the association’s initiatives and future aspirations, emphasising its role as a vital bridge between global and ASEAN markets.
Singapore Bullion Market Association Forging Connections Across Borders
Delegates at JBMA.
Albert also joined a distinguished panel of experts, including Nikos Kavalis (Metals Focus Ltd), Weibin Deng (World Platinum Investment Council), and Bruce Ikemizu (JBMA), to discuss the price outlook and industry challenges.
The JBMA event provided an excellent platform for connecting with potential members and Japanese industry players. Several companies expressed interest to be connected with Singaporean counterparts, while others enquired about SBMA membership.
Singapore Bullion Market Association Forging Connections Across Borders
From left: Margaret Wong, Business Director, SBMA; Nicholas Frappell, Global Head Institutional Markets, ABC Refinery; Wilmar Swarts, Director of PGM Research, Metals Focus.
Singapore Bullion Market Association Forging Connections Across Borders
From left: Shiv Tulsiani, Head of Business Development, Malca-Amit Group of Companies (Singapore); Albert Cheng, CEO, SBMA; Margaret Wong, Business Director, SBMA; Dick Poon, General Manager, Heraeus Precious Metals (Hong Kong).
Singapore Bullion Market Association Forging Connections Across Borders
From left: Weibin Deng, Regional Head, Asia Pacific, World Platinum Investment Council; Albert Cheng, CEO, SBMA; Ziyang Zeng (Sophia), CFA APAC Lead, Product Partnership, World Platinum Investment Council; Margaret Wong, Business Director, SBMA.

Building Stronger Bonds

Singapore Bullion Market Association Forging Connections Across Borders
From left: Suguru Sugai, Clara Chang, Albert Cheng, Margaret Wong, Nobuo Tajima, Itsushi Morimoto.
Throughout the trip, the SBMA delegation visited several member companies, including Sumitomo Corporation, Asahi Metalfine, Nihon Material, and Brinks Japan. Each visit provided invaluable insights into the unique challenges and opportunities within Japan’s precious metals landscape.
Discussions spanned topics such as market expansion, technological innovation, regulatory frameworks, and the evolving needs of industry players. Engagements with potential members, such as APRE Co., Tokyo Stock Exchange and Philip Securities, shed light on Japan’s regulatory landscape.
Singapore Bullion Market Association Forging Connections Across Borders
From left: Nobutake Morita, Albert Cheng, Hayato Shigematsu, Yusaku Yukita, Margaret Wong, Akira Inayoshi, Clara Chang.
Singapore Bullion Market Association Forging Connections Across Borders
From left: Clara Chang, Andrew Clarke, Albert Cheng, Yukito Imaizumi, Margaret Wong, Tadahiro Komaki, Thomas Parmenter.
Singapore Bullion Market Association Forging Connections Across Borders
From left: Clara Chang, Margaret Wong, Albert Cheng, Hideyuki “Henry” Kamayashi, Yoshikazu Ito, Keisuke “Bill” Okui.
Singapore Bullion Market Association Forging Connections Across Borders
The SBMA delegation visiting the Japanese Stock Exchange.
Singapore Bullion Market Association Forging Connections Across Borders
The SBMA delegation visiting Philip Securities.

Women in Platinum Group Metals (WiPGM) in Tokyo

SBMA’s Margaret Wong and Clara Chang were separately invited by the Women in Platinum Group Metals (WiPGM) for a networking event in Tokyo, hosted by Wilmar Swarts, director of PGM Research, Metals Focus. The WiPGM network brings progressive thinkers from across the various segments of the platinum group metals value chain together to discuss, debate, mentor and grow the industry. We are honoured that SBMA has the opportunity to be represented in this event.
Singapore Bullion Market Association Forging Connections Across Borders
Women in PGMS Round Table in Tokyo.

Recognising the Power of Collaboration

This trip reaffirmed SBMA’s role as a facilitator of dialogue and collaboration. By connecting members with local stakeholders, SBMA continues to foster opportunities for growth and innovation across the bullion supply chain. From exploring market expansion strategies in Southeast Asia to addressing industry challenges like digitalisation and sustainability, the delegation laid the groundwork for impactful partnerships.
Singapore Bullion Market Association Forging Connections Across Borders
From left: Takahiro Morita, WGC; Clara Chang, Margaret Wong, Albert Cheng, SBMA.

Looking Ahead to 2025

As we reflect on the success of our Japan delegation, we extend our deepest gratitude to all our members who joined us on this journey. Your participation underscores the collective strength and shared vision of our community. SBMA is excited to see how the connections and insights gained during this trip will translate into meaningful progress for all involved.
Singapore Bullion Market Association Forging Connections Across Borders
SBMA in discussion with potential member APRE Co., Ltd.
As we look to 2025, SBMA remains steadfast in its mission to connect, innovate, and lead. We look forward to welcoming even more members to our initiatives, including the highly anticipated APPMC 2025. Together, we will continue to advance the precious metals industry and strengthen Singapore’s role as a global hub for bullion.
Here’s to another year of opportunities and successes—together.
Singapore Bullion Market Association Forging Connections Across Borders
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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.