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FOSTERING REGIONAL INTEGRATION IN THE GOLD TRADE: AN INTERVIEW WITH ALBERT CHENG, CEO OF SBMA

By SBMA

Gold, a timeless symbol of wealth, security, and beauty, has captivated humanity for millennia. Its enduring appeal as a safe-haven asset, a medium of exchange, and an industrial commodity has shaped civilisations and economies throughout history. However, the global gold market, once a relatively simple network of buyers and sellers, has evolved into a complex web of international trade, investment, and regulation.
In recent years, the industry has faced numerous challenges, including geopolitical tensions, supply chain disruptions, and evolving regulatory landscapes. These factors have underscored the need for greater transparency, sustainability, and cooperation within the global gold community.
At the forefront of this evolution is the Singapore Bullion Market Association (SBMA), a pivotal player in Southeast Asia’s precious metals industry. SBMA has been instrumental in fostering regional cooperation and promoting the smooth flow of gold within ASEAN and beyond. By facilitating partnerships, harmonising standards, and advocating for best practices, the association has made significant strides in developing a more integrated and competitive gold market.
To delve deeper into these efforts, we interviewed Albert Cheng, CEO of SBMA.
Crucible: SBMA has actively fostered regional cooperation through various memorandums of understanding. Could you elaborate on SBMA’s recent initiatives to strengthen regional cooperation?
Albert Cheng: Recently, we’ve focused on expanding our partnerships across the region. In October 2024, we signed an MoU with Lao Bullion Bank Co., Ltd. (LBB) at the ASEAN Business & Investment Summit (ABIS), in Vientiane, Laos.
SBMA’s Albert Cheng signing a Memorandum of Understanding (MoU) with Lao Bullion Bank Co., Ltd (LBB)
This partnership with Lao Bullion Bank is a strategic move to strengthen our regional footprint and enhance market connectivity. For SBMA, it provides an opportunity to expand our network and influence in Southeast Asia. By sharing knowledge and expertise, we can contribute to the development of a more sophisticated and transparent gold market in Laos. For Lao Bullion Bank, this collaboration will facilitate access to international best practices and standards, enabling them to enhance their operations and better serve their clients.
Our partnerships extend beyond Southeast Asia. For instance, at the APPMC 2024, we signed an MoU with Shenzhen Gold Silver Jewelry and Creative Industry Association (BaoChuangXie) to build stronger connections between China and Singapore in the precious metals supply chain. These partnerships are critical for creating a more integrated and cooperative regional market.
Memorandum of Understanding (MoU) singing between SBMA and Shenzhen Gold, Silver, Jewelry and Creative Industry Association (BaoChuangXie) at APPMC 2024.
Crucible: Given the diverse regulatory landscape in Southeast Asia, how is SBMA working to harmonise standards and facilitate cross-border trade?
One of the primary challenges in aligning regional standards with international benchmarks is the diversity of regulatory frameworks and industry practices across different countries. To overcome this, SBMA actively engages with regional and international organisations like the World Gold Council and the LBMA. By participating in industry forums and working groups, we can influence the development of global standards and promote their adoption within the region. Additionally, we collaborate with national regulators to harmonize domestic regulations with international best practices.
On the harmonisation of tax issue among ASEAN countries, we are in regular dialogue with both regulators and stakeholders seeking ways to facilitate a smooth flow of the precious metals across borders.
Crucible: How is SBMA working to enhance transparency and investor protection in the retail gold investment market, particularly in light of the growing interest in gold as an investment asset?
We’re engaged in a joint initiative with the WGC to promote transparency and trust within gold investments. Recently, we established the Retail Gold Investment Committee, chaired by Silver Bullion, to implement the WGC’s Retail Gold Investment Principles (RGIP). These principles are designed to enhance transparency, protect investors, and build trust in the retail gold investment market.
As a self-regulated initiative, no external regulator is involved; instead, local retail investment service providers in Singapore, who are also SBMA members, have adopted the guidelines. This effort not only outlines ethical standards but introduces a Retail Best Practices Label, allowing members to display it in their stores and marketing materials. This label will help traders and investors easily identify companies that uphold the highest standards of integrity.
Crucible: You’re the elected chair of the Gold Principles Group (GPG) since its inception in 2022. How has it contributed to the overall sustainability and transparency of the gold industry?
Jointly established by the World Gold Council and the LBMA, the GPG is an industry-wide initiative focuses on promoting sustainable practices across gold production and sourcing. Industry groups like the GPG play a collaborative role in driving sustainable and responsible practices within the gold industry. Adopting various international guidelines and promoting transparency, the GPG helps to mitigate risks associated with environmental degradation, social injustice, and financial crime. By adhering to the GPG principles, industry participants can enhance their reputation, attract responsible investors, and contribute to a more sustainable future for the gold sector.
Participants attending the GPG quarterly meeting in person in Singapore during the APPMC in June From left: Roland Wang, Regional CEO, China, World Gold Council; Adrian Goh, Marketing Director, YLG Bullion Singapore Pte Ltd; Albert Cheng, CEO, SBMA; Ruth Crowell, Chief Executive, LBMA; John Mulligan, Director, Climate Change Lead, World Gold Council; Sudheesh Nambiath, Manager – Precious Metals, DMCC; Gerry Chen, Head of Trade Engagement and Marketing, China, World Gold Council.
Organisations that are signatories of the GPG, including gold mining, trading, and refining companies, commit to adhering to high standards of ethical conduct, environmental responsibility, and social accountability, in line with the Responsible Gold Mining Principles (RGMPs) developed by the WGC, as well as other LBMA standards that emphasise supply chain integrity.
The GPG convenes quarterly, and the recent meetings in June and October 2024 achieved significant milestones. Our priorities in the coming year include stakeholder mapping to clarify objectives and expectations, developing and implementing website content, and advancing our climate roadmap project. Additionally, an “executive support” framework is being set up to strengthen content management, engagement, and project oversight.
Crucible: Despite the progress made, what are the key challenges that SBMA and other industry associations face in promoting regional integration and ensuring the long-term sustainability of the gold market?
While considerable progress has been made, we face several challenges. Geopolitical tensions and regulatory differences can sometimes disrupt the free flow of gold, even with trade agreements in place. Additionally, aligning diverse regional markets with international standards is challenging.
However, these challenges only strengthen our resolve. SBMA continues to advocate for a unified vision for Southeast Asia’s bullion market, working with regional and international associations. We regularly engage with other stakeholders to address these challenges head-on, be it through MoUs, summits, or participation in events like the ASEAN Business & Investment Summit (ABIS) 2024.
Crucible: Finally, Albert, as the global gold market continues to evolve, what is SBMA’s vision for the future, and how does the association plan to contribute to the development of a more sustainable, transparent, and efficient industry?
I believe associations will become even more critical in the coming years. In an increasingly polarised globalised market, regional cooperation is key to ensuring competitiveness. Associations like SBMA will continue to play a crucial role in connecting markets, fostering knowledge sharing, and advocating for best practices. Our partnerships with other regional players like the Japan Bullion Market Association and the like are part of this broader effort to integrate Southeast Asia’s precious metals industry with the global market.
By addressing challenges such as standard harmonisation and geopolitical risks, associations help create a more resilient and interconnected market. Ultimately, our goal is to contribute to the global gold trade in a way that benefits all stakeholders, from miners and refiners to investors and consumers, and enhance the efficiency and competitiveness of the regional gold market, attracting more investment and trade.
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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.