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LEADERSHIP DIALOGUES
BUILDING TRUST IN THE GLOBAL GOLD MARKET WITH PAWAN NAWAWATTANASUB, CEO OF YLG BULLION SINGAPORE

By SBMA

Singapore Bullion Market Association Building Trust in the Global Gold Market with Pawan Nawawattanasub, CEO of YLG Bullion Singapore
In the high-stakes world of gold trading, trust and rigorous compliance are not just ideals – they are the very foundations upon which successful and sustainable businesses are built. YLG Bullion, established in 2003 by Pawan Nawawattanasub, has grown from Thailand’s leading gold trading company to a significant player in Southeast Asia, with a strong presence in Singapore.
This journey, spanning two decades and navigating diverse regulatory landscapes, offers invaluable insights into maintaining integrity and fostering growth in a complex global market. Crucible recently had the opportunity to speak with Pawan, CEO of YLG Bullion Singapore, to delve into the critical aspects of trust, compliance, and the evolving future of the gold industry.
In this exclusive Leadership Dialogues feature, Pawan shares her perspectives and the strategies that have underpinned YLG’s success.

The gold industry is built on trust. What are the key challenges in maintaining trust in today’s global market, and how has YLG addressed them?

Trust is the foundation that underpins and sustains the growth of the gold industry.
At YLG, we place the utmost importance on building and maintaining the trust of our clients through transparency, adherence to international standards, and the consistent delivery of high-quality services.
We firmly believe that trust must be earned through consistent actions and safeguarded with unwavering commitment every single day.
To reinforce this commitment, we have cultivated a strong and unblemished track record spanning more than two decades, supported by thousands of successful transactions without discrepancies.
Singapore Bullion Market Association Building Trust in the Global Gold Market with Pawan Nawawattanasub, CEO of YLG Bullion Singapore

Compliance is a critical aspect of the gold industry. Could you share some specific examples of how YLG has gone beyond basic regulatory requirements to ensure compliance?

For YLG, compliance isn’t just about meeting the minimum requirements – it’s deeply ingrained in how we operate. We take a very proactive stance, starting with a highly structured and in-depth Know Your Customer (KYC) process right from the outset.
Our KYC goes beyond basic identity checks and is built on four key pillars. First, we thoroughly assess a customer’s history and track record to understand their business stability and past success. Second, we evaluate their product knowledge to ensure they understand gold trading, helping us distinguish serious traders. Third, we examine their industry network – who they work with and their reputation within the bullion community. Finally, we verify their financial capability through checks like bank statements and trade history to prevent defaults.
Based on this comprehensive assessment, we categorise customers by risk – A for low risk, B for solid networks and experience, and C for newer or smaller players with limited history. This structured approach allows us to effectively mitigate fraud and safeguard the integrity of our business and the wider industry.
Beyond standard regulations, we also place a strong emphasis on responsible gold sourcing. While not explicitly mandated for registered dealers to the same extent, we view it as a crucial ethical responsibility. We align ourselves with the London Bullion Market Association (LBMA) responsible sourcing principles and conduct thorough due diligence on our counterparties. To further this commitment, we actively engage with our suppliers, requiring them to adhere to policies aligned with LBMA and OECD guidelines.
Ultimately, our approach to compliance is about more than just following rules, but about actively working to ensure ethical practices and the integrity of the gold market at every step.

How has the rise of digital platforms impacted trust and compliance in the gold trading industry? What measures has YLG taken to safeguard customer data and prevent fraud?

Digital platforms have brought speed and accessibility to gold trading but also new trust and compliance challenges, especially in cybersecurity and fraud. To address this, we’ve adapted our approach with several key measures.
We maintain our strict KYC process even online, thoroughly assessing customer backgrounds digitally. Our risk-based customer segmentation continues to guide our digital monitoring.
We’ve invested in a secure digital infrastructure with encrypted systems and robust cybersecurity protocols to protect data and transactions. We actively monitor for fraud indicators like inconsistent information and unusual activity, using specific tools for digital identity verification.
Finally, we prioritise educating our customers about online trading processes and security best practices to build trust in the digital environment.

In your opinion, what are the most significant trends shaping the future of the gold industry and how is YLG preparing for them?

I believe the most significant trend shaping the gold industry’s future is undoubtedly digitalisation. The pandemic accelerated this shift, with more consumers and retailers now preferring the convenience and real-time access offered by online platforms, both in Thailand and globally.
At YLG, we’ve proactively embraced this evolution. We launched a mobile trading application providing customers with a modern experience, enabling 24/7 gold trading in multiple currencies with live pricing. This caters directly to the growing demand for flexible digital solutions.
Beyond trading platforms, we also see the increasing importance of technologies like blockchain in enhancing transparency and trust within the gold supply chain. Initiatives like the Gold Bar Integrity Programme are setting new standards. YLG is closely monitoring these advancements to potentially integrate them into our operations, further bolstering authenticity and responsible sourcing.
In essence, the digital transformation is reshaping client interactions and supply chain management. YLG is committed to staying ahead by investing in advanced technologies and digital platforms that improve customer experience, ensure robust compliance, and maintain the integrity of the gold market.

YLG has expanded from Thailand to Singapore. What were the biggest cultural and regulatory differences you had to overcome?

Rather than seeing it as a challenge to overcome, we viewed the expansion as an opportunity to understand and respect the different regulatory frameworks in each market.
In Thailand, physical gold trading is traditionally conducted outside of the banking sector, as banks generally do not engage directly in bullion transactions. The industry operates under a well-structured and centralised regulatory framework, with the Bank of Thailand overseeing activities. All transactions are reported to the central bank, ensuring strong oversight and transparency across the market.
Singapore, on the other hand, has a more open and diversified bullion landscape. Financial institutions such as banks and wealth managers are active participants in gold trading. The regulatory environment is broader, with oversight shared among multiple agencies. For example, financial institutions are regulated by the Monetary Authority of Singapore (MAS), while bullion dealers like YLG must be registered under the Precious Stones and Precious Metals Act (PSPM) and are supervised by the Ministry of Law.
This contrast – centralised regulation in Thailand versus a multi-agency system in Singapore – has shaped how we tailor our operations to align with local expectations, while maintaining our core standards of compliance, transparency, and trust.

What advice would you give to other gold trading businesses looking to build and maintain trust in the market?

In the bullion industry, trust is everything—and there are no shortcuts to earning it. Like Rome, trust isn’t built in a day, but one misstep can destroy it overnight. My advice to others in the gold trading business is simple: put integrity at the centre of everything you do, from the first customer interaction to every trade execution.
We’ve learned that trust is built through consistency, transparency, and strong relationships. This means conducting thorough KYC, complying fully with regulations, partnering with reputable banks and refineries, and delivering on every promise. Even when challenges arise, staying honest and communicative makes all the difference.
In this business, your reputation is your strongest currency. Protect it with care, and it will open doors for years to come.
Singapore Bullion Market Association Gold The Future is Asian - Banner

Joshua Rotbart (Llm, MBA)is a highly respected figure in the bullion industry and a world-renowned expert on precious metals. He transitioned from a successful career as a corporate lawyer in Israel to specialise in precious metals in 2010. He led the precious metals division of a major global logistics and vaulting company before founding J. Rotbart & Co. in 2015. Under his leadership, the company has facilitated bullion transactions exceeding US$2.5 billion and expanded its presence to Hong Kong, Singapore, Manila and Tel-Aviv.

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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.

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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.

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.