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SBMA DELEGATION TO JAKARTA 2025: STRENGTHENING CONNECTIONS WITH INDONESIA’S GROWING BULLION MARKET

By ALBERT CHENG, CEO, SBMA

The launch of two new bullion banks in Indonesia on February 26, 2025, marked a transformative moment for the nation’s precious metals sector. Recognising the significant opportunities presented by this development and building upon the success of our initial visit in 2022, the Singapore Bullion Market Association (SBMA) organised a second delegation to Jakarta.
With the Indonesian bullion market poised for substantial growth, a delegation comprising representatives from 18 SBMA member companies embarked on a pivotal visit to Jakarta from April 23 to 25, 2025, eager to forge stronger ties and gain deeper insights into this dynamic landscape.
This focused engagement with key industry players, financial institutions, and regulatory bodies underscored SBMA’s commitment to fostering deeper collaboration and gaining firsthand insights into Indonesia’s rapidly expanding bullion market.
Indonesia’s significant gold resources, ranking 7th globally in 2023, offer a strong foundation for economic advancement. This, combined with a growing national interest in bullion, points to expanding opportunities in gold trading and storage.

Key Highlights from the SBMA Delegation Visit

April 23, 2025 – Engaging with SBMA Associate Members
The delegation’s visit commenced with a meeting at the JW Marriott Jakarta, where we connected with our valued Indonesian associate member, PT J Resources Asia Pasifik Tbk. Their invaluable market intelligence provided delegates with a richer understanding of the nuances within Indonesia’s bullion landscape.
Singapore Bullion Market Association Delegation to Jakarta 2025
The SBMA team with PT J Resources Asia Pasifik Tbk.
Later that day, we welcomed representatives of PT Simba Jaya Utama to the hotel. We thank CEO Denny Handoko Bahar and Head of Finance and Administration, Roni Hanjaya Liwan, for travelling from Surabaya to meet us. Our discussions delved into the intricacies of Indonesia’s refinery landscape, addressing the operational realities faced by industry participants. SBMA, in turn, shared best practices and market knowledge to bolster their ongoing efforts.
Singapore Bullion Market Association Delegation to Jakarta 2025
The SBMA team with PT Simba Jaya Utama CEO Denny Handoko Bahar and Head of Finance and Administration, Roni Hanjaya Liwan.
April 24, 2025 – Strategic engagements with government and bullion banks
Singapore Bullion Market Association Delegation to Jakarta 2025
The SBMA team with Kemenko and OJK regulators.
A significant milestone of the trip was a high-level meeting with the Coordinating Ministry for Economic Affairs (Kemenko), where we had the privilege of engaging with Dr Gunawan Pribadi, Assistant Deputy for State-Owned Enterprises Development in Financial Services and Business Sectors. This timely discussion followed Indonesian President Prabowo Subianto’s announcement on February 26, 2025, regarding the launch of two bullion banks, a transformative development for the country’s precious metals sector.
During this meeting, Kemenko outlined the substantial economic benefits anticipated from the burgeoning bullion banking ecosystem, poised to boost gold production, consumption, and investment. The dialogue provided our delegation with critical clarity on evolving regulations, potential tax adjustments, and the overarching strategic vision for developing Indonesia’s commodity sector. This meeting was joined by the Financial Services Authority (OJK), who further enriched the discussion by providing a concise overview of OJK Regulation 17 of 2024, clarifying the scope of bullion financial services and offering regulatory insights essential for businesses venturing into Indonesia’s bullion market.
Following this, the delegation visited the newly licensed bullion banks. Discussions with Bank Syariah Indonesia (BSI) and PT Pegadaian explored potential avenues for future knowledge exchange and collaboration with SBMA.
Singapore Bullion Market Association Delegation to Jakarta 2025
The SBMA delegation visiting BSI.
Singapore Bullion Market Association Delegation to Jakarta 2025
The SBMA delegation at PT Pegadaian.
The SBMA delegation also held discussions with PT Haradinata Abadi Tbk (HRTA), a key player in the midstream and downstream gold value chain. HRTA provided valuable insights into their corporate structure, role in the bullion banking ecosystem, and strategic objectives for 2025, further illuminating the trajectory of Indonesia’s gold industry.
Singapore Bullion Market Association Delegation to Jakarta 2025
The SBMA delegation at PT Haradinata Abadi Tbk.
April 25, 2025 – Exploring refining excellence at ANTAM
The final day of the delegation’s trip to Jakarta included a visit to PT Aneka Tambang Tbk (ANTAM), Indonesia’s sole LBMA-accredited refinery. Discussions centred on gold refining standards, compliance, and ANTAM’s critical role in supporting Indonesia’s standing in the global bullion market. ANTAM also updated delegates on its expansion plans, including the the anticipated timeline for the completion of its new refinery site in Surabaya, East Java, and extended invitation to SBMA members to visit its new refinery when it is ready.
Singapore Bullion Market Association Delegation to Jakarta 2025
The SBMA delegation at PT Aneka Tambang Tbk (ANTAM) office.

Looking Ahead: Strengthening Regional Ties

This Jakarta visit served as an invaluable platform for SBMA members to forge meaningful connections with key Indonesian industry stakeholders, both within and beyond our membership, paving the way for promising future collaborations. The Indonesia regulatory bodies and companies we engaged with clearly recognise the significant value offered by associations like SBMA, and are actively in the process of establishing their own industry association. Furthermore, many of these companies have expressed keen interest in joining SBMA as foreign associate members, signaling a strong desire for closer ties and knowledge exchange.
The visit also reaffirmed Indonesia’s potential to emerge as a major force in the global bullion arena. SBMA remains committed to supporting the development of regional partnerships and vital knowledge-sharing initiatives. In line with this commitment, SBMA CEO Albert Cheng has extended invitations to representatives from Kemenko and the OJK to speak at the Asia Pacific Precious Metals Conference (APPMC) 2025. We encourage all APPMC delegates to look out for their presentations, which promise to offer valuable insights into the evolving Indonesian bullion market.
We extend our deepest appreciation to all participating companies, our esteemed Indonesian members, and our gracious hosts for their support and warm hospitality throughout this enriching visit. We eagerly anticipate building upon the momentum generated and cultivating even stronger relationships across ASEAN’s growing bullion markets.
Singapore Bullion Market Association VGTA Driving Growth and Connection in Vietnam’s Gold Market
Huynh Trung Khanh has more than 25 years of experience in the Vietnamese gold industry, first working for the World Gold Council (Asia) as Vietnam Country Manager before setting up his own gold consultancy business (VGC) in 2003 providing brokering and consultancy services to Saigon Jewellery Company (SJC), PhuNhuan Jewellery Joint-Stock Company (PNJ), Standard Bank Plc, StoneX and World Gold Council. As a founding member of the Vietnam Gold Traders Association (VGTA), since 1998, Khanh has actively participated in the deregulation of the Vietnam gold market as Vice Chairman of VGTA, heading the External Relations Department of its Executive Committee.
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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.