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Outreach to Shanghai: Deepening Regional Market Access

By ALBERT CHENG, CEO, SBMA

Outreach to Shanghai Deepening Regional Market Access
Outreach to Shanghai Deepening Regional Market Access
From left, Vergel Villasoto, Director, Silver Bullion Pte Ltd; Albert Cheng, CEO, SBMA; Margaret Wong, Business Director, SBMA; Bruce Ikemizu, Resident Director, JBMA; Jacob Chee, Sales Director, Integral Development Corp.
The Singapore Bullion Market Association led a four-day delegation to Shanghai from July 6-9, 2025, marking our first formal participation in Shanghai Platinum Week. This strategic mission represents a significant expansion of SBMA’s regional engagement, building on Singapore’s established position as a trusted precious metals trading hub while addressing the evolving needs of our diverse membership base.
The delegation’s timing was deliberate. As Asian precious metals markets experience unprecedented growth and complexity, industry players require more sophisticated market intelligence and stronger cross-border partnerships. China’s regulatory environment continues to evolve, with new policies affecting international trade flows and investment patterns. Meanwhile, the energy transition is reshaping platinum group metals demand, creating opportunities for informed market participants while challenging traditional trading models.
Our mission focused on three core objectives: expanding member access to China’s precious metals market, strengthening institutional partnerships with key industry bodies, and ensuring members stay current with evolving market trends and regulatory frameworks. These objectives align directly with feedback from our membership, which spans refiners, financial institutions, traders, logistics providers, technology companies, and security printers – all seeking deeper engagement with Asian markets.

China’s Central Role in Global Precious Metals

China’s precious metals market has undergone dramatic transformation over the past decade. As the world’s largest physical gold market, China now accounts for approximately 50% of global gold demand, while its platinum group metals consumption has grown consistently as industrial applications expand. The Shanghai Gold Exchange processes over 10,000 tonnes of gold annually, while domestic platinum demand is driven by automotive catalysts, industrial applications, and emerging hydrogen technologies.
This market evolution creates both opportunities and challenges for international players. Chinese regulatory frameworks continue to develop, with authorities balancing market liberalisation against financial stability concerns. Recent policy adjustments have affected import quotas, trading mechanisms, and cross-border settlement procedures, requiring foreign participants to maintain sophisticated compliance capabilities.
For SBMA members, China represents critical market access across multiple segments. Refiners seek processing opportunities and technology partnerships. Financial institutions require clearing relationships and regulatory guidance. Traders need market intelligence and counterparty connections. Logistics companies must navigate complex customs procedures and documentation requirements. This diverse membership profile demands comprehensive market engagement rather than narrow sector focus.

Partnership with World Platinum Investment Council

Outreach to Shanghai Deepening Regional Market Access
From left: Weibin Deng, Regional Head, Asia Pacific, World Platinum Investment Council; Albert Cheng, CEO, SBMA; Margaret Wong, Business Director, SBMA; Koh Zhuang Chean, Director in Singapore, Eliz Precious Metals Sdn. Bhd.; Clara Chang, Marketing and Communications Executive, SBMA; Yvonne Xu, Investor Development, Manager China, World Platinum Investment Council.
This partnership exemplifies the cross-border cooperation SBMA promotes to keep members connected, informed, and competitive in an increasingly dynamic market. WPIC’s global perspective complements SBMA’s regional focus, creating comprehensive market coverage for participating members.

Strategic Institutional Engagements

Outreach to Shanghai Deepening Regional Market Access
The SBMA delegation visiting Shanghai Gold Exchange.
The Shanghai Gold Exchange represents the cornerstone of China’s precious metals infrastructure, handling daily trading volumes exceeding $2 billion and maintaining over 200 approved delivery warehouses across China. SGE’s international board, launched in 2014, has processed over 2,000 tonnes of gold, demonstrating China’s commitment to market opening while maintaining regulatory oversight.
SBMA Chairman KL Yap and I led discussions with SGE Vice President Ma Lin and his team. The meeting centered on the Forward SBMA 2030 vision, with both organisations committing to enhanced communication and cooperation. We formally invited SGE to participate in the Asia Pacific Precious Metals Conference (APPMC) 2026 in Singapore.

China Gold Association

Outreach to Shanghai Deepening Regional Market Access
The SBMA delegation meeting CGA representatives.
We presented our Forward SBMA 2030 strategy and Project Lion initiatives, to China Gold Association (CGA), China’s principal industry body representing the entire Chinese gold value chain, from major miners like China National Gold Group and Shandong Gold to refineries processing over 80% of domestic production.

Industry Network Expansion

Outreach to Shanghai Deepening Regional Market Access
Meeting with Taiwan Trade representatives (KIN Young & Gold Flowering).
Beyond institutional meetings, the SBMA Secretariat engaged extensively with Shanghai Platinum Week sponsors and delegates, leveraging the event’s concentrated industry presence to maximise member value.
Key engagements included meetings with:
Taiwan Trade representatives (KIN Young & Gold Flowering): Discussions focused on cross-strait trading relationships and regulatory coordination between Taiwan and mainland China markets.
Chengdu Banknote Printing Co., Ltd.: Technical exchanges on security printing technologies and anti-counterfeiting measures for precious metals certificates.
Outreach to Shanghai Deepening Regional Market Access
SBMA delegates with Chengdu Banknote Printing Co., Ltd.

These connections support member visibility in China’s market and facilitate new business partnerships while helping members understand Chinese client and supplier priorities.

Outreach to Shanghai Deepening Regional Market Access
Engagement with Metalor Technologies Singapore, China and Hong Kong. From left: Koh Zhuang Chean, Executive Partner, Eliz Precious Metals Sdn. Bhd.; Bernie Chen, General Manager, Metalor Precious Metals China Limited; KL Yap, General Manager; Margaret Wong, Business Director, SBMA; Albert Cheng, CEO, SBMA; Clara Chang, Marketing and Communications Executive, SBMA; Terron Liang, General Manager, Metalor Precious Metals Hong Kong Limited.

Forward Momentum and Market Implications

Looking ahead, these relationships support broader strategic objectives. China’s continued market liberalisation will create new opportunities for international participants with proper preparation and partnerships.
As we prepare for APPMC 2026, SBMA remains focused on building more connected, competitive, and resilient precious metals markets. The Shanghai relationships established during this mission will serve as foundation for long-term regional market development.
BART MELEK
Bart Melek has over 20 years’ experience analysing precious metals, base metals, energy, financial markets, as well as key economies. He has worked closely with commodity, equity and FX trading desks around the world, and has several forecasting distinctions and top global rankings. Bart contributes to the TD Securities strategic view on commodity, various other markets and macroeconomics. Bart is also a sought-after media commentator. Before joining TD, he held senior roles in equities, commodities and risk.
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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-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 in partner with the Chairman and the Management Committee. Also, he is responsible for maintaining accountability to and the quality of, the Association’s Membership and the annual Asia Pacific Precious Metals Conference (APPMC) as well as representing the interests of the Association in relation to regulators, investors, media and international precious metal markets, and also responsible for all the legal and regulatory aspects of the work of the Association.

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 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.

Ms Crystal Xu

Vice President
TD Securities
Based in Singapore, Crystal has over a decade of experience in the metals market, specializing in trading, structuring, and delivering solutions for institutional and commercial clients across Asia. She leads initiatives spanning both physical and derivative products and plays a central role in advancing TD’s regional metals strategy. With deep expertise in market dynamics and strong cross-functional collaboration, she helps drive business growth, product innovation, and risk-informed decision making across the firm’s Asia-Pacific platform.

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.

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.

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.

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-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.

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-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-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-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-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-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.