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THE 8TH ASIA PACIFIC PRECIOUS METALS CONFERENCE 2025: FROM THE LENS OF SBMA

By SBMA

The 8th Asia Pacific Precious Metals Conference 2025: FROM THE LENS OF SBMA
SBMA CEO Albert Cheng delivering a special address on Day 2 of APPMC 2025.
At the 8th Asia Pacific Precious Metals Conference, held from 15–17 June 2025 at the Shangri-La Hotel Singapore, the conference established new participation records with 603 delegates from over 300 companies across 30 market regions, underscoring APPMC’s position as the Asia Pacific region’s premier event for the bullion and precious metals industry. This substantial attendance reflects the initiative’s significance in addressing growing demand for regional solutions as gold flows continue shifting eastward and Asian central banks diversify their reserve holdings away from traditional Western storage and trading systems.

Singapore’s Strategic Market Position and Policy Framework

The 8th Asia Pacific Precious Metals Conference 2025: FROM THE LENS OF SBMA
Cindy Khoo, Managing Director, Enterprise Singapore, delivering the conference’s inaugural address.
Cindy Khoo, Managing Director of Enterprise Singapore, delivered the conference’s inaugural address, providing strategic insights into Singapore’s market positioning and policy framework for precious metals market development. Her presentation emphasised Singapore’s capacity to function as a connector between businesses and emerging opportunities across the Asia-Pacific region.
Khoo highlighted Singapore’s regulatory clarity, geopolitical stability, and well-developed infrastructure as optimal positioning for companies seeking to expand their presence in Asian precious metals markets. Her address noted broader market dynamics beyond Singapore’s specific advantages, acknowledging the evolving nature of the global precious metals landscape.
Particular attention was given to the shift of gold flows from Western to Eastern markets and the increasing sophistication of precious metals markets in ASEAN countries. Singapore’s strategic approach emphasises collaboration with businesses navigating market transformation by connecting them with appropriate partners, fostering innovation across the precious metals value chain, and creating new opportunities for market growth and development, Khoo said.

Forward SBMA 2030: Comprehensive Strategic Development Framework

Albert Cheng, CEO of SBMA, unveiled the association’s long-term strategic roadmap during a special address that outlined Singapore’s path toward becoming Asia’s premier precious metals trading centre. The Forward SBMA 2030 initiative builds upon more than 30 years of SBMA’s bridge-building across ASEAN and global precious metals markets, representing a natural evolution of the association’s mission to create an open, trusted, and connected bullion ecosystem. The strategic framework advances from the foundations established by Project Lion 1, launched in 2011, reflecting Singapore’s objective to become Asia’s equivalent to London and Zurich for precious metals trading, settlement, and custody operations.
Five pillars underpin this transformation:
Asia-Hours Clearing and Settlement Infrastructure – Development of clearing and settlement systems based in Singapore, operating during Asian market hours to reduce dependence on Western time zones and financial infrastructure. This system will enable more efficient trade processing for Asian market participants while reducing settlement risks associated with time zone differences and location disparity.
Central Bank-Grade Vaulting Infrastructure – Creation of precious metals storage infrastructure meeting central bank standards, enabling Singapore to function as a neutral custodian and secure storage centre for institutional precious metals holdings. This infrastructure will support central bank reserve diversification strategies while providing secure storage solutions for private institutional clients seeking regional alternatives.
Digital Gold Products and ETF Development – Launch of technologically advanced gold products and exchange-traded funds (ETFs) designed to drive innovation in precious metals investment and attract new investor categories. These products will leverage Singapore’s financial technology capabilities and regulatory framework to create new investment opportunities and expand market accessibility.
ASEAN Standards Harmonisation – Implementation of harmonised standards for gold trade and regulation across ASEAN markets, reducing regulatory barriers and fostering regional market integration. This initiative aims to streamline cross-border precious metals trading while reducing compliance costs for market participants operating across multiple jurisdictions.
Global Bullion Hub Integration – Establishment of comprehensive integration with major regional bullion hubs, including Tokyo, Shanghai, Hong Kong, Gujarat, Dubai, with London, ensuring Singapore’s position at the centre of global bullion flows rather than direct competition with established hubs.
Cheng emphasised the strategic timing of this vision, noting that eastward gold flow trends and Asian central bank reserve diversification have created critical demand for regional hub infrastructure with established trust and reliability.

Strategic Partnership Development: SBMA-JBMA Collaboration

Concurrent with SBMA’s strategic announcement, the conference witnessed the formalisation of Japan-Singapore cooperation through a memorandum of understanding between SBMA and the Japan Bullion Market Association (JBMA), establishing frameworks for collaboration on regulatory practices and market development initiatives across two of Asia’s most significant precious metals markets.
The 8th Asia Pacific Precious Metals Conference 2025: FROM THE LENS OF SBMA
From Left: KL Yap, Chairman, SBMA; Albert Cheng, CEO, SBMA; Bruce Ikemizu, Resident Director, JBMA
Japan’s sophisticated precious metals market infrastructure and established regulatory frameworks complement Singapore’s strategic geographic position and developing market capabilities. Bruce Ikemizu, Resident Director of JBMA, participated in the signing ceremony alongside SBMA leadership including Chairman KL Yap and CEO Albert Cheng, emphasising the agreement’s role in developing integrated Asia-Pacific precious metals markets.
SBMA anticipates continued collaboration with JBMA and its member organisations, working collectively to strengthen regional relationships throughout ASEAN and support the development of a fully integrated Asia-Pacific bullion ecosystem. The partnership provides a template for similar agreements with other regional market associations as Forward SBMA 2030 implementation advances.

Indonesia’s Gold Sector Policy Evolution and Regional Implications

Indonesia’s ongoing gold sector transformation received substantial attention, with Deputy Minister for Coordination of State-Owned Enterprises Management and Business Development in Indonesia’s Coordinating Ministry for Economic Affairs, Ferry Irawan providing updates on policy reforms that are reshaping the regulatory landscape for the world’s third-largest gold producer and ASEAN’s largest economy.
The 8th Asia Pacific Precious Metals Conference 2025: FROM THE LENS OF SBMA
Ferry Irawan’s Special Address: “Policy Reforms in Indonesian Gold Sector” on Day 2 of APPMC.
Ferry’s 2023 APPMC presentation outlined Indonesia’s vision for robust domestic bullion market development. This year’s updates detailed specific policy implementations and their early impacts on market structure, foreign investment frameworks, and regulatory compliance requirements.
As the world’s third-largest gold producer, Indonesia’s policy evolution carries substantial regional implications. Regulatory changes affect supply chain structures, foreign investment accessibility, compliance requirements, and market access conditions for international precious metals companies operating throughout Southeast Asia.
The policy developments build upon successful outcomes from SBMA’s recent delegation visit to Indonesia, reinforcing commitment to continued engagement and collaboration with Indonesian market participants and government officials. SBMA remains committed to supporting Indonesia’s market development journey by facilitating connections between Indonesian stakeholders and global partners while working to unlock ASEAN’s complete bullion market potential through enhanced regional cooperation.

Singapore Sling” Roundtable Format

The 8th Asia Pacific Precious Metals Conference 2025: FROM THE LENS OF SBMA
Singapore Sling Table 3: Gold Sector Transformation in Indonesia, anchored by ICBC Standard Bank.
APPMC 2025 introduced the “Singapore Sling” roundtable discussion format, representing a significant departure from traditional conference presentation structures. This innovation aimed to create genuine, interactive dialogue on topics of critical importance to the precious metals industry through focused, small-group discussions.
Eight themed discussion tables were organised, each facilitated by industry experts who guided focused discussions on specific topics ranging from regional market developments to regulatory trends and technological innovation. The roundtable format achieved exceptional success, with discussion sessions reaching full capacity before the conference commenced.
Delegates praised the format for its intimate setting, discussion depth, and opportunities for candid questioning and real-world experience sharing among participants. The approach generated significantly higher participant engagement compared to traditional presentation formats.
SBMA extends sincere appreciation to all discussion facilitators who contributed to the success of these interactive sessions. The format’s popularity suggests permanent adoption for future conferences, with early reservation recommended for participants seeking access to roundtable discussions at APPMC 2026.

SBMA Membership Expansion and Regional Market Integration

APPMC 2025 featured membership certificate presentations for several new organisations, officially expanding SBMA’s network and demonstrating growing industry recognition of the association’s regional market development role. SBMA membership reached 79 organisations as of June 2025, spanning refiners, traders, technology innovators, and financial institutions.
Citibank N.A. Singapore joined as SBMA’s newest Local Associate Member, reflecting one of the major international financial institutions’ recognition of Singapore’s growing importance in regional precious metals markets.This membership demonstrates institutional confidence in Singapore’s regulatory framework and market development trajectory.
The 8th Asia Pacific Precious Metals Conference 2025: FROM THE LENS OF SBMA
Lao Bullion Bank (LBB) joins SBMA as Foreign Associate Member
Lao Bullion Bank joined as a Foreign Associate Member, representing expanding engagement with mainland Southeast Asian markets and supporting SBMA’s objective of comprehensive regional market integration. This membership reflects growing sophistication in Laos’s precious metals sector and desire for stronger regional market connections.

PT Hartadinata Abadi Tbk also joined as a Foreign Associate Member, further strengthening SBMA’s connections with Indonesian precious metals markets. This membership supports ongoing collaboration between Singapore and Indonesian market participants, aligning with broader regional integration objectives and Forward SBMA 2030 implementation.

The 8th Asia Pacific Precious Metals Conference 2025: FROM THE LENS OF SBMA
PT Hartadinata Abadi Tbk joins SBMA as Foreign Associate Member
New member organisations bring essential expertise that strengthens SBMA’s role as a key connector in Asia’s precious metals markets. The expanding membership reinforces Singapore’s status as a premier regional bullion hub.

Recognising Our Management Committee, Sponsors and Partners

SBMA extends our appreciation to all sponsors of APPMC 2025, whose investment, expertise, and commitment to industry development enabled delivery of an event of this scale and quality. From conference materials and networking receptions to keynote sessions and round table discussions, every aspect of APPMC was enhanced through partner involvement and support.
Sponsor organisations provided not only financial support but also subject matter expertise, networking opportunities, and industry credibility that elevated the conference’s overall value proposition for delegates.
SBMA also expresses gratitude to the Management Committee for their guidance, commitment, and collective efforts in shaping this year’s conference programming and strategic direction. Committee leadership and strategic guidance have been instrumental in advancing Forward SBMA 2030 objectives.
The Management Committee’s oversight ensured conference alignment with member needs and industry priorities while maintaining focus on long-term strategic development objectives.

Looking Ahead: APPMC 2026

The 8th Asia Pacific Precious Metals Conference 2025: FROM THE LENS OF SBMA
SBMA Secretariat and APPMC managing partner Eventell Global Advisory Pvt Ltd.
As we close the chapter on this record-breaking edition of APPMC, our sights are already set on the future. We are pleased to announce that APPMC 2026 will take place from 14–16 June 2026.
We look forward to building on this year’s success, welcoming even more delegates, companies, and countries; exploring new themes and trends; and continuing to evolve the conference in line with our mission of connecting markets and shaping future.
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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.