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Thailand Gold Forum 2025

By SBMA

Singapore Bullion Market Association Thailand Gold Forum 2025
The Singapore Bullion Market Association (SBMA) once again participated in the Thailand Gold Forum 2025, held at the Queen Sirikit National Convention Center as part of the 72nd Bangkok Gems & Jewelry Fair. Themed “Collaboration, Innovation, Transparency & Sustainability, and Global Gold”, this year’s forum brought together the region’s leading bullion stakeholders and industry experts to explore the future of gold trading in Southeast Asia. The forum visit was complemented by an extended delegation programme that included facility tours and strategic engagement with SBMA’s Thailand-based member companies.

Forum Highlights: Regional Perspectives on Market Transformation

The forum underscored Southeast Asia’s growing importance as a driving force in the global bullion market, with panel discussions exploring how regional cooperation, policy transformation, and sustainable development can accelerate industry growth and resilience.
SBMA CEO Albert Cheng moderated two key sessions that anchored the day’s dialogue. The first panel, “Transforming Thailand’s Gold Market”, featured Boonlert Siripatvanich, CEO of Ausiris Co., Ltd.; Nuttapong (Golf) Hirunyasiri, CEO of MTS Gold Co., Ltd.; Pawan Nawawattanasub, CEO of YLG Bullion International Co., Ltd.; and Tanarat Pasawongse, CEO of Hua Seng Heng Commodities Co., Ltd.
Singapore Bullion Market Association Thailand Gold Forum 2025
From left: Albert Cheng, CEO, SBMA; Nuttapong (Golf) Hirunyasiri, CEO, MTS Gold Co., Ltd.; Pawan Nawawattanasub, CEO of YLG Bullion International Co., Ltd.; Tanarat Pasawongse, CEO of Hua Seng Heng Commodities Co., Ltd.; Boonlert Siripatvanich, CEO of Ausiris Co., Ltd.
The discussion examined Thailand’s market evolution from multiple angles. Siripatvanich examined how forward-looking policy reforms and infrastructural transformation could reshape the Thai market landscape, while Hirunyasiri reflected on the role of technological and structural innovation in expanding Thailand’s bullion capabilities. Nawawattanasub emphasised the growing imperative for transparency and sustainability, highlighting how self-regulatory organisations (SROs) can strengthen industry integrity. Pasawongse concluded with insights on positioning Thailand for greater prominence in the global gold market.
Singapore Bullion Market Association Thailand Gold Forum 2025
From left: Albert Cheng, CEO, SBMA; Nikos Kavalis, Managing Director, Metals Focus; Shaokai Fan, Head of Asia Pacific (ex-China) and Global Head of Central Banks, World Gold Council; Souphaphone Souvannavong, Deputy CEO, Lao Bullion Bank; Amar Singh, Head of Metals – Asia Pacific and Middle East at StoneX APAC Pte Ltd.
Following a networking break, Cheng moderated a second session titled “Gold Markets in Southeast Asia”, bringing together Shaokai Fan, Head of Asia Pacific (ex-China) and Global Head of Central Banks at the World Gold Council; Nikos Kavalis, Managing Director of Metals Focus; Amar Singh, Head of Metals – Asia Pacific and Middle East at StoneX APAC Pte Ltd; and Souphaphone Souvannavong, Deputy CEO of Lao Bullion Bank. The session facilitated substantive exchange on regional market dynamics, central bank gold strategies, transparency initiatives, and the pathways to deeper ASEAN integration within the global bullion ecosystem. The formal programme concluded with a networking reception jointly hosted by the World Gold Council and the Gold Traders Association.
Singapore Bullion Market Association Thailand Gold Forum 2025
Some SBMA representatives were at the Networking Reception hosted by the World Gold Council and Gold Traders Association.

Member Engagement: Deepening Thailand Market Understanding

In conjunction with the forum, the SBMA Secretariat led a delegation programme designed to strengthen relationships with Thailand-based members and gain first-hand insight into the country’s dynamic bullion ecosystem.
The delegation’s visit began with a welcome reception hosted by YLG Bullion International Co., Ltd., where CEO Pawan Nawawattanasub provided updates on the company’s recent business developments and offered delegates perspective on Thailand’s regulatory and operational landscape.
Singapore Bullion Market Association Thailand Gold Forum 2025
SBMA delegation with YLG Bullion International management team.
Later that evening, Hua Seng Heng graciously hosted SBMA delegates and guests for dinner, providing a convivial setting for networking and exchanging ideas. On the last day, the SBMA Secretariat toured the company’s headquarters and goldsmith shop in Bangkok’s Chinatown district, where they were introduced to GOLD NOW, Hua Seng Heng’s gold savings application – an example of how traditional bullion business are embracing digital channels. SBMA extends its sincere thanks to Khun Tanarat and the Hua Seng Heng team for their generous hospitality and continued partnership.
SBMA delegates and guests hosted by Hua Seng Heng for dinner.
Singapore Bullion Market Association Thailand Gold Forum 2025
SBMA Secretariat visiting Hua Seng Heng’s jewellery store in Bangkok Chinatown.
MTS Gold Group further extended its hospitality by hosting SBMA delegates for an evening of networking over dinner and drinks following the Thailand Gold Forum, and a comprehensive tour of the company’s refining facilities the next day. The visit to MTS Gold’s operations provided delegated with direct exposure to Thailand’s refining capabilities and technical standards, offering valuable context for understanding the country’s position in regional supply chains.
Singapore Bullion Market Association Thailand Gold Forum 2025
Networking drinks hosted by MTS Gold Group.
Singapore Bullion Market Association Thailand Gold Forum 2025
The SBMA delegation at MTS Gold refinery with Dr Toy (Kritcharat Hirunyasiri), President of MTS Gold Group, Nuttapong(Golf) Hirunyasiri, CEO, and Keeradit Hirunyasiri, COO of MTS Gold Group.

Looking Ahead

SBMA’s participation in the Thailand Gold Forum 2025 and the accompanying outreach visits reflects the association’s approach to regional market development: combining public knowledge with targeted bilateral relationship-building. Thailand represents one of Southeast Asia’s most established bullion markets, and deeper understanding of its ecosystem strengthens SBMA’s capacity to facilitate cross-border collaboration among member companies.
SBMA extends appreciation to YLG Bullion International, Hua Seng Heng, MTS Gold Group, and all participating delegates for their support of this initiative. These engagements reinforce SBMA’s commitment to building an integrated, transparent, and globally competitive precious metals markets across the Asia-Pacific region.
Singapore Bullion Market 2024 Asia Pacific Precious Metals Conference Summary
JONI TEVES is the Precious Metals Strategist within the Economics and Strategy Research team and is based in Singapore. She covers all four precious metals and is responsible for fundamental analysis, forecasting, and writing research pieces on these markets. She has been in the industry for nearly two decades, initially as a gold trader for the central bank of the Philippines, subsequently joining UBS as a strategist in 2011. UBS Precious Metals Research has been frequently voted #1 by clients in the Risk Magazine Survey since 2012. Joni holds a BS Business Economics degree from the University of the Philippines.
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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.