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Regulatory and Policy Shifts in Asia’s Key Bullion Hubs

By LEE LIANG LE, Analyst, Kallanish Index Services

As gold prices reach record highs, a policy divergence has emerged among key Asian hubs. While some hubs have retreated into a defensive stance to curb speculation and protect local currencies, others have launched offensive pivots to integrate gold into the digital economy and bolster national bullion ecosystems.

Defensive Shift: Tightening Rules for Stability and Domestic Industry Growth

While gold holders cheer the metal’s appreciation, the rally is less welcome in Thailand, where a strong correlation between gold and the baht have an adverse impact on a tourism-dependent economy. To manage this volatility, in January 2026, the Bank of Thailand (BOT) mandated daily reporting for all transactions across physical and digital channels for dealers exceeding an income-based turnover threshold. Additionally, the BOT has partnered with the nation’s top gold dealers to transition to a USD-based trading system, with the goal of reducing gold’s pressure on the local currency by at least 60%.
Indonesia has adopted a defensive pivot through its “Indonesia First” policy, aimed at retaining gold trading and processing within its borders to bolster FX reserves and accelerate the development of its domestic gold sector. To strengthen national liquidity, the government requires resource exporters to hold proceeds onshore, utilising local bullion banks PT Pegadaian and PT Bank Syariah Indonesia (BSI) to store its holdings in gold, with the goal of increasing reserves by an estimated $80 billion. Concurrently, a progressive export tax of 7.5% to 15% has been imposed on unrefined gold (doré and granules), with lower rates applied to fully refined minted bars to incentivise miners to utilise domestic refineries.

Expansionary Push: Integrating Gold into the Digital Economy

In contrast, hubs such as Hong Kong and Singapore are seeking to expand their gold industries by increasing market participation through gold digitalisation.
Hong Kong has accelerated gold accessibility through bank-led tokenisation, positioning the city as a leading digital hub. Under the guidance of the Securities and Futures Commission (SFC), tokenised gold is treated as a traditional investment with a digital “wrapper”, eliminating professional investor-only restrictions. With the Stablecoin Ordinance in effect and licenses expected in Q1 2026, the ecosystem is shifting toward real-value transactions. This is exemplified by HSBC’s gold token, which allows retail traders to buy bullion in increments as small as 0.001 troy ounce. Furthermore, HKMA’s Project Ensemble integrates tokenised gold as high-quality collateral for real-time interbank settlements, effectively eliminating the logistical costs and frictions of moving physical metal.
Singapore, on the other hand, is prioritising the development of a resilient, cross-border digital infrastructure for institutional use through the Monetary Authority of Singapore’s Stablecoin Framework and innovation sandboxes like Project Guardian.
Expected to be fully integrated by mid-2026, the framework provides legal clarity for gold-backed tokens as legitimate payment vehicles. Simultaneously, trials are underway to utilise tokenised gold for B2B settlement and institutional collateral, favouring systemic stability over retail volume. On the regulatory front, non-bank issuers must register as regulated dealers with the Ministry of Law, ensuring tokens are physically backed 1:1 in high-security vaults like Le Freeport with verified, transparent redemption paths.
By removing physical barriers to entry, both hubs aim to capture the massive liquidity currently flowing into gold while maintaining the transparency required by global regulators.
To conclude, Asia’s bullion hubs are currently pursuing starkly divergent strategies. While Thailand and Indonesia prioritise stability via defensive reporting and onshoring mandates to protect national interests, Hong Kong and Singapore are aggressively expanding their ecosystems through digitalisation and tokenisation. These contrasting paths will play a fundamental role in shaping where liquidity, innovation and influence ultimately concentrate in the region.
Country 2024 Policy Stance Key Tools Primary Objective
Thailand Defensive Daily transaction reporting, USD-based trading Reduce gold’s impact on the Baht
Indonesia Defensive Onshoring mandate, progressive export tax Boost national FX reserves
Hong Kong Expansionary Bank-led tokenisation, Stablecoin Ordinance Increase retail accessibility to gold
Singapore Expansionary MAS Stablecoin Framework, Project Guardian Establish cross-border infrastructure for institutional use
SBMA KIS - LEE LIANG LE photo
LEE LIANG LE is an analyst at Kallanish Index Services, where she specialises in covering the gold market and compiling daily gold kilobar price premiums for Asia. Her background is in finance, with experience in various roles, including brokerage, electronic FX trading and macroeconomic research.
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Mr Bernard Sin

Regional Director, Greater China
MKS PAMP (Singapore) Pte Ltd
Regional Director of Greater China since 2020, and previously Head of Trading. Bernard joined MKS PAMP as a country representative of Singapore in 1996 and moved to Switzerland in 1997. He holds an MBA in International Business from the European University in Geneva. Prior to joining MKS PAMP, Bernard worked 6 years for Standard Chartered Bank in Singapore and Hong Kong as an FX and Bullion Dealer.

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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.

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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.

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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.

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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.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
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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.

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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.

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Mr Vinh Nguyen

Head of Precious Metals, Asia
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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
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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.

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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 Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
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Mr Nikos Kavalis

Managing Director
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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.