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Bridging Asian Bullion Markets:
Golden Phoenix’s Strategic Positioning and the Hong Kong-Singapore Dual-Hub Synergy

By ZITING SU, CEO, Golden Phoenix Global Limited

Headquartered in Hong Kong, Golden Phoenix Global Limited specialises in physical trading and related services across gold, silver, and platinum group metals (PGMs). Our activities encompass international sourcing, support for refining and recycling, and the production and distribution of proprietary-brand products. Within the precious metals value chain, Golden Phoenix positions itself primarily in the midstream sector, connecting upstream suppliers with downstream industrial, investment, and trading counterparties.
In refining-related services, we support clients with purification and refining solutions for mined material and jewellery scrap, allowing clients to receive refined return products or monetise material at prevailing market prices. In multi-category physical trading, our product suite covers gold, silver, platinum, palladium, and rhodium in various physical forms, including products from LBMA and LPPM-accredited refiners, as well as other products. Our non-LBMA/LPPM portfolio primarily features our proprietary “Phoenix” brand, available in standard specifications of 50 grams, 100 grams, and 1 kilogram, together with customisation options subject to customer requirements and applicable standards.
We help PGM industrial clients manage risk through tailored delivery scheduling and price-risk arrangements for physical transactions, allowing counterparties to focus on their core operations. Leveraging Hong Kong’s role as an important gateway to Mainland China, we place particular emphasis on PGMs serving mainland industrial users. China remains a major source of demand for PGMs across automotive catalysts, electronics, and advanced manufacturing. Golden Phoenix aims to serve this physical demand efficiently and strengthen its regional trading relationships by deepening its presence at the Hong Kong supply-chain node.

Cross-Cycle Liquidity and Compliance Focus

As a multi-category precious metals service provider, Golden Phoenix positions itself as a bridge linking mining and other upstream sources with end consumers, while supporting liquidity across different market conditions. During periods of strong demand, we seek to maintain reliable supply and delivery continuity. In weaker markets or periods of tighter liquidity, we also help clients release liquidity from accumulated inventory through buyback arrangements, reinforcing long-term relationships.
We have developed strategic, long-term relationships with mining companies and other upstream suppliers to support upstream sourcing and supply stability. Direct sourcing from miners forms an important part of our trading model and can strengthen supply-chain visibility and delivery reliability, particularly during tighter market conditions.
Compliance is fundamental to our business. Golden Phoenix operates in accordance with applicable Hong Kong Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) requirements and the Dealers in Precious Metals and Stones (DPMS) licensing regime. We maintain responsible-sourcing policies informed by the OECD Due Diligence Guidance and continue to strengthen our due-diligence, documentation, and audit processes in line with applicable regulatory and industry requirements.
Looking forward, we plan to deepen collaboration with commercial banks and industry-association members to broaden distribution channels and liquidity for gold and silver. We also intend to expand direct sourcing relationships, strengthen sales channels for mining counterparties, develop the international presence of our “Phoenix” brand, and deepen PGM partnerships with industrial end-users to improve supply-chain efficiency.

Deepening Roots in Asia

Golden Phoenix is focused on structural opportunities in Southeast Asia, through the Singapore Bullion Market Association (SBMA) platform, which connects Asian and global precious metals markets. Expanding electronics and advanced-manufacturing clusters in the region are increasing demand for high-purity silver and PGMs. At the same time, the regional electronics supply chain creates significant gold- and silver-recycling requirements. Refining capacity and specialisation remain uneven across Southeast Asia, creating opportunities for established regional refining centres, including Singapore and Hong Kong, to serve growing cross-border recycling and processing flows.
Gold and jewellery demand also remains significant across markets such as Thailand, Vietnam, and Indonesia. Singapore’s established vaulting, logistics, refining, and financial-market infrastructure provides a strong environment for investment gold and other precious-metals activities, creating useful complementarity with Hong Kong. On the resource side, countries including Indonesia and Laos possess important mineral resources, and deeper engagement with suitable local producers could broaden our upstream sourcing. Through SBMA, Golden Phoenix aims to connect with regional industrial clients and financial institutions, supply physical metals that meet relevant delivery requirements, and facilitate appropriate recycling flows to established processing centres across the region.

The Dual-Hub Era

Hong Kong recently began trial operation of its Central Gold Clearing and Settlement System, together with the HAU gold reference price ticker and the “Delivery Connect” arrangement linked with the Shanghai Gold Exchange. These initiatives are designed to improve market infrastructure, cross-border settlement, and physical delivery efficiency. Concurrently, Singapore is developing a Loco Singapore OTC gold clearing mechanism, while the Monetary Authority of Singapore (MAS) is preparing to introduce gold vaulting services for foreign central banks and sovereign entities. We view Hong Kong and Singapore as highly complementary hubs in Asia’s precious metals landscape, rather than as zero-sum competitors.
Hong Kong’s comparative advantage lies in its close ties with Mainland China and its role as an international financial and trading centre. Its new clearing infrastructure and Delivery Connect can support more efficient cross-border physical flows, while the authorities are also encouraging the development of local refining, storage, and trading capacity. Singapore, by contrast, combines a trusted legal and regulatory environment, strong international institutional connectivity, sophisticated financial markets, and established vaulting and logistics infrastructure. As its OTC clearing mechanism develops, Singapore could further support location swaps, financing, hedging, and institutional liquidity across Asian trading hours.
For Asian traders, stronger infrastructure in both cities can reduce settlement friction, improve operational efficiency, and support smoother cross-market physical transfers. As the respective account structures and clearing arrangements develop, traders may increasingly be able to use Singapore to connect with global liquidity centres such as London and New York, while using Hong Kong’s physical connectivity to engage more deeply with Mainland China, one of the world’s largest gold-consuming markets.

Five-Year Outlook

Over the next five years, infrastructure development in Hong Kong and Singapore could contribute to a broader reshaping of precious-metals market activity in Asia. Stronger clearing, settlement, vaulting, and delivery infrastructure may allow Asian markets to play a larger role in liquidity and price discovery during Asian trading hours. Rather than replacing the established importance of the London OTC market or COMEX futures, the development of Hong Kong and Singapore could support a more multipolar global market structure with deeper Asian participation.
Institutional participation could also increase as the two centres strengthen their infrastructure. Singapore’s planned central-bank gold vaulting service and broader institutional ecosystem may support greater sovereign and institutional engagement. Hong Kong, meanwhile, has announced plans to expand overall gold storage capacity to more than 2,000 metric tonnes within three years and is building additional clearing, delivery, and price-reference infrastructure. Over time, Singapore could develop further activity in gold financing, leasing, structured products, and institutional hedging, while Hong Kong could deepen its role in physical delivery and regional price discovery, supported by initiatives such as the HAU reference price ticker. Continued central-bank diversification, strong Asian physical demand, and improving regional connectivity should provide a supportive backdrop for both centres.
Traders may therefore need to evolve from pure physical intermediaries into broader liquidity and service providers. In Singapore, opportunities may emerge around institutional hedging, financing, lending, and location services as the market infrastructure matures. In Hong Kong, participants will need to ensure that products and operating processes meet the relevant international, Hong Kong, and Shanghai Gold Exchange delivery requirements in order to participate effectively in emerging liquidity pools.

Opportunities for Industry Collaboration

As Asia’s precious metals infrastructure develops, two areas stand out where closer industry collaboration could add real value:
  1. Build a “Southeast Asia – Hong Kong – Mainland China” industrial bridge:
    Southeast Asia can benefit from deeper connections with established refining, trading, logistics, and financing capabilities across Singapore, Hong Kong, and Mainland China, while Hong Kong and Mainland China can benefit from stronger links with Southeast Asian mining, recycling, industrial, and investment flows. Industry platforms such as SBMA have a valuable role to play in facilitating these commercial connections and promoting the efficient movement of responsibly sourced material across the regional value chain.
  2. Promote interoperability, standards compatibility, and clearing synergy:
    As clearing mechanisms mature in both Hong Kong and Singapore, practical interoperability and compatibility with internationally recognised standards should be explored. Mutual recognition may be considered over time where appropriate, but the immediate priority should be to reduce unnecessary friction, support robust chain-of-custody and delivery standards, and encourage connectivity between the two markets. With Singapore linking Southeast Asia to international institutional markets and Hong Kong providing a strong bridge to Mainland China, the two hubs – supported by industry bodies such as SBMA – are well-placed to bring the region’s market participants closer together.
ZITING SU is the CEO of Golden Phoenix Global Limited, a leading professional metal trading house and recycling service provider based in Hong Kong. With extensive experience in precious metal trading, he has successfully driven the company’s international expansion. He focuses on business model innovation and industry diversification, with a vision to transform the company into a full-service metal solutions provider.
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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.

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.

Margaret Wong

Executive Director – Head of Operations

Margaret Wong, Executive Director – Head of Operations 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.

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-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

Managing Director – Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch
Kazuya (Kaz) Naoki is the Managing Director – 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

Managing Director
JP Morgan Chase Bank N.A.

Raman is Managing Director 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.