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DIGITAL GOLD IN SOUTHEAST ASIA

By TAN KWAY GUAN, Central Banks and Public Policy Lead (Singapore), World Gold Council

Gold had a standout year in 2025 with both gold demand and price reaching record highs, with investment demand being a major driver. Global Investment demand for gold in 2025 reached 2175.3 tonnes, up 83.5% from the 1185.4 tonnes in 2024. While Q1 2026 has seen some outflows in Western markets, Asian demand remains strong. The World Gold Council expects demand to remain strong through 2026 on the back of geopolitical factors driving central bank demand, broad global ETF inflows and bar and coin accumulation.
In terms of methods for accessing gold, gold ETFs have grown to become an increasingly popular channel globally. While the bulk of gold ETF holdings remains in North America and Europe, the share of global gold ETF holdings in Asia has notably grown in recent years. This trend towards gold ETFs in Asia is expected to remain resilient: even as sell-offs were observed in other regions in March 2026, Asia continued to see inflows to gold ETFs.

Gold ETFs Holdings by Region

Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer: https://www.gold.org/terms-and-conditions#proprietary-rights

Gold ETFs Flows by Region

Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer: https://www.gold.org/terms-and-conditions#proprietary-rights
Beyond ETFs, digital gold also encompasses digital gold accounts and gold tokens, which are a fast-growing segment. These digital gold formats enable investors to overcome traditional issues associated with physical gold such as larger minimums, offline buying, exchange fees and storage. Digital gold products do this by:
  • Making it easy to start and continue investing (e.g., small minimums, recurring buys, simple portfolio placement).
  • Offering the right format for different needs (e.g., ETF-like exposure, vaulted accounts, tokenised products).
  • Building confidence with clear pricing, clear custody and audit information, and simple rules for selling or taking delivery.
Done right, digital gold enables ease of access to gold investments for a wider range of investors particularly among younger retail investors.

South east Asia’s Market Potential

The economies of Southeast Asia (SEA) present a clear opportunity for digital gold products. SEA is a region with a growing population of approximately 695.3 million people. It comprises mainly middle-income countries with the exception of Singapore which is high-income. Annual GDP per capita ranged from $1,332 to $90,674 in 2024.1,2 The region is set to continue its strong growth, despite the global economy facing headwinds stemming from increased geopolitical risks. In April 2026, the International Monetary Fund (IMF) revised its global growth forecast for 2026 down from 3.3% to 3.1%.3 While also expected to slow, SEA remains a bright spot: the ASEAN+3 Macroeconomic Research Office expects ASEAN-10 to grow at 4.6% in 2026, beating global growth.4, 5 Inflation is also expected to rise both globally and in SEA. The IMF projects global inflation at 4.4% for 2026. Against this backdrop, the outlook for gold investments in SEA is positive as the growing pool of investors in the region seek effective hedges.
In tandem with this economic development, SEA is becoming increasingly digitally savvy. The pace of digitalisation has been accelerating, with ownership of digital finance accounts having grown dramatically over time across the region.6 Digital wealth in the ASEAN-10 economies is reaching scale with total AUM of approximately $90 billion and projected to reach $410 billion to $457 billion by 2030. Digital platforms have been aggressively acquiring customers and competing with traditional banks to serve the underbanked. Finance apps as a share of app downloads in SEA grew from 6% to 12%, outpacing many emerging and mature economies.7 All this speaks to a rapidly growing pool of retail investors with growing incomes for which digital gold products would be an attractive means to access gold as an investment product.
Government support for gold as an investment product is also growing in the region. In recent years, several regional governments have announced policies to grow and develop the gold industry in their respective countries. Notable initiatives include Indonesia, one of the world’s largest gold exporters, which launched its “2026–2031 Roadmap for the Development and Strengthening of Bullion Business Activities and Ecosystems”. Through this roadmap, Indonesia is looking to strengthen its national bullion system and further deepen its financial market including the development of gold ETFs.8
Lao PDR, another SEA economy with gold reserves, has also launched the Lao Bullion Bank with the mandate to “accumulate gold to ensure stability and create financial and treasury liquidity, guarantee the value of the Kip currency at a stable level, and contribute to raising Lao industrial standards up to international standards, increasing the value of resources to maximise value and benefits, and create economic stability for Laos”.9 The Lao Bullion Bank has indicated that it has ambitions to provide digital platforms for gold trading. Government support for gold as an investment product is also growing in the region. In recent years, several regional governments have announced policies to grow and develop the gold industry in their respective countries. Notable initiatives include Indonesia, one of the world’s largest gold exporters, which launched its “2026–2031 Roadmap for the Development and Strengthening of Bullion Business Activities and Ecosystems”. Through this roadmap, Indonesia is looking to strengthen its national bullion system and further deepen its financial market including the development of gold ETFs.8
Singapore, already an international hub for gold trading, has also announced the formation of a Gold Market Development Working Group to strengthen the country’s position as a trusted gold trading centre serving the Asia-Pacific region. Key focus areas include developing gold-related capital market products to facilitate price discovery and build liquidity, putting in place robust and internationally-aligned standards for vaulting and logistics, and building a Singapore-based clearing system to support secure and efficient OTC settlement for trading large bar and kilobar gold in Singapore.
Collectively, these broad trends and developments in SEA speak to a burgeoning gold market geared towards digitally enabled solutions and products.

Account Ownership Has Increassed Dramatically Over Time Adult With an Account (%), 2011-24

Sources: Global Findex Database 2025

Potential Challenges

While SEA is a promising market for digital gold, there remain some challenges inherent to digital gold products and the region that should be addressed. Digital gold products are highly fragmented with individual providers building stand-alone infrastructure. This fragmentation creates a series of issues. Firstly, gold’s liquidity and fungibility are key properties that make gold attractive as an investment instrument. The fragmentation of digital gold infrastructure globally exposes investors to differences in custody structures, regulatory standards, audit standards and processes across products. The consequence is that digital gold is often not interchangeable and cannot move across platforms, limiting the financial usefulness of the product.
Second, investors are exposed to trust and transparency concerns as there is a lack of systemic mechanisms to ensure that the products are fully backed by physical gold, secure in stress scenarios and properly audited. Being digital in nature also adds a layer of cybersecurity risk. Users often need to independently assess products, which weakens trust in them. To address these issues and others, the World Gold Council has published a white paper which presents the case for shared infrastructure for digital gold and introduces the Gold as a Service concept being developed.10
Domestically, the digital financial literacy levels of the population remain a key issue. Research by the OECD finds digital financial literacy to be lagging in several SEA countries.11 This presents a strong impediment to the uptake of digital gold investments. Regional governments have recognised this as a key policy issue to be addressed and are actively partnering internationally to improve digital financial literacy.12
1 SEA here comprises Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, Viet Nam and Timor LesteDespite these challenges, Indonesia’s direction is clear. With strong policy support from OJK, growing industry participation, and infrastructure innovation such as ATM Gold, the country is well-positioned to unlock the full potential of its gold market.
2 The World Bank. World Development Indicators
3 International Monetary Fund. 2026. World Economic Outlook: Global Economy in the Shadow of War
4 ASEAN-10 comprises Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam
5 ASEAN+3 Macroeconomic Research Office. 2026. ASEAN+3 Regional Economic Outlook 2026
6 The World Bank. Global Findex Database 2025
7 Google, Temasek and Bain. e-Conomy SEA 2025
8 Indonesia Financial Services Authority (OJK) OJK Launches Roadmap for the Development and Strengthening of Bullion Business Activities and Ecosystem 2026–2031
9 Laotian Times. December 6, 2024, “Lao Bullion Bank Officially Opens Its First Financial Institution in Laos”.
10 World Gold Council and BCG Digital Gold: The Case for a Shared Infrastructure
11 OECD. OECD/INFE 2023 INTERNATIONAL SURVEY OF ADULT FINANCIAL LITERACY
12 ASEAN. Joint Statement of the Thirteenth ASEAN Finance Ministers’ and Central Bank Governors’ Meeting
TAN KWAY GUAN, joined the World Gold Council as Central Banks and Public Policy Lead, Singapore in 2025. Previously, he was a research associate and principal project Manager at the Asia Competitiveness Institute, Lee Kuan Yew School of Public Policy, where he led development economics research and public policy advisory for ASEAN governments. Kway Guan authored multiple publications on development economics, international trade, public policy and applied econometrics .
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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

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.

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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.

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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.

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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.

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Ms Pawan Nawawattanasub

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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.

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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

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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.

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Mr KL Yap

General Manager, Singapore Refining Business Unit
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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.

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Mr Kazuya Naoki

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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

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.

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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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