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HONG KONG GOLD EXCHANGE: BRIDGING HERITAGE AND INNOVATION IN ASIA’S PRECIOUS METALS MARKET

By SBMA

Singapore Bullion Market Association Hong Kong Gold Exchange
Amidst global economic uncertainties, gold remain a powerful symbol of stability and value. At the heart of Asia’s dynamic precious metals ecosystem is the Hong Kong Gold Exchange (HKGX), an institution steeped in history while actively shaping the future. Launched on January 1, 2025, HKGX succeeds the century-old the Chinese Gold & Silver Exchange (CGSE), building on a 115-year legacy and driving innovations to cement Hong Kong’s position as a leading gold trading hub in Asia. HKGX’s motto, “Inheriting a Century of Heritage, Expanding Golden Opportunities”, reflects this blend of tradition and progress – a key element for unlocking gold’s potential in an era of digital transformation and shifting geopolitical dynamics.

A Legacy Reimagined: From CGSE to HKGX

Singapore Bullion Market Association Hong Kong Gold Exchange
The launch of HKGX
The story of HKGX’s story begins with its predecessor, the CGSE, established in 1910. For over a century, the CGSE facilitated physical gold and silver trading, weathering wars, economic crises, and market shifts. In 2025, the CGSE evolved into HKGX – a modern corporate entity with 137 exchange members and daily trading volumes surpassing billions of Hong Kong dollars. This strategic move allowed the exchange to maintain its established reputation while adopting governance structures suitable for global competition.
The transition involved over two years of navigating regulatory approvals and stakeholder discussions, culminating in a seamless handover of CGSE’s operations. Today, HKGX is Hong Kong’s sole trading venue for physical gold and silver, supported by world-class infrastructure and a commitment to transparency. The exchange’s leadership, comprising industry veterans from CGSE, ensures continuity while driving innovation—a crucial balance for maintaining confidence in a market where reputation is paramount.
Singapore Bullion Market Association Hong Kong Gold Exchange

Transforming Hong Kong’s gold market

HKGX has emerged as a key driver of innovation and market expansion in Hong Kong’s precious metals sector. Several critical initiatives are reshaping the landscape:
  1. Strengthening Hong Kong’s role as China’s gold gateway: Hong Kong has long been a primary conduit for gold flowing into mainland China, supporting jewellery manufacturing, investment, and central bank reserves. HKGX enhances this role by ensuring seamless cross-border trade with the Shanghai Gold Exchange, facilitating increased liquidity and efficiency in gold transactions.
  2. Infrastructure investments: The exchange has supported major infrastructure projects, such as the Hong Kong International Airport’s gold vault, reinforcing the city’s logistical capabilities as a global precious metals hub. By improving storage and transport facilities, HKGX ensures efficient gold trade flows.
  3. Pioneering digital gold innovations: To cater to evolving investor needs, HKGX is integrating blockchain technology and tokenized gold products, offering greater accessibility, transparency, and security. These advancements align with global trends toward digital assets and broaden Hong Kong’s appeal to tech-savvy investors.
  4. Enhancing market accessibility and liquidity: HKGX provides a diverse range of products, from traditional kilobars to derivatives and ETFs, catering to institutional investors, refiners, and retail participants. The exchange’s tax advantages—including no VAT, import/export duties, or capital controls—position Hong Kong as one of the world’s most efficient gold trading hubs.
Singapore Bullion Market Association Hong Kong Gold Exchange
Opening ceremony of HKGX

Strengthening market infrastructure and governance

HKGX’s operational framework balances efficiency, security, and regulatory compliance. Trading primarily revolves around 1kg gold bars priced against the LBMA benchmark, with transactions conducted via both electronic platforms and over-the-counter channels. Clearing is managed through HKEX and trusted custodial banks, ensuring robust settlement mechanisms. This hybrid approach combines modern digital efficiency with the resilience of physical asset backing, reinforcing investor confidence.
The exchange also plays a pivotal role in promoting responsible sourcing and ESG (Environmental, Social, and Governance) compliance within the gold industry. By advocating for transparent supply chains and carbon-neutral refining processes, HKGX aligns with global sustainability standards, appealing to institutional investors with ESG mandates.

The road ahead: HKGX’s vision for growth

As HKGX continues to strengthen Hong Kong’s position as a global gold trading hub, strategic partnerships play a role in expanding its reach. Collaborations with financial centres such as Singapore present opportunities to enhance regional liquidity and explore interoperability in digital gold trading, and working together on ESG standards for responsible sourcing and carbon-neutral refining processes would strengthen Asia’s voice in global ESG frameworks. Furthermore, price differentials between Hong Kong’s China-linked market and Singapore’s globally integrated platform can create arbitrage opportunities, attracting hedge funds and proprietary traders.
However, HKGX’s primary focus remains on driving Hong Kong’s market leadership by deepening its integration with mainland China, fostering innovation, and enhancing trading infrastructure.
With a strong foundation built on legacy and adaptability, HKGX is set to lead the next chapter of Asia’s gold trade. As global economic landscapes shift, Hong Kong’s premier gold exchange stands ready to navigate new opportunities, ensuring the city remains at the cornerstone of the global precious metals market.
Singapore Bullion Market Association VGTA Driving Growth and Connection in Vietnam’s Gold Market
Huynh Trung Khanh has more than 25 years of experience in the Vietnamese gold industry, first working for the World Gold Council (Asia) as Vietnam Country Manager before setting up his own gold consultancy business (VGC) in 2003 providing brokering and consultancy services to Saigon Jewellery Company (SJC), PhuNhuan Jewellery Joint-Stock Company (PNJ), Standard Bank Plc, StoneX and World Gold Council. As a founding member of the Vietnam Gold Traders Association (VGTA), since 1998, Khanh has actively participated in the deregulation of the Vietnam gold market as Vice Chairman of VGTA, heading the External Relations Department of its Executive Committee.
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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.

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.

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.

SBMA Committee-Photo-john-levin

Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

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.

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-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, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

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-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.

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-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-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-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-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-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.