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SBMA Successfully Concludes First Virtual APPMC

By Albert Cheng, SBMA

Published on June 10, 2021
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SBMA received overwhelming support from both sponsors and delegates in its first virtual edition of the Asia Pacific Precious Metals Conference (APPMC), which took place on 16 and 17 June.

While SBMA and other precious metals industry participants were looking forward to a return of APPMC, following a break in 2020 due to the Covid-19 pandemic, plans were scuppered as the virus continued its grip on economies globally and limited cross-border travel and physical meetings. The reception the conference received from sponsors and delegates was a testament to APPMC’s role as an enabler for bullion community in the Asia Pacific and a platform for stakeholders to share the future of this vibrant industry.

The conference’s virtual format enabled it to reach a wider audience in terms of geography and sectoral representation. Over two days, the conference saw a total of 876 registered delegates – its highest ever. The quality and depth of the curated content did not suffer either, with top names from across the industry, participating in panels that covered hot-button issues like bitcoin and gold, industry regulation, the latest technology and products, as well as updates on domestic markets across the region. During the conference, top Indonesian official Dr Adi Budiarso announced the country’s plans to open up its bullion banking sector – a development the industry is eagerly looking forward to, given the country’s large and growing market – and called for further consultation with SBMA members.

Keynote speakers World Gold Council CEO David Tait and London Bullion Market Association (LBMA) CEO Ruth Crowell discussed mainstreaming the role and relevance of gold in the financial market, and LBMA initiatives related to advancing global standards in terms of responsible sourcing, bar integrity and Basel III, respectively. Tait noted that gold would play an increasingly fundamental role in portfolios as markets recover post Covid-19, and Crowell highlighted that responsible gold mining can support sustained socio-economic development and contribute towards the United Nations’ Sustainable Development Goals.

The virtual networking segment, which spanned four days, proved a hit among participants, with 50 attendee table meetings and 402 sponsor table meetings conducted. While the initiative did a great job in keeping the community engaged with one another despite physical restrictions, almost everyone indicated that they would like to have a physical conference next year to meet, chat, drink and dine. Let’s keep our fingers crossed for that.

“The time and technologies are now right to align around a common and agreed future vision. If we can do this, the future is bright for our industry”, Tait said in his keynote address.

I couldn’t agree more, and look forward to your continued support.

APPMC – Day 1 Highlights

THREE GOALS FOR GOLD SECTOR

Make physical gold accessible, aim at absolute transparency across the gold supply chain and make gold fungible across platforms.

Mr David Tait, CEO, World Gold Council

NEW OPPORTUNITY IN INDIA

International Bullion Exchange, to be formed by a consortium of five institutions – NSE, BSE, MCX, CDSL and NSDL, would provide a unique opportunity for global bullion banks, refiners and other market participants to participant and grow India bullion market.

Mr Manoj Kumar, ED, IFSCA

Online business would become integral to customer acquisition and growth in future of Malaysia gold jewellery sector.

Mr Ermin Siow, Advisor, Federation of Goldsmith and Jewellers Association, Malaysia

Silver has a huge upside potential due to growing industrial demand while at the same time investor’s reluctance to commit capex on new mining projects. However, it may not immediately reflect on prices.

Mr Bart Melek, Head of Commodity Strategy, TD Securities

Platinum is relatively inexpensive to gold and palladium. With growing consensus on fuel-cells as climate-friendly tech for mobility, Pt demand is likely to increase and hence, its attractiveness as an investment.

Mr Trevor Raymond, Director of Research, World Platinum Investment Council

LBMA INVITES CONSULTATIONS

LBMA invites consultation from market participants on Responsible Gold Guidance Version-9 and Global Precious Metals Code 2021.

Ms Ruth Crowell, CEO, LBMA

INDONESIA EMBARKS ON BULLION BANKING JOURNEY

Indonesia is embarking on its journey to streamline the gold sector. We expect to have a full-fledged bullion banking by 2024.

Dr Adi Budiarso, Ministry of Finance, Indonesia

Organised players are in a better position to manage the crisis. PNJ would like to consolidate and grow its presence across Vietnam, before venturing out.

Mr Le Tri Throng, PNJ Jewellery Group

Future direction of gold would be directed by real interest rates.

Mr John Reade, Chief Market Strategist, WGC

APPMC – Day 2 Highlights

SGEI SPECIAL SESSION ON CHINA

In the “Gold Road” project, SGE has launched business models such as “Gold Leasing + Jewellery Processing” and “Standard Gold Ingot Processing and Re-export”. Market participants from Thailand and Singapore have made full use of China’s high-quality design capabilities in jewellery and the convenient investment and financing channels of SGE.

Ms Zhao Fanghua, Shanghai Gold Exchange International

Chow Tai Fook (CTF) opened its stores in six Asean countries. ‘We can leverage our experience in China to grow these markets. Fast growth and government programmes such as RCEP would be enablers of growth in ASEAN markets. CTF feels grow in gold jewellery would continue for a long time in China.

Mr Kent Wong Sui-Kee, Chow Tai Fook Jewellery Group

GoldZip, a gold backed token from CGSE, planned for launch in Q3’21 and will soon be available in Singapore. Gold backed tokens are treated as payment tokens in Singapore by the regulator, which is the right thing to do. So, we want to launch GoldZip in Singapore

Mr Barry Ip, Chinese Gold and Silver Exchange

Two macro trends that would influence EM Asia are (1) the possibility of low interest rate regime for a long time and (2) the growing influence of CNY. Low interest regime might prompt change in investment behaviour including portfolio diversification. Trade integration and currency integration would make EM Asia a de facto CNY block.

Mr Sin Beng Ong, J.P. Morgan

China imports 2/3 of its gold consumption from HK. Bank of China based in HK facilitates a lot of it. T+D is the most vibrant and liquid contract in SGE. Exemption of storage fees and other fees is a great enabler to participate in SGEI. BoC full supports interconnection of China and Asean gold markets. BoC is committed to facilitating free-movement of gold along the Belt and Road Countries.

Mr Liang Weiye, Terron, Bank of China

LBMA INVITES CONSULTATIONS

Gold tokens such as Cache Gold can potentially reduce carbon footprint by avoiding needless transport. Gold tokens make the market truly decentralised

Mr Karim Raffa, Cache

Carbon-neutral gold is a new market waiting to happen with digitisation of gold. It is a new asset and institutional investors adopting ESG would seek such products soon

Mr Jon Deane, Trovio

Transparency of provenance tracking through Bullion Integrity Ledger addresses several unique challenges of the value chain participants. Digitisation increases overall efficiencies for all participants.

Mr Urs Roosli, Axedras
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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.