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The Golden Future of Thailand’s Bullion Industry

By Pawan Nawawattanasub, CEO, YLG Bullion International

The Golden Future of Thailand’s Bullion Industry​

Right in the heart of Bangkok, surrounded by the shimmer of gold and an air of expertise, the Gem and Jewelry Institute (GIT), Thai Gold Traders Association (GTA), and World Gold Council (WGC) came together on September 7, 2023 at the Queen Sirikit National Convention Center as organisers of the Thailand Gold Forum 2023.

With global demand for gold steadily growing, Thailand is reaffirming its commitment to becoming a significant player in the international gold market. The Thailand Gold Forum serves as a beacon guiding this journey, offering a unique opportunity for participants to delve into the latest gold trading trends, innovations and strategies.

The event saw distinguished leaders from Thailand’s public and private sectors, as well as international gold experts. Visionaries like Jitti Tangsithpakdi, President of the Thai Gold Traders Association; Shaokai Fan, World Gold Council’s (WGC) Head of APAC (ex-China); Sitthichai Parinyanusorn, Deputy Director of GIT; John Reade, Chief Market Strategist at WGC; Albert Cheng, CEO of Singapore Bullion Market Association (SBMA); Boonlert Siripatvanich, Chief Executive Officer of Ausiris; Tanarat Pasawongse, Chief Executive Officer of Hua Seng Heng; Nuttapong Hirunyasiri, Managing Director of MTS Gold, and Pawan Nawawattanasub, Chief Executive Officer of YLG Bullion, all graced the event.

This symposium, with these esteemed figures, delved deep into the cultural, economic and technological factors that are propelling Thailand to the forefront of the international gold trade. This article captures the invaluable insights shared by these experts, shedding light on the promising path ahead in the world of gold trading.

Gold’s Enduring Legacy in Thailand

Shaokai Fan, Head of APAC (ex-China) for the World Gold Council, set the stage by emphasising Thailand’s deep cultural connection to gold. From weddings and religious ceremonies to financial security, gold plays a vital role in Thai daily life. The Bank of Thailand’s strategic gold reserves, bolstered by nearly 100 tonnes in recent years, reinforce Thailand’s standing as a regional powerhouse in the global gold market.

The World Gold Council’s Vision for Asia

Fan shed light on the World Gold Council’s extensive global presence, with offices strategically placed in gold trading hubs worldwide. He expressed optimism about Southeast Asia’s burgeoning economy, which is expected to drive increased demand for gold, particularly as a hedge against global uncertainties like inflation and geopolitical tensions.

Collaboration is the Key to Success

Sitthichai Parinyanusorn, Deputy Director of GIT, stressed the importance of collaboration, which led to the creation of this inaugural gold summit. He highlighted the responsibility that comes with the economic opportunities presented by the gold industry and emphasised unity among the World Gold Council, GTA, and GIT.

Gold as a Strategic Asset: Insights From John Reade

John Reade, Chief Market Strategist of the World Gold Council, made a compelling case for gold as a crucial component of diversified portfolios. He shared insights into gold’s resilience during market turbulence, its low correlation with equities, and its reliability in preserving wealth.

Day 2 began at 9 am sharp with the third and final keynote, this time from AI and business strategist Elin Hauge. As exhibited by the recent actors’ strike in Hollywood, people are afraid of machines taking over humanity. But it all boils down to mathematics, explained Hauge in her keynote about AI. She explored how large language models are only the foundations for context-specific applications. “AI is the natural next step – we have the data and the processes, now it makes sense to apply maths to make the data useful”, said Hague. “But we need to become better versions of humans before we can trust the machines to become better machines”.

SBMA’s Stewardship of ASEAN’s Gold Ecosystem

Albert Cheng, CEO of SBMA, celebrated Thailand’s ascent as a significant player in the global gold market. He underscored the importance of collaboration and the contributions of the distinguished panelists to the industry’s growth.

Legacy and Craftsmanship: the Heart of Thailand’s Gold

Khun Boonlert Siripatvanich, CEO of Ausiris, took the audience on a journey through time, uncovering the deep historical and cultural significance of gold in Thailand. He paid tribute to the artisans and goldsmiths whose artistry and precision have shaped this rich heritage.

Unveiling Thailand’s Gold Market Landscape

Khun Tanarat Pasawongse, CEO of Hua Seng Heng, painted a comprehensive picture of Thailand’s gold market, highlighting key trends and noteworthy milestones. From central banks’ active gold reserves to the surge in digitalised trading, his insights illuminated Thailand’s diverse avenues for gold acquisition.

Digital Evolution in Gold Trading

Khun Nuttapong Hirunyasiri, Managing Director of MTS Gold, spotlighted Thailand’s transition to a dynamic digital platform. The country’s pivotal role in both physical gold trading in Asia and Exchange Traded Gold, ranking among the top four in Asia, was highlighted.

Charting the Path Ahead: a Gilded Vision of Thailand’s Bullion Industry

Reflecting on the journey of YLG Bullion, I, as the CEO, am heartened by the remarkable expansion of the global gold market. I envision a future for Thailand’s gold industry that shimmers with promise and vibrancy, much like the precious metal we hold dear.

Charting the Path Ahead: a Gilded Vision of Thailand’s Bullion Industry​

Our vision is crafted with six key elements, each essential in elevating our nation to greater heights as a distinguished gold hub:

  1. Reliability: Like the steady hands of a skilled craftsman, reliability is at the core of our industry. It ensures that every transaction and piece of gold carries a mark of trust and quality.
  2. Innovation: Embracing innovation and harnessing technology in the gold business paves the way for new technologies, products, and processes. These innovations capture attention and investment, propelling our industry forward.
  3. Strong regulatory framework: Strengthened by four state regulatory bodies overseeing the gold market, the Gold Traders Association is pioneering the establishment of a Self-Regulatory Organisation (SRO). This framework ensures fairness, transparency, and rigorous enforcement, fostering integrity.
  4. Collaborative partnerships: Collaborating with international partners amplifies our impact and reach, enhancing Thailand’s reputation in the global gold market. Together, we achieve more, forging lasting connections that benefit us all.
  5. Strategic market promotion: Showcasing our industry’s brilliance to the world highlights our strengths and why Thailand’s gold market stands out.
  6. Steadfast government support: The unwavering support of the Thai government, evident in incentive measures, reduced regulations, and seamless trading procedures, underscores our interconnected success, paving the way for enduring value.

Establishing a gold trading center demands meticulous coordination and collaboration among stakeholders. Thailand’s robust domestic gold market and infrastructure provide a solid foundation for this ambition. With these six elements aligning with the key dimensions of Environmental (E), Social (S), and Governance (G), Thailand is poised to become a reputable force in the global gold trading arena.

THAILAND’S ROBUST DOMESTIC GOLD MARKET AND INFRASTRUCTURE PROVIDE A SOLID FOUNDATION FOR THIS AMBITION.

In this vision, Thailand’s gold industry transcends mere commerce; it becomes a beacon of excellence and a testament to collaborative power. It signifies a future where every transaction embodies trust, every innovation represents creativity, and every partnership harmonises into shared success.

As we embark on this transformative journey, let us do so with passion, collaboration, and a focus on a brighter future for Thailand’s gold industry. Together, we will shape an industry that shines not just for today but leaves a lasting legacy for generations to come.

PAWAN NAWAWATTANASUB

PAWAN NAWAWATTANASUB is the CEO of YLG Bullion Singapore and the CEO 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 and is a SBMA Committee member.

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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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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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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.

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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.

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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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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.

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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

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.

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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.

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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.

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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 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 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.

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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.

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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.