Singapore Bullion Market Association

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Retail Gold Investment Principles

By SBMA

Why The Retail Gold Investment Principles Make A Difference

Physical gold plays an important role for retail investors and is increasingly attracting international capital, a portion of which will remain stored in Singapore. Gold investors often seek long-term wealth preservation, relying on gold as a vital component of their investment portfolio. These investors seek, simple to understand, transparency and assurances.

Physical gold plays an important role for retail investors and is increasingly attracting international capital, a portion of which will remain stored in Singapore.

To address these needs, several physical gold providers have come together to form this Working Group to set minimum transparency standard designed to strengthen the confidence of private investors when acquiring, storing and selling gold and other precious metals.

A key component in achieving this goal is adherence to principles and guidelines that serve to fulfil investors’ interests. Responsible providers of gold investment products must treat customers fairly and act with utmost integrity. The protection of customer assets is paramount. Responsible providers comply with all legal requirements, operate with professionalism, and exercise commercial prudence. Responsible procurement of gold is a matter of course.

The Retail Gold Investment Principles

The Code is based on the international Retail Gold Investment Principles of the World Gold Council, which are freely accessible on the internet at: WGC – Retail Gold Investment Principles. The WGC has been the leading authority on gold for over 30 years and strives to improve understanding of, access to, and trust in gold.
The respective principles of the Code of Conduct are as follows:
Principle Description
1. Fairness and Integrity We treat our customers fairly and act with integrity, from information and service provision through transaction completion.
2. Transparency We are transparent with customers about prices and key terms and disclose other material information related to product features.
3. Protection of Customer Assets We ensure adequate protection of our customers’ gold holdings and other assets including cash held on behalf of customers.
4. Responsible Gold Sourcing We source gold of high integrity gold from trustworthy suppliers, whilst considering Environmental, Social and Governance (ESG) criteria.
5. Regulatory Compliance We adhere to all applicable regulations and local laws.
6. Commercial Prudence We do not take excessive risks and are prepared for various eventualities including a company wind-down.
7. Operational Professionalism We conduct our business with due skill, care, and diligence, and manage key risks.

SBMA Retail Best Practices Label

The “SBMA Retail Best Practices Label” is a recognition awarded to companies operating within Singapore’s precious metal industry who demonstrate a strong and verifiable commitment to upholding the Code of Conduct. These companies adhere to the SBMA Retail Best Practices guidelines, which are based on a set of seven principles: Fairness and Integrity, Transparency, Protection of Customer Assets, Responsible Gold Sourcing, Regulatory Compliance, Commercial Prudence, and Operational Professionalism.

This label holds significant importance as it serves to safeguard retail clients and strengthen the confidence of private investors in gold investment products and the retail gold market. The SBMA Retail Best Practices Label and its underlying principles collectively serve as a comprehensive framework that safeguards retail clients’ interests and fosters a robust and trustworthy retail gold market.

Our label not only recognizes companies for their commitment to these principles but also provides investors with a clear signal of the companies’ dedication to ethical practices, transparency, and the protection of customer assets. Ultimately, it instils confidence in private investors, reinforcing the integrity of gold investment products and bolstering the overall strength of the retail gold market.

he Retail Gold Investment Principles Make A Difference
SBMA Retail Best Practices Label

SBMA Retail Best Practices Membership

Join an elite group of industry leaders through the SBMA Retail Best Practices Membership. This exclusive membership program is designed for companies operating in Singapore’s precious metal industry, distinguishing them as pioneers of excellence and champions of customer-centricity. It is only open to SBMA members. Interested companies wishing to join the Retail Best Practices Membership must first qualify as a SBMA member.

SBMA Retail Best Practices Members

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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.

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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 has been with the SBMA since 2015. Before joining the SBMA, she worked for the World Gold Council for over 23 years, developing strong working relationships with members of the gold community in Singapore and around the region. A resourceful and self-motivator, Margaret is responsible for office management, business support processes, finance and administrative support for the team and management committee members, membership matters, member communications and handling all public enquiries for the SBMA.

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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.