Singapore Bullion Market Association

Website Sponsor
The Global Centre of Connectivity
The Global Centre
previous arrow
next arrow

ABOUT SBMA
(Singapore Bullion Market Association)

OUR VISION & MISSION

Our vision is for Singapore to emerge as a leading precious metals hub in the Asia Pacific region and a global centre of connectivity for precious metals.
Our mission is to empower member companies to flourish within Singapore and leverage its strengths as a launchpad for Asia Pacific expansion.

MEMBERSHIP

SBMA is a non-profit member-driven organisation that represents our members from the precious metals industry, including but not limited to bullion banks, exchanges, refineries, trading firms and logistics companies. Our members enjoy wide-ranging benefits from their membership.

FIND OUT MORE

OUR SERVICES

ORGANISING

ORGANISING

SBMA organises conferences and networking events, providing opportunities for you to conduct business and gain valuable insights into precious metals from industry experts.

FIND OUT MORE
CONSULTING

CONSULTING

Our Senior Management team and Management Committee members are esteemed leaders in the bullion industry. They offer valuable insights to assist you in establishing your precious metals business in Singapore or expanding into the Asia Pacific region.

CONTACT US
TRAINING

TRAINING

SBMA has also collaborated with our partners on developing a professional curriculum focused on gold for the region, training you and the next generation of professionals in the bullion industry.

FIND OUT MORE

Mark the Dates for APPMC 2026 !

Join us back at Shangri-La Hotel Singapore from 14-16 June 2026.
The official photos and presentations for APPMC 2025 are now available. We look forward to reconnecting with everyone in APPMC 2026 at Shangri-La Hotel, Orange Grove Road, Singapore.
FIND OUT MORE

Get Updated With Us

PRECIOUS METALS NEWS AND ACTIVITIES

VIEW ALL
EVENTS

SBMA CEO Albert Cheng featured on SmarterMarkets Series 31 Episode 4 (July 19)

SBMA CEO Albert Cheng joins SmarterMarkets™ with David Greely to share SBMA’s vision for Singapore to become a leading global center for the trading of gold and other precious metals – and the SBMA’s roadmap to making that vision a reality.

LISTEN NOW
60 SECONDS IN PLATINUM

NEW PLATINUM FUND

Rakuten Securities has broadened access to platinum investment in Japan with the launch of its Rakuten Platinum Fund. The new fund marks a significant development in Japan’s precious metals investment landscape, offering a convenient and tax efficient vehicle for investors seeking exposure to the platinum market.
READ MORE
ANNOUNCEMENT

Adoption of By-Law on Proper Use of SBMA Name and Marks

As SBMA continues to grow, with our membership base expanding significantly in recent years, it has become increasingly important to put in place clear guidelines to safeguard SBMA’s reputation and standing within the precious metals ecosystem.

VIEW BY-LAW
SBMA MEMBER LIST
PLATINUM QUARTERLY

PLATINUM QUARTERLY Q4 2025 | PLATINUM MARKET TO REMAIN IN DEFICIT DURING 2026

The platinum market recorded a third consecutive deficit in 2025. Notably, the shortfalls have sequentially increased each year from 2023 and the 2025 deficit of 1,082 koz is the most substantial shortfall within the WPIC time series dating back to 2013. A key feature of last year was the more than doubling of the platinum price in response to sustained deficits, the drawing down of above ground stocks to unsustainably low levels, and the volatile macropolitical environment which drove favourable investor sentiment toward all precious metals.
READ MORE
OTHER EVENTS

Congratulations to the Newly Elected SBMA Management Committee (Nov 2025 - Nov 2027)

SBMA is pleased to announce the newly elected SBMA Management Committee, who will serve from November 2025 to November 2027.

Elected by our members at the 2025 Annual General Meeting.

READ MORE
Platinum Essentials

January 2026 five-year supply/demand outlook; market deficits to narrow compared to the past three years

Precious metals (including platinum) will continue to serve as defensive assets in 2026 since external shocks are continuing to occur, with the US’s actions in Venezuela and demands over Greenland being the latest. However, platinum’s price increase, as well as the other PGMs’, will have some bearing on the longer-term supply demand outlook.
READ MORE

Crucible issue 36

Our latest edition presents you with news and stories from the precious metals industry, along with a collection of fascinating feature articles. You can either download our newsletter in PDF format or read it online today!

DOWNLOAD PDF
READ ONLINE
SIGN UP FOR SBMA NEWSLETTER
ADVERTISE WITH US
Platinum Corner
sbma

Platinum Corner

Your Gateway to Platinum Investment Insights

EXPLORE PLATINUM CORNER
READ LATEST 60 SIP
READ LATEST PLATINUM QUARTERLY
READ LATEST PLATINUM PERSPECTIVES
READ LATEST PLATINUM ESSENTIALS
SHANGHAI PLATINUM WEEK 2025

Why set up your Precious Metals Business in Singapore?

Find out more:

SINGAPORE’S GOLD MARKET
SINGAPORE’S VALUE PROPOSITION

Looking to expand your precious metals business into the ASEAN region?

To gain insights about the region, read our Gold Market Analysis Reports.

ASEAN
INDONESIA
MALAYSIA
THAILAND
VIETNAM
PHILIPPINES
LAOS
Looking to expand your precious metals business into the ASEAN region?

OUR PROUD SPONSORS

[slide-anything id="16399"]
Stonex
Platinum Investment
ABC Bullion
Metalor
YLG Bullion
Silver Bullion

Looking for Us?

Let us contact you!

SBMA Contact

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.

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 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.

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 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.

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.

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.

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.

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.

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-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.

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-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-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-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-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-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.