Annual General Meeting 2021By SBMA
Published on December 10, 2021
SBMA’s 2021 Annual General Meeting was once again held virtually, owing to the pandemic. But despite a challenging operating environment and restrictions not just in Singapore but also the wider region across much of the past year, the association has continued to grow in numbers and stature.
Outgoing chairman Martin Huxley highlighted to the audience in his opening remarks that over the past year, SBMA has achieved a great deal as it is now widely acknowledged and recognized as a “super-connector” in the sector in the global market, and as a voice in the industry by regulators.
SBMA’s growing reputation and profile can be seen by the healthy interest it has received by prospective members, and in fact 11 more have been added during this period, bringing our member base to span 11 countries outside Singapore on 5 continents. He added that he was confident that the membership base will continue to increase in the coming year.
And while members were disappointed that an in-person edition of SBMA’s flagship Asia Pacific Precious Metals Conference (APPMC) had to be postponed yet again, the Virtual APPMC proved to be a milestone, with 800 delegates registered and a diversity of sponsorship interest.
The financial contribution from our supporters and sponsors meant that SBMA was able to maintain a surplus in its accounts for the financial year.
CEO Albert Cheng shared plans for the coming year, including that the SBMA is going to be a collaborator representing the APAC region in discussions with the London Bullion Market Association (LBMA) and the World Gold Council (WGC) on responsible gold sourcing, Gold 24/7 Plan, promoting fungibility, transparency and integrity of the OTC market.
In his comments, Cheng highlighted the importance of getting the right people to the industry is critical, given the ageing of the current batch of professionals in the industry. He also noted that gold investment faces competition from many competitive investable products, so a good case for gold and its continued update is critical.
Among issues agreed on were the appointment of J Tan & Co. as SBMA’s independent external auditor, the tightened definition of membership categories – those whose core business is the bullion business cannot apply as an affiliate, and the removal of the two-year term of office for the chairman.
Members welcomed SBMA’s new nine-member Management Committee, comprising three Cat 1 members – ICBC Standard, JP Morgan, World Gold Council – as well as six further members voted in: StoneX, Brink’s, Metalor, MTS Gold, YLG Bullion, and TD Securities.
What are your priorities as the new Chairman of SBMA?
As the incoming Chairman, it is of paramount importance to work closely with the newly elected Management Committee and tap on their network and reach out to increase SBMA’s membership base.
We will also continue to strengthen our connectivity both globally and regionally with LBMA, WGC, WPIC, SGE and CGSE through close exchange and dialogues.
Finally, I am optimistic that SBMA is able to conduct our annual APPMC in June 2022 in a hybrid mode with both physical and virtual meetings. I’m looking forward to meeting business partners and friends for direct interaction once again.
What are you looking forward to in Singapore’s precious metals sector?
Over the last 8 years, Singapore has developed a strong reputation as the precious metal trading hub in the region. We have world-class international bullion banks, financial institutions, secured logistics companies providing price discovery, custodian and risk management services.
Metalor Singapore, the only LBMA accredited gold refinery has also been working closely with all these key partners towards meeting the physical bullion demands both regional and globally.
Lately, the offering of real-time digital gold by some local banks and financial institutions allow investors further flexibility to trade 24/5 on-the-go with smaller transaction fees.
It is certainly interesting to observe the evolution and growth of digital gold and how existing industry stakeholders can help meet investor demand for these products.
I also look forward to the completion of Silver Bullion’s new vault. When completed timely in 2022, it will be able to store 15,000 tonnes of silver.
- Metalor Technologies (Singapore) Pte Ltd (Chairman)
- StoneX Group (Vice Chairman)
- ICBC Standard Bank Plc, Singapore Branch (Hon. Secretary)
- Brink’s Global Services Pte Ltd (Hon. Treasurer)
- J. P. Morgan S.E.A. Limited
- MTS Gold Global Trading Pte Ltd
- The Toronto-Dominion Bank, Singapore Branch
- World Gold Council (Singapore) Pte Ltd
- YLG Bullion Singapore Pte Ltd
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