Category 1 Membership is open to banks and financial institutions, whether local or foreign (including any organization whose trading activities are not based in Singapore), which satisfy applicable licensing and regulatory requirements prescribed from time to time by Enterprise Singapore (ESG) or Monetary Authority of Singapore (MAS) or any relevant licensing and regulatory authority for the purchase and sale of physical gold, including but not limited to requirements applicable to spot commodity trading, trading in “over-the-counter” (OTC) derivatives, or for trading in futures contracts, whether by holding the requisite license or operating under an exemption from licensing.
Category 1 Members which are banks and financial institutions must satisfy the “Fit and Proper” criteria specified in the MAS “Guidelines on Fit and Proper Criteria” (FSG-G01) as may be amended from time to time and have a track record in the bullion industry for a period of at least 3 years.
Category 1 Membership is also open to Qualifying Entities which are regarded as bullion market industry leaders, bullion market development organisations, and/or similar institutions of repute and high standing within the bullion market industry, to be determined by the Management Committee from time to time.
Local Associate Corporate Membership is open to any Qualifying Entity which does not qualify or apply for Category 1 Membership, and has conducted business or traded in Singapore for at least 3 years, or whose parent company has conducted business or trade in Singapore at least 3 years.
Foreign Associate Corporate Membership is open to any Qualifying Entity which does not qualify for Category 1 Membership or Local Associate Corporate Membership.
Affiliate Membership is open to any party in Singapore or abroad which are not Qualifying Entities, but have businesses that directly or indirectly relate to the precious metals industry and which business activities have, in the opinion of the Management Committee, a beneficial impact on Singapore’s bullion market industry.
To preserve the reputation and high standing of the association, any company that wishes to join the association as a Corporate Member must be supported by three SBMA members. More details to be provided in the membership application form.
Local Associate Members, where applicable, are required to submit an annual business survey to Enterprise Singapore. The survey aims to capture basic information on business turnover, local business spending and employment