Page 10 - Bullion World Volume 5 Issue 07 July 2025

Bullion World | Volume 5 | Issue 07 | July 2025

Session 1: ASEAN Precious Metals Market Update

This session gave a deep dive into regional • Laos launched the Lao Bullion Bank, offering
developments: innovative savings and custody products for
• Indonesia granted bullion banking licenses to retail customers.
two institutions, enabling broader gold-based • Thailand introduced USD-based gold
financial services. transactions and fintech-based retail offerings
• Malaysia delayed the High-Value Goods Tax but flagged risks related to rising scaMs
(HVGT) and rolled out e-invoicing; initial • Singapore continued to lead with digital gold
concerns about sales drops were largely platform expansion, increased vaulting interest,
unfounded. and a long-term strategy outlined in SBMA’s
• Vietnam liberalized its gold market by removing 2030 roadmap.
state monopoly and waiving export duties for
jewelry, enabling trade growth.

Key Takeaways – ASEAN Market Developments:
• ASEAN countries are formalizing bullion markets through licensing,
fintech, and legal reforms
• Vietnam’s deregulation of gold imports is a major policy breakthrough.
• Singapore continues to lead in innovation and market structure.

Special Address: Forward SBMA 2030 Roadmap

Mr Albert Cheng’s presentation on “Forward to make bullion trading more accessible and
SBMA 2030” unveiled Project Lion 2, designed to transparent.
deepen Singapore’s leadership in bullion services.
Building on Project Lion 1, the new phase aims to The vision includes closer collaboration with global
offer custodial services for central banks, promote institutions, digitization of gold investments, and
tokenization, and leverage fintech partnerships building sustainable infrastructure to support long-
term economic resilience.

Key Takeaways – SBMA 2030 Vision:
• SBMA aims to lead in digital innovation, regulation, and infrastructure.
• Tokenization and blockchain traceability are central to the roadmap.
• Project Lion 2 positions Singapore as a custodian hub for central banks

Session 2: China Gold Market

This session examined China’s growing influence: traditional jewelry due to shifting cultural
• Mr Andrew Wang observed increased perceptions.
institutional participation in gold amid yuan • Mr Chengdong Zhang explained Hong Kong’s
volatility and a cooling real estate sector. critical role as a gateway between global
• Mr Fred Yang highlighted how younger markets and mainland China, facilitating
investors are embracing digital gold over logistics, fintech access, and cross-border
transactions.

Key Takeaways – China Market:
• Digital demand is reshaping gold consumption in China.
• Hong Kong remains key to regional gold logistics and fintech integration.

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