Page 9 - Bullion World Volume 5 Issue 07 July 2025

Bullion World | Volume 5 | Issue 07 | July 2025

The inaugural session featured notable figures Mr David Tait introduced the World Gold Council’s
including Mr KL Yap (Chairman, SBMA), Ms Cindy vision of digital transformation through three
Khoo (Enterprise Singapore), Mr David Tait (World interlinked standards—wholesale digital gold,
Gold Council), and Ms Ruth Crowell (LBMA). standardized digital units, and high-quality liquid
Mr Yap emphasized how APPMC has grown in assets (HQLA). These digital tools aim to boost
both participation and global reputation, reiterating institutional participation and liquidity while
SBMA’s ambition to lead Asia’s transformation into a enhancing trust in the asset class.
globally trusted bullion ecosystem. He emphasized
the importance of shaping industry best practices, Ms Ruth Crowell shared progress on the LBMA’s
enhancing supply chain transparency, and fostering Gold Bar Integrity (GBI) Program and stressed
sustainable development. the importance of regional collaboration through
Asia-specific working groups. She announced
Ms Cindy Khoo focused on Singapore’s strategic upcoming disclosures for silver refiners and
positioning as a precious metals trading and highlighted LBMA's intent to work closely with
storage hub, highlighting the country’s robust regional stakeholders to improve compliance and
infrastructure, trade-friendly policies, and digitization.
openness to innovation. Her remarks reflected
the government’s ongoing efforts to strengthen
Singapore’s role as a bullion bridge between East
and West.

Key Takeaways – Inaugural Session:
• SBMA’s ambition is to make Asia a standard-setter in precious metals.
• Singapore’s infrastructure and efficiency support its role as a bullion hub.
• Global efforts like digital gold standards and GBI are aligning with Asia’s
digital ambitions.
• Strong commitment to ESG, traceability, and stakeholder collaboration.

Special Addresses and Policy Milestones

Mr Heng Koon How from UOB explored how cooperation, promote joint development, and
ASEAN economies are navigating macroeconomic increase transparency and market integration
disruptions. He underscored the region’s resilience across East Asia.
and highlighted its growing role in global trade,
positioning ASEAN as a promising force in the Indonesia’s Dr Ferry Irawan elaborated on his
bullion sector. country’s gold sector reforms, including enhanced
refining capacity, promotion of domestic value
The conference also witnessed the signing of a chains, and facilitation of gold-based financial
historic Memorandum of Understanding (MoU) services. These moves are part of a broader
between SBMA and the Japan Bullion Market agenda to modernize Indonesia’s role in the
Association (JBMA), aiming to strengthen regional bullion economy.

Key Takeaways – Policy & Regional Integration:
• ASEAN is evolving from a consumer to a regulated gold ecosystem.
• SBMA–JBMA MoU signifies strategic intra-Asia collaboration.
• Indonesia is actively modernizing its gold sector through policy reform and
capacity enhancement.

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