Page 16 - Bullion World Volume 3 Issue 10 October 2023

Bullion World | Volume 3 | Issue 10 | October 2023

Advancing Ethical and Professional

Excellence: The Cornerstone of SBMA's

Value Proposition

Singapore Bullion Market Association

The Singapore Bullion Market Association (SBMA) stands as a non-profit, member-centric organization, acting as a
voice of members from the precious metals industry. With a defining role in transforming Singapore into an ASEAN
nucleus for precious metals, and a global nexus for precious metals connectivity, SBMA is devoted to instilling ethical
and professional excellence. This commitment is manifested through the establishment and advocacy of industry
benchmarks, alongside fostering best practices.

Membership Growth and Ethical Disseminating Industry Norms also underscored the avenues for
Commitment and Best Practices Through stakeholders in the Asia Pacific
Widely recognized as a “super Knowledge-Sharing Platforms region to partake in these initiatives.
connector” within and beyond the SBMA’s annual flagship conference,
region, SBMA takes pride in the the Asia Pacific Precious Metals In another engagement this year,
inclusion of eight new members Conference, serves as a fertile CEO Albert Cheng had the privilege
so far in 2023, expanding our ground for industry stakeholders of participating in a panel discussion
membership base from 60 in 2022 to glean insights on industry during the India Gold Conference
to 68 members currently. Despite standards and best practices from held in August, discussing the Gold
this growth, we consistently adhere expert panelists and speakers. Industry Declaration of Responsibility
to stringent international standards The most recent edition, held in and Sustainability Principles. During
as part of both our onboarding June 2023, was graced by Ruth the discussion, Cheng underscored
process for new members and Crowell, Chief Executive of LBMA, the potential for businesses in the
the regular assessment of existing who shared LBMA's strategic ASEAN region to make significant
ones. This commitment is reflected plans for the Asian market. She strides in responsible sourcing,
in our enhanced information addressed critical topics, including sustainable development, human
and due diligence requirements, recycled gold, sustainability, and rights, and fostering diversity.
covering pivotal areas such as responsible sourcing. The event
AML/CFT (Anti-Money Laundering/
Countering the Financing of
Terrorism) and responsible
sourcing. Moreover, we maintain a
proactive communication channel
with governmental agencies like
Enterprise Singapore, the Ministry
of Law, and the Inland Revenue
Authority of Singapore, ensuring our
members stay abreast of regulatory
shifts and advancements. Continual
dialogues with regulatory authorities
concerning precious metals across
various ASEAN countries like
Vietnam, Indonesia, and others,
further exemplify out commitment. SBMA CEO, Albert Cheng at the India Gold Conference 2023

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