SmarterMarkets™ Summer Playlist 2025 Episode 4 | Albert Cheng, CEO, Singapore Bullion Market Association (SBMA)
Jul 19, 2025
In this engaging discussion, Albert Cheng, CEO of the Singapore Bullion Market Association, shares his vision for positioning Singapore as a global hub for gold and precious metals trading. He dives into Project Lion One, highlighting the need for regulatory support and infrastructure enhancements. The conversation also touches on the exciting challenges of digitizing the gold market and the importance of responsible sourcing. With insights on personal growth, Cheng reveals his reading preferences, blending professional ambition with a passion for understanding diverse beliefs.
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SBMA's Origin and Project Lion One
- The Singapore Bullion Market Association started in 1993 to protect the precious metals market from a new GST tax.
- They advocated for exemptions and built a network, eventually leading to Project Lion One to revive Singapore as a physical gold hub.
Evolution of SG Bullion Market
- Over 40 years, Singapore's bullion market evolved from simple warehousing to a full ecosystem including refining and financial instruments.
- Singapore now hosts refined physical gold, ETFs, and sophisticated lending linked to the precious metals market.
Vision for Global Bullion Hub
- Singapore aims to become a global gold hub supplementing London and Zurich by building sovereign gold inventory and clearing systems.
- Asia consumes a majority of new gold, making an Asian time zone hub valuable for regional and global players.