The Royal Mint becomes a member of the Singapore Bullion Market Association
- The Royal Mint has become a member of the Singapore Bullion Market Association, which operates in Singapore and the Asia Pacific Region
- The Royal Mint’s membership will allow them to drive greater awareness of its precious metals offering throughout South-East Asia
- Reporting a 537% increase year-on-year in total gold ounces sold in Singapore, it’s a growing market for The Royal Mint’s precious metals division
- In 2023, The Royal Mint saw a record number of customers investing in precious metals, with a 7% increase in investors year-on-year
31st January 2024
The Royal Mint has become a member of the Singapore Bullion Market Association (SBMA) as it looks to expand its precious metals offering in South-East Asia.
Having developed a close working relationship in recent years, The Royal Mint’s appointment as a Foreign Associate Corporate Member of the non-profit organisation will allow the UK coin maker to cultivate further professional partnerships in the region, benefitting from business support to advance its precious metals growth strategy within the country.
Reporting a 537% increase year-on-year in total gold ounces sold in Singapore from 2021/22 to 2022/23 and a 187% increase year-on-year in total silver ounces sold across the same time-period, Singapore is an important and growing market for The Royal Mint’s precious metals division. Its Britannia Bullion coin range is popular in the South-East Asia market and The Royal Mint has its sights firmly set on expanding this offering.
The Royal Mint is world-renowned. Known as ‘the home of precious metals’, it has worked with precious metals for more than 1,100 years and its precious metals division saw a record number of customers investing in precious metals products in 2023, with a 7% increase in investors year-on-year.
With a goal to create a conducive business environment for the precious metals sector in Singapore and the Asia Pacific region, membership of the SBMA will allow The Royal Mint to expand its presence and growth in the area. The affiliation will also offer prospects for participation in conferences, seminars and networking events in Singapore, unlocking further avenues for industry engagement.
Nick Bowkett, Head of Bullion Sales at The Royal Mint, said: “The Royal Mint is making strides in forging valuable partnerships within the global precious metals landscape, and we are thrilled to announce our official membership with the SBMA. As one of the most stable jurisdictions in the world, with goods and service tax exemption (GST) on investment precious metals, Singapore has become renowned internationally for the storage of precious metals. This signals an exciting chapter for The Royal Mint and not only highlights our expertise in precious metals but also drives greater awareness of our precious metals offerings throughout South-East Asia.”
Albert Cheng, CEO of SBMA, said: “It is our honour to have The Royal Mint join us as a Foreign Associate member. Joining the SBMA, The Royal Mint can leverage on the Association’s vast connections, not only with its members but our business associates in ASEAN and across the Asia Pacific region. We believe The Royal Mint will be able to make connections in new markets, introducing its products and services.”
The Royal Mint is committed to responsible sourcing throughout its precious metals supply chain. It is an active member of the London Bullion Market Association (LBMA); working with refiners who are on the LBMA's 'Good Delivery List' or full LBMA members. Its SBMA membership further enhances its presence in global markets, facilitating new opportunities.
The Royal Mint has joined ABC Bullion and the World Platinum Investment Council as Foreign Associate Corporate Members of the SBMA.
For more information on the Royal Mint’s precious metals products, visit https://www.royalmint.com/invest/
For more information on the SBMA, visit https://www.sbma.org.sg/