The Hong Kong Gold Exchange (HKGX) established its first board of directors and signed five agreements, including a memorandum of cooperation on international hubs with China CITIC Bank (International), Ant Bank (Macau) and Cambodia Derivatives Exchange (CDX); a memorandum of cooperation on Shenzhen United Financial Holdings, and a memorandum of cooperation on Guangdong-Hong Kong-Macao Greater Bay Area United Financial Holdings signed by Jinjun Service Co., Ltd. and Guangdong Gold Association.

Among them, China CITIC Bank (International) cooperates in transaction fund settlement services and specializes in providing offshore RMB channels to support the development of RMB kilogram gold bar contracts of the Hong Kong Gold Exchange. Ant Bank (Macau) reached a cooperation agreement on physical gold business. Ant Bank (Macau) will sell a series of gold products through its Alipay (Macau) application, which will be directly connected to the electronic platform of the Hong Kong Gold Exchange. The Hong Kong Gold Exchange will fully support Alipay (Macau) customers' gold trading, settlement, warehousing and gold withdrawal services.

In addition, the Cambodia Derivatives Exchange (CDX) will jointly promote the interconnection and in-depth development of the gold markets of the two places through mutual recognition of standards, market promotion and quality assurance.

In addition, the Hong Kong Gold Exchange, Shenzhen United Financial Holdings Co., Ltd. and Jinjun Service Co., Ltd. jointly created a gold full industry chain platform integrating trading, settlement, warehousing, data and logistics management. The Guangdong Gold Association will strengthen industrial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area, actively promote the introduction of special policy guidelines, strive to achieve institutional breakthroughs in the facilitation of gold trading, delivery and customs clearance in the Guangdong-Hong Kong-Macao Greater Bay Area, and promote the international development of gold jewelry companies in the Guangdong-Hong Kong-Macao Greater Bay Area.

In his keynote speech, Zhang Dexi, Chairman of the Hong Kong Gold Exchange, mentioned that the future of gold will be digital, digital, tokenized and popular, including blockchain technology driving seamless transactions; tokenized assets are supported by gold bars certified by the Gold Exchange and stored in warehouses approved by the SAR government, such as warehouses under the Hong Kong International Airport. He also said that in the face of economic fluctuations, highlighting the value of gold, the Hong Kong Gold Exchange is committed to becoming a trusted physical and digital precious metals hub in Asia, and mentioned that the 2024 Policy Address supports Hong Kong's development of an international gold trading center, and this policy will become a key boost.

Source: Zhitong Finance