Hong Kong Gold Exchange taps tech strength in joint venture to power gold settlement
The Hong Kong Gold Exchange (HKGX) and TGX Technology have launched a joint venture to build a “secure, stable and internationally competitive” gold trading and clearing platform, as the city pushes to become a gold trading hub. Hong Kong Gold Exchange Trading System (HKGXTS) would draw on technology partners, including Alibaba Cloud – which backs TGX Technology – and Hundsun Technologies, to…
The Hong Kong Gold Exchange (HKGX) and TGX Technology have joined forces to develop a secure, stable, and internationally competitive gold trading and clearing platform. This partnership aims to enhance Hong Kong's position as a gold trading hub. The new system, HKGXTS, will leverage technology from Alibaba Cloud and Hundsun Technologies.
HKGXTS chairman Haywood Cheung stated that the venture represents an important step forward in enhancing the city's gold trading infrastructure. The platform will initially integrate HKGX's existing products, trading, and settlement and clearing services into a unified system, with future digital offerings such as gold tokenisation.
HKGXTS CEO Sun Ho emphasized that the system will leverage financial technology to improve trading efficiency, reduce costs, and support multicurrency pricing and settlement. The company plans to expand the platform's capabilities, including international market access, digital gold real-world assets, and cross-market expansion.
Hong Kong is actively working towards becoming a regional gold trading hub by increasing bullion-storage capacity and attracting regional central banks to hold their reserves in the city.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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