AGTech to Help Build One-Stop Trading Services Platform as Hong Kong Gold Exchange Opens for the Year of the Horse | AGTEF Stock News

The Hong Kong Gold Exchange (HKGX) held its Chinese New Year market opening ceremony today. Attendees included, Mr Joseph H. L. Chan, Under Secretary for Financial Services and the Treasury of Hong Kong SAR, Dr. Cheung Haywood, Chairman of HKGX and Mr. Gavin Zhao, Chief Product and Technology Officer of AGTech Holdings Limited (AGTech, HKEX stock code: 8279) backed by Alibaba Group.Photo: Mr Joseph H. L. Chan, Under Secretary for Financial Services and the Treasury of Hong Kong SAR, Dr. Cheung Haywood, Chairman of HKGX, Mr. Brian Fung, Chief Executive Officer of HKGX, Mr. Gavin Zhao, Chief Product and Technology Officer of AGTech and representatives from multiple gold merchants pose for a group photo.Mr Joseph H. L. Chan, Under Secretary for Financial Services and the Treasury of Hong Kong SAR, stated that to further diversify the development of international financial services, the Hong Kong SAR Government is committed to promoting Hong Kong as an international gold trading centre, attracting the storage, clearing and settlement of spot gold in the city, and driving the vigorous development of the industrial chain encompassing investment trading, derivative products, warehousing, insurance, trade and logistics.In his remarks, Dr. Cheung, Chairman of HKGX said that Chief Executive of the Hong Kong SAR John Lee announced in the 2024 Policy Address the initiative to develop Hong Kong into an international gold trading centre. To support this policy, and to strengthen connections with the international gold industry in trade, transactions and logistics, HKGX has officially partnered with AGTech to develop an international precious metal trading platform, a clearing and settlement system, and a digital commodity blockchain.Mr. Gavin Zhao, Chief Product and Technology Officer of AGTech, said: "We are very pleased to collaborate with HKGX to jointly build a one-stop trading services platform, leveraging our group's deep accumulation in digital finance, internationalization support, risk management, and platform governance. The platform will integrate spot and futures trading, digital gold, B2C trading, a clearing and settlement centre, OTC trading, membership management, a unified risk control system, offshore and onshore RMB. Featuring multi-currency pricing and settlement capabilities, multi-language support, and an open, compatible architecture design, it aims to enhance market operational efficiency and participation convenience, in collaboration with the Hong Kong SAR Government,to help Hong Kong further consolidate its position as an international gold trading centre."Backed by Alibaba Group, AGTech has spent years building out its presence in financial technology, with businesses spanning physical and digital banking, digital payments and a range of financial services scenarios. Its Ant Bank (Macao) Limited continues to promote inclusive finance, while Macau Pass is a leading fintech company in Macao. AGTech has extensive experience in technology innovation, core-system development and digital operations for international, financial-grade platforms.Once completed, HKGX's trading platform is expected to establish a more regulated, standardized market framework. Enhanced member oversight and the digitization of both on-exchange and over-the-counter trading would support the gold industry's upgrade and transition. As core capabilities continue to be strengthened, the platform is expected to support the exchange in exploring product innovation and achieving comprehensive upgrades spanning business models and organizational structure. The platform will also connect mainland Chinese's gold exchanges with the global gold market, aiming to attract broader participation from investors, thereby strengthening the HKGX's position and influence in the global gold market, while encouraging more ecosystem partners to collaborate in building a new gold-industry ecosystem.The partnership is expected to help position Hong Kong as an international gold hub linking Eastern and Western markets by upgrading the city's gold-market digital infrastructure, and to support the development of a strong financial industry through innovation in digital finance.SOURCE: AGTech Holdings LtdView the original press release on ACCESS Newswire