Hong Kong Gold Exchange joins hands with Alibaba unit to develop clearing platform

The Hong Kong Gold Exchange said it will join hands with a unit of Alibaba (9988) to develop a trading and clearing platform for precious metals.

The exchange will work with AGTech’s (8279) TGX Technology to design, develop, operate, and maintain a secure and stable electronic trading, clearing, settlement, and related services platform for the exchange and its participants, according to a statement on Friday.

The platform will feature multi-product support, multi-currency settlement pricing and clearing services, and will accommodate connectivity with various trading and clearing systems to meet different needs, it said.

In the future, the gold exchange will fully cooperate with the “Hong Kong Gold Clearing Company” and look forward to in-depth discussions on matters such as future platform connectivity and specific preparations for participating in the central gold clearing system, it said.