Hong Kong Aims to Become Global Hub for Gold Trading and Storage, Announces Financial Services Secretary

SFST chairs briefing session on gold market development to outline future strategies and directions

The Chief Executive announced in the 2025 Policy Address that he has accepted the recommendations of the Working Group on Promoting Gold Market Development, and tasked the Financial Services and the Treasury Bureau (FSTB) with taking forward the implementation work. At a briefing session on gold market development today (December 22), the Secretary for Financial Services and the Treasury, Mr Christopher Hui, told industry stakeholders that a complete industry chain has initially taken shape for Hong Kong's gold market, and the Government is actively working towards the goal of establishing Hong Kong as an international centre for gold trading, storage, clearing and risk management.

Organised by the FSTB, the briefing session aimed to introduce to the industry the Government's long-term strategy and overall direction for building an international gold trading market. This encompasses multiple areas, including expanding storage capacity, enhancing gold supply, establishing infrastructure, diversifying investment vehicles and developing a local gold trading ecosystem. Attendees included representatives from exchanges, banks, asset management companies, gold mining, trading firms and refineries, warehouse operators as well as logistics providers.

Mr Hui said, "Stemming from the visionary idea of developing an international gold trading centre put forward by the Chief Executive in his 2024 Policy Address, I am pleased to see that Hong Kong's gold market has begun to take shape, with a complete industry chain preliminarily established over the past year or so under the concerted efforts of the Government, regulators and the industry. The industry's response has been positive, and many constructive suggestions have been received. Leveraging Hong Kong's status as an international financial centre and its unique advantages of enjoying strong support from the motherland and being closely connected to the world, we will continue working closely with the industry, with a view to developing Hong Kong into an international hub for gold trading, storage, clearing and risk management."

He highlighted the meaningful strides already realised through Government's initiatives. In terms of storage facilities, the Airport Authority Hong Kong has completed the first-phase expansion of the precious metals depository at the Hong Kong International Airport, increasing capacity to 200 tonnes, and is pressing ahead with plans to further expand it to 1 000 tonnes. Meanwhile, the Shanghai Gold Exchange has launched its first offshore vault in Hong Kong. In addition, the FSTB and the Shenzhen Municipal Financial Regulatory Bureau have signed a Memorandum of Understanding to jointly build a deeply integrated regional gold ecosystem, laying a foundation for further co-operation in processing trade between Hong Kong and Shenzhen. On gold trading and clearing, the central clearing system for gold in Hong Kong, governed by a wholly government-owned company, is scheduled to commence trial operation in 2026.

To support the setting up of a trade organisation for the gold industry, the Government will set up a preparatory taskforce to engage a wide range of local and international stakeholders, with a view to promoting industry collaboration and facilitating the formation of a self-governing industry body. The preparatory taskforce will also hold in-depth discussions on details such as the structure, membership and financial arrangements of the future industry organisation.

Mr Hui added, "Through the upcoming preparatory taskforce, we look forward to further strengthening our collaboration with the industry. The future industry organisation will help enhance communication with the Government and regulators, and play an instrumental role in business development, global promotion, international co-operation and talent nurturing, thereby contributing to the long-term development of Hong Kong's gold market."

SFST chairs briefing session on gold market development to outline future strategies and directions Source: HKSAR Government Press Releases

SFST chairs briefing session on gold market development to outline future strategies and directions Source: HKSAR Government Press Releases

LCSD introduces new measures to strengthen efforts to combat touting activities

The Leisure and Cultural Services Department (LCSD) announced today (December 22) that new measures will be implemented to strengthen efforts to combat unauthorised transfer of bookings of LCSD recreation and sports facilities/venues (commonly referred to as touting activities).

The new measures are as follows:

(1) Penalties for using computer programmes or automated tools to interfere with SmartPLAY

To ensure the fair use of the SmartPLAY system, the LCSD will combat improper conduct involving the use of computer programmes or other automated tools to make booking transactions or interfere with the normal operation of the system. Specifically, SmartPLAY has incorporated conditions prohibiting the use of computer programmes or other automated tools to make bookings (www.smartplay.lcsd.gov.hk/website/en/about/conditions-of-use-of-smartplay.html). Starting from January 21, 2026, if users breach the conditions concerned, the LCSD will immediately suspend their accounts for 360 days without giving any prior notice. The LCSD once again reminds users of the need to comply with the "Conditions of Use of SmartPLAY", to properly manage the information of their SmartPLAY accounts, and not to disclose their user account numbers and passwords to others. Users having so provided their user account numbers and passwords to a third party are advised to change their passwords as soon as possible and regularly update them to prevent unauthorised use of their accounts.

(2) New measures for booking indoor basketball and volleyball courts

Currently, a hirer who books turf soccer pitch through SmartPLAY is required to provide the SmartPLAY user account information of four other users. The hirer and three of the users named in the booking are required to check-in together and be present during the use of the booked session. This arrangement, aiming to ensure that hirers are genuine users, is generally effective since implementation. It will apply to indoor basketball and volleyball courts, which are popular facilities, starting from January 21, 2026. A hirer is required to provide the information of two other users when booking an indoor basketball or volleyball court. The hirer and one of the users named in the booking are required to check-in together and be present during use of the booked session. Details are available at the LCSD's thematic webpage "Improvement measures to booking and use of recreation and sports facilities" (www.lcsd.gov.hk/en/facilities/facilitiesbooking/procedure/ls_fac_improve.html).

(3) Standby arrangement no longer applicable to indoor basketball and volleyball courts

Under the existing measures applicable to some recreation and sports facilities, if a hirer does not take up the booked facility 10 minutes after the booked session starts, the LCSD may at its discretion permit other users to use the facility free of charge for the same purpose as the original hirer (commonly referred to as the standby arrangement), on condition that there are no other same-type facilities available for booking at the material time. In this connection, the LCSD has observed that certain hirers of indoor basketball and volleyball courts deliberately do not take up the booked sessions on the day of use, and are suspected to have engaged in touting activities by arranging for other users to use the booked courts under the standby arrangement. To combat such abuse of the standby arrangement, and making reference to the current arrangement for turf football pitches, the standby arrangement will no longer be applicable to indoor basketball and volleyball courts with effect from December 30, 2025.

LCSD will closely monitor the effectiveness of the new measures, and continue to enhance SmartPLAY as well as implement further anti-touting measures as necessary.