Standard Chartered today announced that it has successfully completed its first batch of seven gold transactions and settlements through the Hong Kong’s gold central clearing and settlement system system.

As a Board member of Hong Kong Precious Metals Central Clearing Company Limited (PMCC) and a participating bank of the trial operation, Bill Winters, Group Chief Executive, Standard Chartered, travelled to Hong Kong specifically to attend the trial operation ceremony for PMCC and Shanghai-Hong Kong Gold Market Cooperation held during the Hong Kong FIC & Bond Connect Summit.

Bill Winters said:

“Gold is becoming increasingly important as investors and central banks seek diversification in a more uncertain environment. At the same time, the centre of gravity of the gold market is shifting towards Asia, creating new opportunities for international hubs such as Hong Kong. Combining our extensive experience in the Loco London bullion market with our deep knowledge of Asian markets, Standard Chartered is well positioned to support that growth through the continued enhancement of its capabilities across the gold value chain in Hong Kong.

As a Board member of PMCC, Standard Chartered is delighted to have completed its first batch of seven gold transactions through the new gold central clearing and settlement system, with corporates including Chow Sang Sang, Haitong International Securities, JD Technology and Shanghai Pudong Development Bank. We are particularly pleased to have collaborated with counterparts across Hong Kong and Shanghai in this historic trial, which demonstrates the strong synergies from deeper financial cooperation and enhanced market connectivity between the two cities. We look forward to supporting Hong Kong’s development as a gold trading hub and helping clients capture opportunities in a market that continues to evolve.”

Standard Chartered is one of the leading participants in Asia’s gold market, and among the few international banks with a long-established and dedicated precious metals trading desk in Hong Kong and is currently providing a full suite of services to institutional clients, spanning from physical gold trading, financing solutions and services linked to gold derivatives and options.