Hong Kong unveils incentives to attract gold refiners and boost global hub plan

Hong Kong will roll out targeted measures to attract precious metals companies as part of broader efforts to establish itself as a premier global gold trading hub, according to the city’s agency tasked with attracting foreign direct investment.InvestHK will assist companies setting up headquarters in Hong Kong with site selection and applications for overseas certifications to enhance refining operations, Benjamin Wong Kwok-fan, the agency’s head of transport, logistics and industries, said in an interview earlier this week.After reaching an agreement in January with the Shanghai Gold Exchange and Shenzhen’s financial regulatory bureau, Hong Kong authorities will work with these parties to support trade between the city’s gold merchants and qualified refiners across the border.“The purpose is to assist those setting up refineries in Hong Kong that haven’t yet obtained LBMA certification, offering a channel to keep operating. Other gold merchants might see this as usable too,” Wong said.The London Bullion Market Association (LBMA) is the world’s authority for precious metals and sets standards for how they are refined.Wong outlined ambitions for a complete value chain in Hong Kong, encompassing trading, refining, storage, exchange-traded funds, derivatives, blockchain-tokenised gold and crypto-linked products.