Hong Kong official woos Swiss gold refiners to expand in city
Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, visited top Swiss gold refiners to promote the city as a gold trading hub. He toured MKS PAMP, Heraeus Group and Valcambi SA, discussing expansion and a potential new refinery partnership with a local steel firm.
Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, met senior executives of three leading Swiss gold refiners during a visit to Switzerland, the government announced on 8 October. The trip aimed to encourage the companies to establish or expand operations in Hong Kong as part of the city's plan to build a comprehensive gold trading ecosystem.
Hui first visited MKS PAMP's refinery, meeting Chief Executive Officer Marwan Shakarchi and Chief Executive Officer James Emmett. The group opened its third regional headquarters in Hong Kong last year to expand in the Asia-Pacific. Discussions focused on using Hong Kong as a trading platform and expanding regional and mainland China gold business.
At the Heraeus Group refinery, Hui observed the use of artificial intelligence, blockchain and analytical techniques for precious metals supply-chain tracing and precision casting. Heraeus has maintained a trading office and refinery in Hong Kong for decades. Hui told Chief Executive Officer Dr Robin Kolvenbach that Hong Kong offers precise supporting measures for a modern, full-chain gold trading ecosystem, and that the Northern Territories project provides ample land and development potential, making it the right time for the company to expand and bring advanced refining technology to Hong Kong.
Before concluding his Swiss visit, Hui visited the Valcambi SA refinery and met Chief Executive Officer Simone Knobloch and other senior managers. Valcambi disclosed it is discussing cooperation with Hong Kong's only steel rolling company, Shiu Wing Steel, to build gold refining and storage facilities in Hong Kong.
Hui said Hong Kong is developing a gold trading ecosystem that combines trading, clearing and settlement, storage, refining and risk management in one location. He noted that several top Swiss refiners are already involved in or planning Hong Kong gold business, which will help gain international recognition and raise industry standards. The government will continue studying policy measures to attract more international precious metals companies to set up operations and Asia-Pacific headquarters in Hong Kong.
Hui returned to Hong Kong on the evening of 8 October.
