Hong Kong’s plan to start an interbank tokenised gold transaction project marks a crucial step in its quest to make itself a key global hub for the precious metal, according to analysts.
The city planned to launch a gold token representing a standard 400-ounce gold bar, referencing HAU, Hong Kong’s ticker for gold prices launched earlier this year, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu during the annual Fintech Week event on Monday.
He said the effort would build on experience gained through Project Ensemble – a pilot tokenisation and digital currency initiative launched by the Hong Kong Monetary Authority (HKMA) in 2024.