The Hong Kong Treasury Bureau and the Ministry of Finance of Laos signed a Memorandum of Understanding on cooperation in the gold market.

On July 20th, Alfred Chan, Secretary for Financial Services and the Treasury of Hong Kong, embarked on a visit to Vientiane, Laos, and signed a Memorandum of Understanding (MOU) with the Ministry of Finance of Laos to promote cooperation in the gold market and financial services between the two locations. The MOU was signed by Deputy Prime Minister and Minister of Finance of Laos, Somdy Duangdi, and Alfred Chan on behalf of the Ministry of Finance of Laos and the Hong Kong Treasury, aiming to strengthen bilateral cooperation in the development of the gold market and financial services. The MOU outlines clear areas of cooperation, including facilitating eligible Laotian gold holders to access channels to connect with Hong Kong's accredited gold refining network to promote the flow of physical gold; encouraging the wider use of internationally standardized refined gold bars for trading and settlement in Hong Kong, deepening talent training, and promoting financial technology cooperation including tokenization solutions. At the same ceremony, Alfred Chan also witnessed the signing of a Memorandum of Understanding regarding gold market development between the Bank of Gold in Laos and the renowned precious metals trading and refining company MKS PAMP, which has already established its third regional headquarters in Hong Kong. Alfred Chan stated, "Earlier this month, Hong Kong's new Central Gold Clearing and Settlement System began trial operation, and we also announced a series of precise measures to support the development of the gold market. These initiatives closely align with our country's '15th Five-Year Plan' and will help Hong Kong build and improve the ecosystem for commodity trading. The Memorandum of Understanding on gold market cooperation we signed with the Ministry of Finance of Laos perfectly aligns with Hong Kong's development direction. The MOU demonstrates our mutual commitment to enhancing communication and knowledge exchange in the financial services sector and focusing on the development of the gold market. Through this partnership, we will work together to create a seamless, efficient, and trustworthy gold corridor that benefits producers, refiners, traders, and investors in both locations." He emphasized that today's signing of the cooperation MOU with Laos at both government and stakeholder levels underscores Hong Kong's determination to build a comprehensive and internationally competitive gold trading ecosystem that better serves the Asian time zone. Combining Laos's abundant natural gold resources with Hong Kong's world-class infrastructure, expertise, and international connectivity, the two locations can convert resources into transparent and investable assets, thus driving sustainable economic growth in both places. To gain a deeper understanding of Laos's precious metals ecosystem, Alfred Chan visited the Bank of Gold in Laos and the Laos International Precious Metals Refinery. At the Bank of Gold in Laos, he inspected its gold vault infrastructure and received information about its gold-related financial services. During his visit to the Laos International Precious Metals Refinery, he toured the facility's advanced technology and modern refining processes used in its refining facilities. He stated that by strengthening infrastructure, enhancing cross-border connectivity, and providing policy support across the entire industry chain, Hong Kong has significant advantages and can develop into a global leader in gold trading, clearing, and warehousing.