Client Stories & Successes
The Hong Kong Gold Exchange ("HKGX") is the only physical gold and silver exchange in Hong Kong. Operating under a membership-based structure, HKGX currently comprises 137 exchange members, including banks, leading jewelry retailers, gold refineries, and financial institutions. It provides venues, facilities, and services for exchange participants to conduct precious metals trading activities.
HKGX officially commenced operations on January 1, 2025, succeeding the Chinese Gold and Silver Exchange (CGSE), which completed its over 115-year historical mission. With a legacy rooted in CGSE’s rigorous standards and outstanding reputation, HKGX continues to serve as a vital pillar of Hong Kong’s gold market, adhering to its motto: "Inheriting a Century of Heritage, Expanding Golden Opportunities." HKGX remains committed to advancing the industry and supporting the growth of Hong Kong's gold and silver markets.
Challenge
HKGX has a rich history spanning over a century, but its legacy systems are struggling to meet the demands of today's fast-evolving market. As the market continues to change, innovation is not just important—it’s essential.
The challenges extend beyond simply upgrading the system. They involve developing and customizing solutions to address emerging market needs. With a tight deadline of six months for the system UAT, and only five months left for development after accounting for requirement confirmations and system testing, the timeline is demanding. IT vendors must possess specialized technical expertise and a deep understanding of every facet of the trading process.
Moreover, as a key hub for bullion trading, HKGX must ensure minimal downtime during system upgrades to maintain smooth business operations.
Another major challenge is ensuring that HKGX staff and members can quickly adapt to the new system. Since it may introduce changes to operational procedures, it’s crucial to provide sufficient training and support to facilitate a seamless transition, ensuring that everyone is brought up to speed efficiently.
Result
Facing numerous challenges, m-FINANCE quickly leveraged its 20+ years of expertise in the forex and bullion industries. After thorough communication with HKGX, the project swiftly moved into the implementation phase. As a result, the new gold trading system was successfully launched on schedule within just a few months, ensuring a seamless transition and smooth data migration from the old system. m-FINANCE also conducted multiple training sessions, which received highly positive feedback from both HKGX internal staff and members.
The new system has significantly improved performance, boosting average trading response times by 16x and day-end processing by 6x, all without any system downtime. This enhancement has greatly improved the trading experience for HKGX members. Additionally, the OTC code registration process has been streamlined to allow manual entries, batch uploads, and API integration, facilitating automatic OTC code generation. Furthermore, the GTP system introduces an auto-approval mechanism for OTC codes, simplifying workflows and reducing human error.
The new gold trading system also supports the Financial Information Exchange (FIX) Protocol with Straight Through Processing (STP), allowing HKGX members to send client trading orders directly to HKGX for automatic transaction matching. This low-latency, high-efficiency setup provides users with an enhanced, more seamless trading experience.
