Understanding how Gold is deeply rooted in Chinese culture and looking at the gold trading industry closer than ever before.
FM
Not long ago, China launched a yuan-denominated gold benchmark. Since the beginning of 2016 Chinese citizens can trade gold on the Shanghai Gold Exchange (SGE) with the “Yijintong” mobile app. Meanwhile, in Hong Kong there are more than 120 brokers offering bullion trading.
In China gold is rooted deeply into culture. It equates with power, purity and beauty. Finance Magnates inspects this phenomenon and brings the gold trading industry closer than ever. There is a lot to be told about China, their love for gold and its future. Will gold shine over the China for longer?
To anyone familiar with Chinese culture it is obvious that gold enjoys a very high status there. There are different theories explaining this phenomenon, sometimes linking it to Taoism or Buddhism. Buddhist temples across Asia share the same passion for gold, just to name the Grand Palace located in Thailand or The Potala Palace located in Lhasa.
The same can be witnessed in The Palace Museum located in Beijing, China. The complex used to serve as the home of emperors and their households for almost 500 years. Today it is a museum where its exhibitions showcase Chinese history and arts. One can see how golden elements were important throughout the past. It is worth to note that when the complex was being build (the process started in 1406) the floors of major halls were paved with "golden bricks" baked with clay.
"China has a savings culture and there are still relatively few options open to many Chinese savers with regards to safe and trusted stores of value - gold and property are the two assets that most Chinese savers immediately turn to. Over the long term, income and wealth growth should support greater spending capacity which should, in turn, be supportive of the jewellery market.” - John Mulligan, Head of Member and Market Relations at WGC (World Gold Council).
Chinese citizens do not only physically trade gold or trade futures contracts at SHE, they also use via the internet widely available bullion brokers which are located in Hong Kong and abroad. Finance Magnates conducted last year a research on bullion trading in HK. At that time there were at least 122 different brokers offering bullion trading to retails customers. These were Securities and Futures Commission (SFC) regulated firms as well as not regulated – both futures trading providers and OTC. The Chinese Gold and Silver Exchange Society (CGSE) alone lists 171 members.
CGSE was founded in 1910, and is is the sole exchange in Hong Kong which trades physical gold and silver. While only 111 of them have license for trading and not all of them offer electronic trading, this number still seems very large for Hong Kong alone. There is more than 7.1 million people in HK and it is difficult to imagine that all of the brokers who offer bullion trading target local traders only.
In normal circumstances it could be debated how long demand for gold would remain strong. Analysis of fundamental factors could give more or less concrete vision of how much of gold the economy needs in the coming years. For example, in the case that the economy of China is slowing down but the pace of growth is still above levels known from developed western economies.
However, the situation in the Chinese gold market is very different to what we know from other regions of the globe. Fundamental factors are backed by cultural ones resulting in an interesting blend. If anyone thinks that everything in the case of the gold market in China has already been seen he is wrong. We have only seen a prelude to something even bigger.
Want know more about the gold trade in China? Get the brand new FM Intelligence Report
Not long ago, China launched a yuan-denominated gold benchmark. Since the beginning of 2016 Chinese citizens can trade gold on the Shanghai Gold Exchange (SGE) with the “Yijintong” mobile app. Meanwhile, in Hong Kong there are more than 120 brokers offering bullion trading.
In China gold is rooted deeply into culture. It equates with power, purity and beauty. Finance Magnates inspects this phenomenon and brings the gold trading industry closer than ever. There is a lot to be told about China, their love for gold and its future. Will gold shine over the China for longer?
To anyone familiar with Chinese culture it is obvious that gold enjoys a very high status there. There are different theories explaining this phenomenon, sometimes linking it to Taoism or Buddhism. Buddhist temples across Asia share the same passion for gold, just to name the Grand Palace located in Thailand or The Potala Palace located in Lhasa.
The same can be witnessed in The Palace Museum located in Beijing, China. The complex used to serve as the home of emperors and their households for almost 500 years. Today it is a museum where its exhibitions showcase Chinese history and arts. One can see how golden elements were important throughout the past. It is worth to note that when the complex was being build (the process started in 1406) the floors of major halls were paved with "golden bricks" baked with clay.
"China has a savings culture and there are still relatively few options open to many Chinese savers with regards to safe and trusted stores of value - gold and property are the two assets that most Chinese savers immediately turn to. Over the long term, income and wealth growth should support greater spending capacity which should, in turn, be supportive of the jewellery market.” - John Mulligan, Head of Member and Market Relations at WGC (World Gold Council).
Chinese citizens do not only physically trade gold or trade futures contracts at SHE, they also use via the internet widely available bullion brokers which are located in Hong Kong and abroad. Finance Magnates conducted last year a research on bullion trading in HK. At that time there were at least 122 different brokers offering bullion trading to retails customers. These were Securities and Futures Commission (SFC) regulated firms as well as not regulated – both futures trading providers and OTC. The Chinese Gold and Silver Exchange Society (CGSE) alone lists 171 members.
CGSE was founded in 1910, and is is the sole exchange in Hong Kong which trades physical gold and silver. While only 111 of them have license for trading and not all of them offer electronic trading, this number still seems very large for Hong Kong alone. There is more than 7.1 million people in HK and it is difficult to imagine that all of the brokers who offer bullion trading target local traders only.
In normal circumstances it could be debated how long demand for gold would remain strong. Analysis of fundamental factors could give more or less concrete vision of how much of gold the economy needs in the coming years. For example, in the case that the economy of China is slowing down but the pace of growth is still above levels known from developed western economies.
However, the situation in the Chinese gold market is very different to what we know from other regions of the globe. Fundamental factors are backed by cultural ones resulting in an interesting blend. If anyone thinks that everything in the case of the gold market in China has already been seen he is wrong. We have only seen a prelude to something even bigger.
Want know more about the gold trade in China? Get the brand new FM Intelligence Report
A graduate of the Warsaw School of Economics, Sylwester received an MA specializing in finance and banking. As Finance Magnates' research associate and STA certified analyst, he leaves no stone unturned. Sylwester is the previous minority partner of an NFA registered US forex broker, and since 2003, has participated in many forex projects.
£3M Post Tax Loss Marks Transitional Year for UK-Based APM Capital, Previously BUX
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
