The Dubai Gold & Commodities Exchange (DGCX) and the Bank of China have signed a memorandum of understanding (MoU) to facilitate collaboration between the derivatives and financial markets of the UAE and China.

The MoU creates a framework for both institutions to share market information and best industry practices, said a statement from the companies.

The leadership role that both institutions play in their respective regional markets places them in an ideal position to drive greater collaboration between the financial sectors of both countries, it added.  

Bank of China, has been conducting successful business for over 100 years, and it offers an extensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 39 other countries.

The bank's core business is commercial banking, including corporate banking, personal banking and financial markets services. It is the only Chinese bank to be included in the group of Global Systemically Important Banks for four consecutive years. It also stands out as the only bank in China to be part of the Global 500 for 26 continuous years.

Gaurang Desai, interim chief executive officer of DGCX, said: “This is another partnership that supports our efforts to create closer ties between the UAE and Chinese derivatives and financial markets.

“Collaboration between markets is key for sustained business growth. The signing of this MoU with the Bank of China has been guided by our larger vision of contributing to the development of our national and regional markets,” he said.

Wu Shiqiang, general manager of Financial Institution Department of BOC, said: “Through this MoU, we will be able to gain better insights into opportunities for partnerships with the UAE financial sector.” – TradeArabia News Service