DGCX inks product development pact with ICBC
DUBAI, April 13, 2016
The Dubai Gold and Commodities Exchange (DGCX) has signed a deal with the Industrial and Commercial Bank of China to collaborate in areas of product development.
The memorandum of understanding (MoU) also include the potential provision of high quality banking services that are essential to support cross-border derivatives business in the Middle East and Asia, said a statement.
It will explore the possibility of ICBC becoming a settlement bank with the clearinghouse of the exchange, DCCC, it said.
Such a move would facilitate the bank’s access to DGCX’s flourishing products and services, and eventually support clearing of RMB products.
ICBC is listed on both the Hong Kong Stock Exchange and Shanghai Stock Exchange. The bank is well-known for its diversified business structure, strong innovation capabilities and market competitiveness.
With its business scope covering traditional commercial banking and investment banking services, ICBC-AD provides a range of financial solutions to its customers and is supported by the strong international expertise of ICBC.
Gaurang Desai, chief executive officer of DGCX, said: “The partnership with ICBC is important for DGCX as we continue to develop our product offering for Chinese products. Asia and the China in particular, is a core growth area for us, especially in the context of the acceleration of the RMB internationalization process.
"ICBC is strongly facilitating development of Chinese economic and trade relations globally, and we look forward to closely working with them to drive greater collaboration between our markets.”
Zhou Xiaodong, general manager of ICBC Abu Dhabi Branch, said: “ICBC entered the Middle East market in 2008 and has five branches in the GCC. The signing of this MoU today is to seek further collaboration regionally – particularly in the area of product development.
"There is no doubt more opportunities and cooperation will be brought into the fruitful future of both UAE and China.” - TradeArabia News Service
