Singapore Exchange (SGX) and Bank of China (BOC) have signed a memorandum of understanding (MOU) to cooperate in growing China’s financial markets.
Under the MOU, SGX and BOC will explore joint development of Renminbi products and services, promotion of SGX products in China and educational programmes. BOC will also look into expanding its role in SGX’s markets.
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Tian Guoli, chairman of Bank of China, said: "As one of China’s largest commercial banks, Bank of China is committed to promoting the internationalization of the Renminbi and related products and services for our clients to help them grow internationally.
"This collaboration with SGX affirms our commitment to Singapore’s financial markets, particularly the securities and derivatives exchanges, and to giving our clients access to opportunities in Asia’s growing economies," Guoli added.
Magnus Böcker, CEO of SGX, said: "We are delighted to partner Bank of China in growing the markets of the world’s second-biggest economy. With this partnership, our customers can benefit from greater access to China and more tools to manage their risks. We look forward to more of such collaborations as we continue to strengthen and enhance SGX as the Asian Gateway."
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