DGCX joins forces with Agricultural Bank of China for Product Development
Dubai, April 13, 2016: The Dubai Gold & Commodities Exchange (DGCX) today announced that it has inked a pact with the Agricultural Bank of China (ABC)-DIFC Branch, one of China's biggest state-owned commercial banks. This development further cements the strategic intent of the region's most diversified exchange, DGCX by enhancing its association with its Chinese partners. This alliance will focus on areas of product development, strategy and exchange related market intelligence.
China's third largest lender by assets ABC is listed on both the Shanghai Stock Exchange and Hong Kong Stock Exchange. The bank has had a first movers edge in the precious metal business in China and is known to hold lead positions consistently.
ABC first established its presence in UAE by opening a branch in DIFC in 2013. The following year, ABC listed a 1 billion Chinese Yuan bond on Nasdaq Dubai, becoming the first Chinese issuer to list a bond in the wider MENA region.
Gaurang Desai, CEO of DGCX, said: "ABC's vast customer network, increasing local presence, coupled with DGCX's expertise in the precious metals, commodities and derivatives provides an exciting platform to develop product & services that our shared customer base desires. We want to actively facilitate the tradeflows in the precious metals and commodities between China and the Middle East."
Mr. Fang Min, General Manager of Agricultural Bank of China (DIFC branch), said: "Promoting the precious metals and commodities business has been a focus area for us in the Middle East. In line with this business objective, a strategic collaboration with an Exchange like DGCX which is known to have a great portfolio of derivative products and influence across the regional financial markets, is beneficial for both parties as we combine our relevant area of expertise and experience."