Bank of China, BOC International and the Singapore Exchange agreed on wider renminbi and joint marketing initiatives partnership.
The agreement came as an extension of already valid Memorandum of Understanding from 2013. In this way clients could cheer broader scale of renminbi-denominated products, boosting renminbi infrastructure collaboration on these markets.
Bank of China became the first China's settlement bank for Singapore's Exchange derivatives markets, as well as market maker for its renminbi fx futures.
Moreover, BOC International entered a joint marketing partnership with Singapore Exchange, the first one for the company.
Mr Chew Sutat, Executive Vice President of SGX, said: “We look forward to expanding our partnership with Bank of China and BOCI to provide global investors with more RMB-denominated products and services.
BOC International's CEO Li Tong infromed "BOCI is the largest overseas Chinese investment bank and BOC’s flagship investment banking platform. With subsidiaries in Singapore, London, New York, Beijing and Shanghai, we have established an extensive network covering major global capital markets. Integrated with BOC global network, BOCI strives to provide full range of investment banking services to clients onshore and offshore. Today’s signing event ushers in a new era of collaboration between BOCI and SGX. We will further extend our cooperation in capital markets and assist Chinese enterprises in going global, thereby creating multi-win situations.”
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