Dubai, May 27, 2015: The Dubai Gold & Commodities Exchange (DGCX) today announced the signing of a Memorandum of Understanding (MoU) with the Bank of China (BOC).  The agreement creates a framework for both institutions to work together to enhance interaction and collaboration between the derivatives and financial markets of the UAE and China.

The MoU paves the way for greater exchange of market information and industry best practices between the two institutions. 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. 

Bank of China, which has been conducting successful business for over 100 years, is the most international bank in China. 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 4 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 CEO of DGCX, commenting on the MoU, 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."

Mr. Wu Shiqiang, General Manager of Financial Institution Department of BOC, said: "We are pleased to sign this agreement with DGCX. "Pursuing excellence" is one of the Bank's guiding principles and we believe this MoU will support us in our effort to promote quality and excellence through market collaboration. Through this MoU, we will be able to gain better insights into opportunities for partnerships with the UAE financial sector."

The MoU is one among a growing number of industry partnership agreements signed between the UAE and China in the last few years. The agreements provide a platform for expanding cooperation and promoting investments in each other's countries.

About Bank of China (BOC):
Bank of China was formally established in February 1912 following the approval of Dr. Sun Yat-sen. From 1912 to 1949, the Bank served consecutively as the country's central bank, international exchange bank and specialised international trade bank. Fulfilling its commitment to serving the public and developing China's financial services sector, the Bank rose to a leading position in the Chinese financial industry and developed a good standing in the international financial community, despite many hardships and setbacks. After 1949, with a long history as the state-designated specialised foreign exchange and trade bank, the Bank became responsible for managing China's foreign exchange operations and provided vital support to the nation's foreign trade development and economic infrastructure through its offering of international trade settlement, overseas fund transfer and other non-trade foreign exchange services. During China's reform and opening up period, the Bank seized the historic opportunity presented by the government's strategy of capitalising on foreign funds and advanced technologies to boost economic development, and became the country's key foreign financing channel by building up its competitive advantages in foreign exchange business. In 1994, the Bank was transformed into a wholly state-owned commercial bank. In August 2004, Bank of China Limited was incorporated. The Bank was listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange in June and July 2006 respectively, becoming the first Chinese commercial bank to launch an A-Share and H-Share initial public offering and achieve a dual listing in both markets. In 2013, Bank of China was enrolled again as a Global Systemically Important Bank, becoming the sole financial institution from emerging economies to be enrolled for three consecutive years.

As China's most international and diversified bank, the Bank provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 39 countries. The Bank's core business is commercial banking, including corporate banking, personal banking and financial markets services. BOC International Holdings Limited, a wholly owned subsidiary, is the Bank's investment banking arm. Bank of China Group Insurance Company Limited and Bank of China Insurance Company Limited, both wholly owned subsidiaries, run the Bank's insurance business. Bank of China Group Investment Limited, a wholly owned subsidiary, undertakes the Bank's direct investment and investment management business. Bank of China Investment Management Co., Ltd., a controlled subsidiary, operates the Bank's fund management business. BOC Aviation Pte. Ltd., a wholly owned subsidiary, is in charge of the Bank's aircraft leasing business.

Bank of China has upheld the spirit of "pursuing excellence" throughout its hundred-year history. With adoration of the nation in its soul, integrity as its backbone, reform and innovation as its path forward and "people first" as its guiding principle, the Bank has built up an excellent brand image that is widely recognised within the industry and by its customers. Faced with new historic opportunities, the Bank will meet its social responsibilities, strive for excellence, and make further contributions to achieving the China Dream and the great rejuvenation of the Chinese nation. For more information: www.boc.cn/en/index.html 

About DGCX:
Established in 2005, DGCX is the region's first derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives.  DGCX is majority owned by Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate physical, market, financial infrastructure and services required. It is an electronic commodity and currency derivatives exchange with 267 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors.  For more information: www.dgcx.ae

Further Information:
Madyan Jabr
Dubai Gold and Commodities Exchange (DGCX)
Tel: +971 (0)4 361 1625;
Email: madyan.jabr@dgcx.ae 

Dhanya Isaac/Carine Arif
Weber Shandwick
Tel: +971 4 445 42 22;
e-mail: DIssac@webershandwick.com; carif@webershandwick.com  

© Press Release 2015