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Singapore, 11 November 2024 – UOB has signed a Memorandum of Understanding (MOU) with Shanghai Gold Exchange (SGE) in Shanghai. The MOU is a part of the bilateral cooperation initiatives agreed by the People’s Bank of China (PBC) and Monetary Authority of Singapore at the 20th Joint Council for Bilateral Cooperation (JCBC) meeting.
JCBC is the apex bilateral platform to review the substantive collaboration between Singapore and China. This year, Singapore convened the 20th JCBC meeting on 11 November 2024, co-chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and Member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and Vice Premier of the State Council Ding Xuexiang.
China has been the key participant in the global gold market and world’s largest producer and importer of gold, and the top manufacturer of gold products. Gold demand in ASEAN has increased significantly in the past few years due to the greater spending power and investors’ interest. Under the MOU, both parties will actively respond to the Belt and Road initiative and conduct strategic cooperation in ASEAN gold markets, leveraging the advantage of China’s gold supply chain to connect production capacity and demand. This will contribute to the development of the ASEAN gold markets.
Mr Wee Ee Cheong, Deputy Chairman and CEO, UOB, said, “UOB is the leading bank in Southeast Asia operating in the gold business and a member of SGE. With this MOU, we will strengthen cooperation with SGE in proprietary trading, physical delivery and international bullion products. As the only bank offering physical gold products in Singapore, coupled with our extensive ASEAN footprint, UOB is well positioned to connect our customers to gold markets both across the region and within China.”
Mr Yu Wenjian, Chairman, SGE said, “This year marks the 10th anniversary of SGE International Board. We will…[The content of this article has been produced by our advertising partner.]
Singapore, 11 November 2024 – UOB has signed a Memorandum of Understanding (MOU) with Shanghai Gold Exchange (SGE) in Shanghai. The MOU is a part of the bilateral cooperation initiatives agreed by the People’s Bank of China (PBC) and Monetary Authority of Singapore at the 20th Joint Council for Bilateral Cooperation (JCBC) meeting.
JCBC is the apex bilateral platform to review the substantive collaboration between Singapore and China. This year, Singapore convened the 20th JCBC meeting on 11 November 2024, co-chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and Member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and Vice Premier of the State Council Ding Xuexiang.
China has been the key participant in the global gold market and world’s largest producer and importer of gold, and the top manufacturer of gold products. Gold demand in ASEAN has increased significantly in the past few years due to the greater spending power and investors’ interest. Under the MOU, both parties will actively respond to the Belt and Road initiative and conduct strategic cooperation in ASEAN gold markets, leveraging the advantage of China’s gold supply chain to connect production capacity and demand. This will contribute to the development of the ASEAN gold markets.
Mr Wee Ee Cheong, Deputy Chairman and CEO, UOB, said, “UOB is the leading bank in Southeast Asia operating in the gold business and a member of SGE. With this MOU, we will strengthen cooperation with SGE in proprietary trading, physical delivery and international bullion products. As the only bank offering physical gold products in Singapore, coupled with our extensive ASEAN footprint, UOB is well positioned to connect our customers to gold markets both across the region and within China.”
Mr Yu Wenjian, Chairman, SGE said, “This year marks the 10th anniversary of SGE International Board. We will… Read More
Business – South China Morning Post
