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The Dubai Multi Commodities Centre (DMCC), a free trade zone in the United Arab Emirates (UAE), has agreed to collaborate with Chinese silver producer China Silver Group Limited to establish a central registry for a commodity ownership and financing platform for China's free trade zones.
The two sides signed a memorandum of understanding (MoU) on April 18, 2016.
Richard Sung, Chief Executive Officer of China Silver Group, said: "This important initiative underpins China Silver's strategy to become the industry leader and core provider of metals-related warehousing logistics, warrant, and financing services via a highly secured and fully integrated service offering across a broad range of commodities products in China's Free Trade Zones."
"It follows China Silver's strategic acquisition of Shanghai White Platinum & Silver Exchange, which is licensed to operate in the Shanghai Free Trade Zone, to meet the needs of both Chinese and international players and the Chinese central government's policy to develop benchmark pricing," he added.
The MoU will also seek to develop world class infrastructure to support commodity business activities in China's Free Trade Zones by drawing upon the capabilities of DMCC's Tradeflow, a dedicated online platform for registering possession and ownership of commodities stored in UAE-based storage facilities, and the Dubai Gold and Commodities Exchange (DGCX).
The DMCC offers a zero percent personal and corporate tax rate, as well as 100 percent capital repatriation with no currency restrictions.
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