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DGCX amalgamates with precious metals solutions firm FinMet to expand DGCX new product offering and participation

DGCX intends to unveil new Physical Gold Futures and Spot Gold Contracts, expanding its existing product offering

Ritu M R by Ritu M R
August 30, 2022
in Digital, Logistics, Technology, The Global Economics, Top Stories
Reading Time: 2 mins read
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DGCX amalgamates with precious metals solutions firm FinMet to expand DGCX product offering and participation

DGCX amalgamates with precious metals solutions firm FinMet to expand DGCX product offering and participation

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The Dubai Gold & Commodities Exchange (DGCX), Middle East’s largest digital marketplace has signed an agreement with FinMet Pte Limited as it plans to present new gold products to its current precious metals’ product collection.

Finmet’s innovative service platform deploys technology to deliver customised solutions for stakeholders across the precious metals industry. FinMet offers trading, financing, logistics, and risk management solutions across the metals industry to producers, traders, financiers and refiners. FinMet would review with DGCX the physical bullion market to identify opportunities across global markets as part of the agreement. FinMet would support DGCX to offer the product structure to new members and onboard banks that are seeking diversity in products for their business requirements.

FinMet would help with educating market participants and raising awareness of new DGCX gold trading products that would be launched next month in addition to the coordination of product introductions. The Dubai Gold & Commodities Exchange intends to unveil new Physical Gold Futures and Spot Gold Contracts, expanding its existing product offering.

The initiation of these gold trading products would give traders admittance to short term capital whilst the bank receives gold as collateral. This allows banks to lend with assurance, while the DGCX Clearing house acts as the central counterparty to all transactions.

FinMet to offer bullion market analysis and advisory services to DGCX

The five-year agreement was signed by the Chief Executive Officer of The Dubai Gold & Commodities Exchange (DGCX), Ahmed Bin Sulayem, and the Managing Director of FinMet Pte Limited, Pramod Mohan.

Ahmed Bin Sulayem, CEO of DGCX, said that the team is delighted to build a partnership with FinMet as part of their broader strategy to innovate new products with market participants from across the globe. The team is assured that the profound knowledge and expertise that FinMet provides would equip DGCX with a rich understanding of, and readiness to add incredible value to, gold bullion markets through the launch of their forthcoming Physical Gold Futures and Spot Gold Contracts. Sulayem added that through this partnership, the company can look forward to creating new opportunities to build deeper inroads into global markets that offer traders immense potential and liquidity.

Mr Pramod Mohan, Co-Founder and Managing Director of FinMet, said that at FinMet the firm is excited to be a catalyst in this development of the UAE bullion market, which genuinely moves the needle for institutional and corporate participants. The agreement fulfils an ever-growing need for pricing, hedging and liquidity for the UAE Gold Delivery Bars. With the recent signing of the UAE-India Comprehensive Economic Partnership Agreement (CEPA), DGCX can now play a role in expediting the effortless acceleration of trading volumes between the two countries.

DGCX’s partnership with FinMet would help with the unveiling of the new gold products and would support their objective of offering traders from across the globe to trade a comprehensive selection of innovative derivatives that support their business requirements.

Via: short url
Tags: DGCXFinMet Pte Ltdmiddle eastsingaporeThe Dubai Gold & Commodities ExchangeUAE Gold Delivery Bars
Ritu M R

Ritu M R

Ritu is a professional who aims at writing informative and engaging articles that appeal to the readers.

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