UAE - Mubasher: The Dubai Gold and Commodities Exchange (DGCX) has inked a one-year Memorandum of Understanding (MoU) with Victoria Falls Stock Exchange (VFEX), a subsidiary of the Zimbabwe Stock Exchange (ZSE), to strengthen bilateral cooperation and exchange knowledge around commodities trading.
As part of the agreement, the DGCX will offer technical support, knowledge, and skills to VFEX, with the aim to establish an international commodities exchange in Zimbabwe, according to a press release on Thursday.
In the meantime, DGCX will also enable VFEX to develop a clearing and settlement commodities exchange framework.
The CEO of DGCX, Les Male, said: "We are confident that our deep knowledge and expertise will help bring value to VFEX as they kickstart the Offshore Financial Services Centre (OFSC) for the special economic zone in Victoria Falls."
Meanwhile, the CEO of VFEX, Justin Bgoni, commented: "We are looking forward to a fruitful exchange of ideas and technical know-how that should culminate in us being able to replicate the success of the Dubai Gold and Commodities Exchange in our own country and under the proposed Victoria Falls Stock Exchange-driven commodities exchange."
