(Yicai Global) March 22 -- Zall Group Ltd. will partner up with the Singapore Exchange and other institutions to build an intelligent global trading platform under the guidance of the Singapore Trade Development Board.
The Wuhan-based shopping mall operator will build the World Commodity Exchange Center via a joint venture set up with the Singaporean exchange and Global e-Trade Services, state-owned China News Service reported.
The new company will focus on establishing and operating an online global trading platform, and will provide transaction matching and financing, supply chain and logistics services and regulatory and compliance services. It will also offer trade data and indices to facilitate global trade through digitization, said Yan Zhi, Zall Group's chairman.
The venture and platform will build a trade bridge connecting China with the rest of the world, the report added. Data from mainland China will be available on the platform, and the Singapore Exchange will set up international futures trading indices to give Chinese prices more global influence and help Chinese commodities enter the world market.
The platform attempts to create a new trade model and expand foreign trade, the report said, adding that this will be conducive to the exploration of a network covering global trade, investment, financing services, and will help further open up cooperation in commodity trading.