The World Gold Council and Industrial and Commercial Bank of China have signed a MoU for strategic cooperation within China’s gold market.
Based on the respective strengths of Industrial and Commercial Bank of China (ICBC) and the World Gold Council, the two organisations will work together to develop the Chinese gold market, including the development and marketing of gold solutions, for millennial consumers and institutional investors.
After two decades of rapid development, China has become the world's largest gold producer and consumer.
However, in recent years, with the increasing development of online financial products and constant changes in investment and consumer groups, China's gold industry is at a crossroad, looking towards the future.
David Tait, CEO of the World Gold Council, commented at the MOU signing ceremony in Beijing that over the past decade, the World Gold Council has worked closely with ICBC on many initiatives to help develop the Chinese gold market, from initiating the “Gold Accumulation Plan”, to launching the pilot project of an Internet Gold Business with Tencent and other partners aimed at meeting individuals social, investment and consumption needs.
The World Gold Council looks forward to continuing to develop its relationship with ICBC through creating more opportunities for both the Chinese and the global gold market.
The signing ceremony represents a strong alliance between ICBC and the World Gold Council, and demonstrates the intent of both organisations to work together at a strategic level in the following five areas:
- To promote investing in gold among institutional investors, in particular insurance and pension funds, as well as developing products for them;
- By leveraging online technology and ICBC’s platform advantages, design and develop new gold products and services for millennials;
- To enhance and promote existing gold investment products and to jointly invest in developing new gold solutions for China’s investment market;
- Conduct research on cross-border gold policies and opportunities, so as to further develop the cross-border gold market, proactively participate in the global gold pricing mechanism, and enhance China’s influence in the global gold market;
- Conduct investment research on the global gold market to support the development and launch of new gold solutions, as well as educate millennial consumers.
Jiong Tan, Vice-President of ICBC said that in 2009, ICBC set up China’s first licensed specialised institution operating precious metals, and started cooperating with the World Gold Council at a strategic level.
Looking forward, ICBC will continue to implement this level of cooperation and firmly promote the upgrade of services in China’s gold market so as to provide a more open and professional market environment for Chinese gold consumers.
As the market development organisation for the gold industry, the World Gold Council plays a leading role in the industry and, based on its expertise and resources in the gold industry, devises gold-backed solutions and services.
ICBC is the largest commercial bank in China and also the most profitable commercial bank in the world, with strong experience in gold and the financial market, as well as the vision of building a world-class precious metal investment and management bank.