Singapore Commodity Exchange Limited (SICOM) and Sino Rubber Electronic Trading Market Co., Ltd (Sino Rubber) of China signed in Singapore on Tuesday a Memorandum of Understanding (MOU) to grow their natural rubber markets.

According to a joint press release by the two companies, the MOU aims to establish the strategic partnership, which includes information sharing and joint development of the settlement process for rubber contracts, subject to relevant regulatory approvals.

Li Ming Quan, chairman of Sino Rubber Trading Market Co., Ltd said, "China and Singapore has a long standing relationship. With Asia, particularly China, becoming more prominent in the international arena, this collaboration with SICOM will further support our strategic goal of expanding our reach to international players."

"We are pleased to co-operate with Sino Rubber, the largest professional market for natural rubber trading in China. We look forward to jointly develop and grow our markets for the benefits of our members. This partnership will reinforce SICOM's status as the exchange which sets the pricing benchmark for physical rubber, " said Jeremy Ang, chief executive officer of SICOM.