PSE, bank sign financial services agreement

THE local unit of Bank of China (Hong Kong) Ltd. (BOCMNL) announced on Friday it signed a memorandum of understanding (MoU) with Philippine Stock Exchange (PSE) that aims to provide financial services in support of bilateral trade and investment through linkages between the Philippines and China's capital markets.

In a statement, BOCMNL said the MoU's key provisions include, among other things, the formation of a working group from representatives of the two parties to investigate potential areas of collaboration and information sharing on settlement infrastructure and building the same for account opening, foreign exchange and cross-border settlement.