Source: Deutsche Bank Deutsche Bank and United Overseas Bank Ltd (‘UOB’) today announced the signing of a Memorandum of Understanding (‘MOU’) to expand their cash clearing relationship. Deutsche Bank is already providing clearing services for UOB’s cross-border payments. Under the MOU, UOB will also use Deutsche Bank as its cash settlement bank for derivatives trades on the Eurex Exchange. UOB is the first bank in Asia to obtain Eurex Clearing membership.Nancy So, Managing Director, Asia Pacific Head of Institutional Cash Sales, Global Transaction Banking at Deutsche Bank, said: “More than seventy percent of all transactions worldwide are denominated in euros or US dollars. Therefore, UOB stands to benefit from Deutsche Bank’s unique position in the global market as the number one euro and a leading US dollar clearing bank. We look forward to expanding this successful partnership with UOB.”Matthew Png, Managing Director and Head of UOB’s Group Bullion, Brokerage and Clearing, added: “By partnering with Deutsche Bank, we are able to carry out the settlement of Eurex trades promptly and effectively. This means our clients are better protected from settlement risks as we provide them with one-stop broking and clearing solutions.”
Deutsche Bank and United Overseas Bank (UOB) have signed an MOU to expand their cash clearing relationship. The two banks will work together on a number of projects in the Middle East including “blockchain based payments solutions” for financial institutions as well as “digital asset exchanges” between banks.