KARACHI, Oct 22: A memorandum of understanding (MoU) was signed on Wednesday between the Karachi Stock Exchange (KSE) and the Singapore Exchange Limited (SGX) to collaborate for the benefit of the financial services industry in the two countries, a press release by the KSE stated.

It said that the MoU aimed to foster a closer relationship between the exchanges, which include sharing best practices regarding each exchange’s products as well as the operation and governance of their respective markets.

Mr. Hsieh Fu Hua, chief executive officer of SGX said, “This MoU fosters a closer relationship between the two exchanges. We look forward to working with KSE to help develop our respective financial markets.”

Managing Director KSE Adnan Afridi said, “Collaboration amongst exchanges has been increasingly important in the development of the emerging capital markets. A lot can be learnt from SGX on the demutualisation front as KSE is currently in the process of demutualisation,” the KSE statement concluded.