ICBC Macau drew the experience from domestic branches and launched the service of trading precious metal via accounts in order to meet the diversified investment requirement of overseas customers. ICBC Macau immediately became a local focus for being a commercial bank in Macau offering the most complete range of precious metal products, the longest trading hours and highest number of channels for users to buy/sell precious metals. This marked a new breakthrough of ICBC to launch global market services abroad and paved the way for the Bank to roll out across the world.
The ICBC Macau's service of trading precious metal via accounts has generated wide response from the market since its launch, said an executive with ICBC. In just a month and a half, number of users has reached 185. A total of 10875.2 ounces, approximately 338 kilograms of gold, silver and platinum has been traded via accounts, generating a turnover of over USD 475,000.
The precious metal products launched this time for trading via accounts are priced in US dollars, including all the major precious metal products in the international market, namely, gold, silver and platinum. ICBC Macau is the first bank in Macau to launch the service of buying/selling platinum via accounts. ICBC Macau's prices on buying/selling precious metals through accounts are quoted in real-time and go along with the international market prices, highly transparent. No delivery of physical metals after the transaction, eliminating the steps of warehousing, transportation or assaying.
Once a trading account is opened in ICBC Macau without a fee, precious metals can be bought or sold through Internet Banking, right at home every week starting from 09:00 am Monday till 17:30 pm Friday, except public/national holidays, 24 hours a day. Besides, trading precious metals has low threshold around USD 180 for buying an initial minimum of 5 ounces of silver.
ICBC is now taking steps to develop new products outside China, such as trading precious metals in RMB via accounts, as related by an ICBC executive. In the next phase ICBC will continue to speed up the launch of other global market services (trading of precious metals and foreign exchange) in overseas market based on the market demand. Efforts will be spent in product offering, system and services in order to meet the demand of overseas customers to trade precious metals or foreign exchange.
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