SEOUL: South Korea’s state-run trade agency and its bourse operator signed a memorandum of understanding (MoU) to work together to sell the country’s stock market operating system to other countries.
The agreement also called for concerted efforts to lure foreign firms to the local stock market, reported Yonhap news agency, citing the Korea Trade-Investment Promotion Agency (Kotra).
“The KRX has been working to export its IT infrastructure to Southeast Asian countries, such as Cambodia and Laos, and this MoU will help step up such efforts,” Kotra said in a press release.
Under the agreement, Kotra will also help globalise the country’s stock market by encouraging foreign firms to list their shares on the local bourse.
“Through this MoU, the two organisations will be able to speed up overseas expansion of the country’s financial industry, which has been relatively slower than that of the manufacturing industry, and also increase the number of foreign investors in the country,” it said.
The KRX has been working with the Cambodian government to open a bourse in the Southeast Asian country in July in return for a 45 per cent stake.
Last week, a senior KRX official said that the KRX was pushing to break into Africa within this year as part of efforts to boost its global presence amid ongoing consolidations among the world’s major exchanges. — Bernama