Phillip Nova, a member of the PhillipCapital Group, has co-founded UZEX Global with the Uzbekistan Stock Exchange (UZEX). The purpose of this joint venture is to provide clients with the opportunity to trade on international futures markets.
According to Phillip Nova, the launch of UZEX Global marks a new stage in the development of economic and business ties between Uzbekistan and Singapore. It will also contribute to the further development of a more open and internationally integrated economy in Uzbekistan.
UZEX Global combines UZEX's strong position in the domestic market and knowledge of Uzbekistan's commodity markets with PhillipCapital's experience in international financial markets. This joint venture is designed to be a link between Uzbek companies and global financial and commodity markets.
Thus, market participants will gain expanded access to global opportunities and risk management tools related to international changes. Through UZEX Global, corporate clients in Uzbekistan will be able to purchase commodities futures linked to international markets.
In the initial phase, the platform will provide access to markets managed by organizations such as CME Group, Intercontinental Exchange (ICE), and London Metal Exchange (LME), among others. These venues offer a wide range of commodity futures contracts traded on global markets, which will help companies meet their needs for trading and risk management as Uzbekistan's economy integrates into the global system.
UZEX Global will also utilize Phillip Nova's technological solutions, including the NOVA trading platform, risk management system, and back-office system. These systems will ensure an integrated infrastructure for trading, risk management, and post-trade services processes.
The creation of UZEX Global also demonstrates PhillipCapital Group's long-term interest in Uzbekistan and the country's growing role in international trade and investment. Benjamin Yo, CEO of UZEX Global, noted that establishing the joint venture was an important step in ensuring Uzbek enterprises' access to international financial and commodity markets.
He stated: 'By combining UZEX's local market knowledge with PhillipCapital's international experience, we can provide market participants with broader access to the global futures markets and the opportunities they offer.'
Teyu Chi Chen, CEO of Phillip Nova and Director of Phillip Trading, emphasized that the partnership is intended to be long-term. He added: 'We view this as a long-term partnership and hope to turn UZEX Global into a reliable institution that supports the development of Uzbek business and the country's growing participation in international markets.'
This collaboration reflects the shared concept of UZEX and PhillipCapital to strengthen Uzbekistan's international integration and develop its ecosystem of financial and commodity markets. UZEX Global plans to expand its activities in parallel with the development of the Uzbek economy.