Singapore Exchange (SGX) and China's Dalian Commodity Exchange (DCE) had inked a memorandum of understanding (MoU) to join hands to promote greater understanding and explore initiatives in the development of commodities markets in both countries, the city-state's bourse said on Monday.

A statement by SGX said that the two bourses will jointly work on development of new commodity derivative products, joint commodity-related events, information sharing, training, member and investor education in each other's markets.

The MoU aims to strengthen understanding and promote bilateral partnership with their Dalian counterpart, the SGX added.

"This MoU with SGX will further consolidate and expand our ties with Asian derivatives markets, and promote DCE's business innovation and international development," said Liu Xingqiang, chairman of the DCE.

The CEO of SGX, Magnus Bocker, said: "By synchronizing our strengths, international customers can tap on the unique advantages and opportunities in China and the surrounding growth economies."