Zhitong Finance APP news, China Rongbao Financial Group (08090) issued a notice, on September 23, 2018, the company and MBM(MBM International LLC) signed a memorandum of understanding, About the online Commodity Exchange's business of providing affordable, safe and adequate halal food to the growing Muslim population.

MBM is a limited company incorporated and based in Dubai, United Arab Emirates. MBM's main businesses are real estate, venture capital and trading. MBM's venture capital picks companies that fit its portfolio criteria to create value and monetize that value (go public). MBM's trading business is the preferred partner for the world's leading IT distribution networks, telecommunications and consumer technology brands, and a significant product distributor in the region; It has a distribution network in multiple target markets and is supported by a professional and advanced team of international experts with good reputation.

According to the announcement, the Group's commodity exchanges in China and ASEAN countries are a high-quality and well-established network, which is a convenient way to obtain rich resources and raw materials related to food processing. Under the principle of strictly following the Halal food processing procedures, the relevant food will be traded to the relevant countries through online commodity exchanges.

MBM may play an important role in facilitating trading activities, including, but not limited to, acting as a general merchant of raw materials or manufactured food products, providing financing agency services (supply chain financing) to traders on commodity exchanges, and acting as a potential independent service provider and direct investor in the business arising therefrom.

The company said it had signed a memorandum of understanding with the MDG, a company owned by members of the Qatari royal family, to set up a halal food procurement and distribution centre for the world's growing Muslim population. The UAE is the company's second entry into the Middle East through China as a hub to connect with ASEAN countries. It is a big step towards the company's vision of creating a network of online commodity exchanges that facilitate international trade.