Metals and mining corporation Rio Tinto has signed a Memorandum of Understanding with Ouyeel Finance under China Baowu Steel Group Corporation Limited and Bank of China on Monday to advance digital innovation in international commodity trade, alongside the 2021 China International Fair for Trade in Services in Beijing.

Through the MoU, the partners will support promoting upstream and downstream collaboration in the iron and steel value chain to build an interoperable digital ecosystem, using technology to improve the security, efficiency and transparency of cross-border commodity trade, and exploring potential synergies between renminbi globalization and international trade service digitization, said Rio Tinto. 

"We have achieved great outcomes with both Ouyeel Finance and Bank of China in advancing financial technology for safer, more efficient international trade," said Simon Farry, Rio Tinto Iron Ore Sales & Marketing vice president.

"We are excited to have the opportunity to continue to leverage our respective expertise to support the development of an interoperable digital ecosystem for our industry."

Rio Tinto said the MoU is another example of the company actively working with Chinese partners to trial and implement digital solutions, while also building on existing trade finance collaboration between Rio Tinto and Bank of China.

Rio Tinto has been committed to using digital innovation to improve the security and efficiency of cross-border trade, using paperless digital solutions to enhance our customers' experience and bringing the industry closer to a full cross-border digital trade future, it said.