Launching of Gold Exchange Traded Fund (GETF)

In the near future, the Nepalese commodities market will witness the "Paper Gold". An agreement has been inked today between Mr. Siddhant Raj Pandey, Managing Director/CEO of Ace Development Bank Limited (ACE) and Mr. Vijay Satyal, CEO of Commodities & Metal Exchange Nepal Limited (COMEN) today to launch Gold Exchange Traded Fund (GETF). Internationally, GETFs are the most sought after instruments by the gold investors. GETFs are safe, secured and relatively cheaper in comparison to physical gold investment with the same value of holding physical gold. Ace GETFs will be listed in COMEN and traded like Shares and Debentures. It will provide ample liquidity as well as fair price discovery based on the international market price to the domestic gold investors. It is believed that the endeavor initiated by ACE and COMEN will rationalized the domestic bullion market to some extent. Since inception in 1995, ACE has been first in introducing many innovative financial products and services to the Nepali financial market. In the future, ACE is planning to introduce some internationally acclaimed financial instruments best suited for the domestic financial market in association with renowned global brand in the industry.