ICICI Bank on Wednesday entered into an agreement for clearing and settlement banking membership of Singapore Mercantile Exchange.

This will enable ICICI Bank [Get Quote] to provide clearing and settlement processing services to facilitate settlement of transactions executed on SMX, a statement said.

The membership will also facilitate the bank to provide a platform to the commodity market participants in India and abroad to participate on a global commodity exchange, it said.

"This association reflects our focus towards expanding our footprint in the clearing and settlement banking services across the globe. . .ICICI Bank is now positioning itself to provide its services to SMX and its members," ICICI Bank MD and CEO Chanda Kochhar said.

SMX is a wholly-owned subsidiary of Financial Technologies, which is a leading player in creating and operating exchange platforms.

The exchange provides state-of-the-art electronic platform for trading futures and options contracts in commodities. These include precious metals, base metals, energy, agriculture, currency pairs and commodity indices.

Presently, ICICI Bank is acting as a settlement banker for the National Stock Exchange, Bombay Stock Exchange, National Commodities & Derivatives Exchange and Multi Commodity Exchange.