May 16, 2023 [crocon media – msch]
Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF), a trailblazer in financial software and market infrastructure, has released an update outlining its achievements in the first quarter of 2023 and its strategic plans moving forward. The company, which is the majority shareholder of the Abaxx Commodity Exchange and producer of the SmarterMarkets™ Podcast, is making strides towards the launch of the Abaxx Exchange and Clearinghouse in Singapore.
Key achievements of the first quarter include the full integration of systems and the beginning of operational readiness testing. Abaxx has also completed the first user acceptance testing (UAT) and has made significant strides towards meeting final regulatory requirements.
In a strategic partnership, Abaxx has onboarded its first clearinghouse settlement bank, and signed a collateral management services agreement with South East Asia’s largest bank by assets. This move aligns with the company’s ongoing expansion of engagement with commercial participants and clearing members across its first three futures product verticals: LNG, Carbon, and Battery Metals.
Abaxx has also made impressive progress on the third and final stage of product development for its inaugural battery metals contract. This involves soliciting industry comments, risk modeling, regulatory document submission, and filing. Moreover, the company is advancing precious metals contracts towards the third stage of product development.
The past quarter also saw the completion of all key executive and senior management level hires in Abaxx Singapore, along with the appointment of remaining governance board members. Further, Abaxx has continued to develop the ID++ protocol and Abaxx Console Apps for internal use within the Exchange, while also identifying advanced use cases externally with key partners.
Looking ahead, Abaxx plans to host an investor call and presentation in conjunction with final US listing preparations. The date for this event will be announced separately.
In terms of business development, the company continues to make progress on the strategic partner financing process for a non-brokered equity financing at Abaxx Singapore Pte. Ltd. The goal is to complete this before submitting applications to draw down all final regulatory licenses.
Abaxx Technologies has set the stage for a promising 2023, demonstrating its commitment to innovation and growth in the financial software and market infrastructure sector. The company remains steadfast in its mission to create a robust and user-friendly financial ecosystem.
Read the press release : https://www.globenewswire.com/news-release/2023/05/16/2669931/0/en/Abaxx-Provides-Corporate-Update-and-Quarterly-Development-Activities.html
crocon media is a project of The SiLLC Assembly. This site is for entertainment purposes only. The owner of this site is not an investment advisor, financial planner, nor legal or tax professional and articles here are of an opinion and general nature and should not be relied upon for individual circumstances.
Editorial Disclosure: The editorial content on this page is not provided by any entity mentioned herein. Opinions expressed here are the author’s alone, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Disclaimer: The author(s) of this article may hold a position in the mentioned stock. The information provided in this article should not be considered financial advice, and readers should always do their own research before making investment decisions. However, as with any investment, there are potential risks and uncertainties to consider, such as potential regulatory changes, market volatility, and competition from other players in the industry. It is important for investors to carefully monitor this stock and its performance over time to make informed decisions about their investments.