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
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