Singapore: Abaxx Technologies Inc (Abaxx) has announced the addition of Yongan International Financial (Singapore) Pte Ltd (Yongan International SG) as a clearing and trading member on the Abaxx Exchange, effective from June 29.

According to BERNAMA News Agency, Yongan International SG, a futures brokerage based in Singapore, has received approval to serve as a clearing member of Abaxx Clearing and as a trading member of Abaxx Exchange. This development is anticipated to enhance the exchange's clearing network, broadening access to risk management tools within the regional commodities markets.

Abaxx Exchange Chief Executive Officer, Nancy Seah, emphasized the significance of Yongan International SG's participation, highlighting its role in strengthening the exchange's capabilities. Josh Qiao, CEO of Yongan International SG, echoed these sentiments, noting that the membership will allow clients access to contracts that aid in risk management and price discovery across various sectors such as energy, metals, and industrial supply chains.

The membership grants Yongan International SG the ability to offer direct access to Abaxx's energy, environmental, battery materials, and precious metals markets to commercial hedgers and institutional clients throughout Hong Kong and Asia. Abaxx pointed out that with this approval, Yongan International SG becomes the first Chinese-backed futures firm authorized to trade and clear products listed on the Abaxx Exchange.

Yongan International SG operates as a wholly-owned subsidiary of Xin Yongan International Financial Holdings Ltd, based in Hong Kong, which itself is a subsidiary of Yongan Futures Co Ltd. Abaxx Technologies, the majority shareholder of Abaxx Singapore Pte Ltd, continues to focus on providing financial software and market infrastructure, operating both Abaxx Exchange and Abaxx Clearing in Singapore.