- Abaxx Exchange Completes First Physical Delivery Under Gold Singapore Futures Contract
Feb 24, 2026
StoneX Group Inc.
First physical delivery validates the Company's integrated gold market infrastructure in Singapore
TORONTO and SINGAPORE, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), StoneX Financial Pte. Ltd. ("StoneX"), a subsidiary of StoneX Group Inc. (NASDAQ: SNEX), and KGI Securities (Singapore) Pte. Ltd. a subsidiary of KGI Financial Holding Co., Ltd. (2883.TW), today announced the successful first delivery under the Abaxx Gold Singapore Futures contract on Abaxx Exchange.
The Abaxx Gold Singapore Futures Feb 2026 contract was physically settled, with delivery completed between MTS Gold Group and Kilo Capital, with clearing services provided by StoneX and KGI Securities, and inventory transfer supported by Abaxx Spot. The transaction represents the first gold futures position on Abaxx Exchange carried through to physical delivery, and the first Abaxx Spot inventory transfer associated with a futures delivery. The delivery demonstrates the contract’s function as a regionally anchored benchmark for price discovery and commercial risk management in the Asian physical gold market.
“StoneX is proud to be the first clearing member to complete a physical delivery on Abaxx Exchange, marking an important milestone in bringing this exciting new market infrastructure and capability to Singapore,” said Lian Tuck Lee, Head of Listed Derivatives, Asia, StoneX Financial Pte. Ltd. “Along with being the first clearer on Abaxx Exchange, this new achievement reinforces our commitment to expanding access, deepening liquidity, and delivering best‑in‑class hedging and risk‑management solutions for StoneX clients globally. With StoneX's deep expertise in the physical markets, and specifically in precious metals, we look forward to working with Abaxx to open new commercial avenues and bring additional transparency and efficiency in the gold trading marketplace.”
“KGI Securities is proud to serve as Asia’s gateway to the global market by facilitating this historic first delivery on Abaxx Exchange,” said Ken Ong CEO, KGI Securities (Singapore) Pte. Ltd. “This milestone validates the importance of a regionally anchored, physically settled gold benchmark. By bridging the gap between sophisticated futures trading and physical delivery in Singapore, we are empowering our clients with the transparency and security required to navigate the evolving global commodities landscape.”
Story Continues
“MTS Gold Group is proud to be the first physical market participant to complete a physical delivery on Abaxx Exchange,” said Mr Nuttapong Hirunyasiri, CEO, MTS Gold Group. “We are excited to facilitate access for the market through Abaxx, and to further support this contract and the precious metals market. With MTS Gold Group’s existing expertise in the physical and exchange-traded markets, we are proud to be a pioneer participant in marking an important milestone in developing the precious metals market in Singapore and look to further strengthen our commitment to providing comprehensive solutions in this ecosystem.”
"As a North American leader in precious metals inventory finance and physical supply, the Abaxx Gold Singapore Futures contract gives us direct tools to hedge kilobar inventory exposures and align our financing solutions with actual Asian physical flows," said Wade Brennan, CEO of Kilo Capital. "Abaxx's integrated gold market infrastructure cuts through traditional OTC frictions and offshore settlement barriers, unlocking new commercial opportunities in cross-border gold trading."
The Abaxx Gold Singapore Futures contract, launched in June 2025, is part of Abaxx Exchange’s growing suite of futures contracts across energy, environmental, battery materials, and precious metals markets. For more information on Abaxx Gold Singapore Futures, please visit here. For more information on Abaxx Spot visit here.
About StoneX
StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. StoneX strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance.
A Fortune-50 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its over 5,400 employees serve more than 80,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on StoneX is available at www.stonex.com.
About KGI Securities (Singapore)
KGI Securities (Singapore) is a premier global financial services platform and a central hub for the Asia- Pacific region. We provide essential market access, execution, and clearing services to institutional, professional, and retail clients. Based in Singapore, we leverage our deep local roots and extensive regional network to connect clients to the world’s most liquid markets through a sophisticated suite of products—spanning Securities, Futures, Options, FX and Wealth Management.
As the regional powerhouse of the KGI Financial Group (one of Asia’s largest diversified financial institutions with over USD 130 billion in assets), KGI Securities (Singapore) combines the strength of a global giant with the agility and personalized service of a Singapore-based partner. More Information on KGI Singapore is available at www.kgieworld.sg.
About Abaxx Technologies
Abaxx Technologies is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transition.
In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is the majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiary Abaxx Spot Pte. Ltd., the operator of Abaxx Spot.
Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally-cleared, physically-deliverable futures contracts in LNG, carbon, battery materials, and precious metals, meeting the commercial needs of today’s commodity markets and establishing the next generation of global benchmarks.
Abaxx Spot modernizes physical gold trading through a digitally integrated, physically-backed gold pool in Singapore. It is set to become the first market infrastructure to align spot and futures gold markets in the same location—enabling secure electronic transactions, efficient OTC transfers, and physical delivery for Abaxx Exchange’s gold futures contracts to deliver smarter gold markets.
For more information, visit abaxx.tech | abaxx.exchange | abaxxspot.com | basecarbon.com | smartermarkets.media
For more information about this press release, please contact:
Steve Fray, CFO
Tel: +1 647-490-1590
Media and investor inquiries:
Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 647-490-1590
E-mail: ir@abaxx.tech
StoneX
Corporate Communications
Tel: +1 646-984-1967
E-mail: media@stonex.com
Cautionary Statement Regarding Forward-Looking Information
This joint press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx or StoneX’s future plans, objectives, or goals, including words to the effect that Abaxx or StoneX expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward- looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx and StoneX, Abaxx and StoneX do not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.
Forward-looking information related to Abaxx in this press release includes but is not limited to, Abaxx’s objectives, goals, future plans and products, the implementation of Abaxx’s Gold Singapore Futures contract and the associated benefits to Abaxx. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions; protection of intellectual property rights; contractual risk; third-party risk; clearinghouse risk; malicious actor risks; third- party software license risk; system failure risk; risk of technological change; dependence of technical infrastructure; changes in global weather patterns; changes in the price of commodities, capital market conditions, restrictions on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management’s discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.
Forward-looking statements related to StoneX are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by StoneX Group Inc. with the SEC, including those risks set forth under the heading “Risk Factors” in the company’s most recent Annual Report on Form 10-K and, to the extent applicable, subsequent Quarterly Reports on Form 10-Q and other filings made time to time with the SEC. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.
Abaxx and StoneX caution that the foregoing list of material factors is not exhaustive. In addition, although Abaxx and StoneX have attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx and StoneX have assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward- looking statements and information contained in this press release represent the expectations of Abaxx and StoneX as of the date of this press release and, accordingly, is subject to change after such date. Both StoneX and Abaxx undertake no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. For these statements, StoneX Group Inc. claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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- Abaxx Exchange Completes First Physical Delivery Under Gold Singapore Futures Contract
Feb 24, 2026
Abaxx Technologies Inc.
First physical delivery validates the Company's integrated gold market infrastructure in Singapore
TORONTO and SINGAPORE, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), StoneX Financial Pte. Ltd. ("StoneX"), a subsidiary of StoneX Group Inc. (NASDAQ: SNEX), and KGI Securities (Singapore) Pte. Ltd. (“KGI Securities”) a subsidiary of KGI Financial Holding Co., Ltd. (2883.TW), today announced the successful first delivery under the Abaxx Gold Singapore Futures contract on Abaxx Exchange.
The Abaxx Gold Singapore Futures Feb 2026 contract was physically settled, with delivery completed between MTS Gold Group and Kilo Capital, with clearing services provided by StoneX and KGI Securities, and inventory transfer supported by Abaxx Spot. The transaction represents the first gold futures position on Abaxx Exchange carried through to physical delivery, and the first Abaxx Spot inventory transfer associated with a futures delivery. The delivery demonstrates the contract’s function as a regionally anchored benchmark for price discovery and commercial risk management in the Asian physical gold market.
“StoneX is proud to be the first clearing member to complete a physical delivery on Abaxx Exchange, marking an important milestone in bringing this exciting new market infrastructure and capability to Singapore,” said Lian Tuck Lee, Head of Listed Derivatives, Asia, StoneX Financial Pte. Ltd. “Along with being the first clearer on Abaxx Exchange, this new achievement reinforces our commitment to expanding access, deepening liquidity, and delivering best‑in‑class hedging and risk‑management solutions for StoneX clients globally. With StoneX's deep expertise in the physical markets, and specifically in precious metals, we look forward to working with Abaxx to open new commercial avenues and bring additional transparency and efficiency in the gold trading marketplace.”
“KGI Securities is proud to serve as Asia’s gateway to the global market by facilitating this historic first delivery on Abaxx Exchange,” said Ken Ong CEO, KGI Securities (Singapore) Pte. Ltd. “This milestone validates the importance of a regionally anchored, physically settled gold benchmark. By bridging the gap between sophisticated futures trading and physical delivery in Singapore, we are empowering our clients with the transparency and security required to navigate the evolving global commodities landscape.”
Story Continues
“MTS Gold Group is proud to be the first physical market participant to complete a physical delivery on Abaxx Exchange,” said Mr Nuttapong Hirunyasiri, CEO, MTS Gold Group. “We are excited to facilitate access for the market through Abaxx, and to further support this contract and the precious metals market. With MTS Gold Group’s existing expertise in the physical and exchange-traded markets, we are proud to be a pioneer participant in marking an important milestone in developing the precious metals market in Singapore and look to further strengthen our commitment to providing comprehensive solutions in this ecosystem.”
"As a North American leader in precious metals inventory finance and physical supply, the Abaxx Gold Singapore Futures contract gives us direct tools to hedge kilobar inventory exposures and align our financing solutions with actual Asian physical flows," said Wade Brennan, CEO of Kilo Capital. "Abaxx's integrated gold market infrastructure cuts through traditional OTC frictions and offshore settlement barriers, unlocking new commercial opportunities in cross-border gold trading."
The Abaxx Gold Singapore Futures contract, launched in June 2025, is part of Abaxx Exchange’s growing suite of futures contracts across energy, environmental, battery materials, and precious metals markets. For more information on Abaxx Gold Singapore Futures, please visit here. For more information on Abaxx Spot visit here.
About StoneX
StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. StoneX strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance.
A Fortune-50 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its over 5,400 employees serve more than 80,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on StoneX is available at www.stonex.com.
About KGI Securities (Singapore)
KGI Securities (Singapore) is a premier global financial services platform and a central hub for the Asia- Pacific region. We provide essential market access, execution, and clearing services to institutional, professional, and retail clients. Based in Singapore, we leverage our deep local roots and extensive regional network to connect clients to the world’s most liquid markets through a sophisticated suite of products—spanning Securities, Futures, Options, FX and Wealth Management.
As the regional powerhouse of the KGI Financial Group (one of Asia’s largest diversified financial institutions with over USD 130 billion in assets), KGI Securities (Singapore) combines the strength of a global giant with the agility and personalized service of a Singapore-based partner. More Information on KGI Singapore is available at www.kgieworld.sg.
About Abaxx Technologies
Abaxx Technologies is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transition.
In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is the majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiary Abaxx Spot Pte. Ltd., the operator of Abaxx Spot.
Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally-cleared, physically-deliverable futures contracts in LNG, carbon, battery materials, and precious metals, meeting the commercial needs of today’s commodity markets and establishing the next generation of global benchmarks.
Abaxx Spot modernizes physical gold trading through a digitally integrated, physically-backed gold pool in Singapore. It is set to become the first market infrastructure to align spot and futures gold markets in the same location—enabling secure electronic transactions, efficient OTC transfers, and physical delivery for Abaxx Exchange’s gold futures contracts to deliver smarter gold markets.
For more information, visit abaxx.tech | abaxx.exchange | abaxxspot.com | basecarbon.com | smartermarkets.media
For more information about this press release, please contact:
Steve Fray, CFO
Tel: +1 647-490-1590
Media and investor inquiries:
Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 647-490-1590
E-mail: ir@abaxx.tech
StoneX
Corporate Communications
Tel: +1 646-984-1967
E-mail: media@stonex.com
Cautionary Statement Regarding Forward-Looking Information
This joint press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx, StoneX or KGI Securities’ future plans, objectives, or goals, including words to the effect that Abaxx, StoneX or KGI Securities expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, StoneX and KGI Securities, the parties do not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.
Forward-looking information related to Abaxx in this press release includes but is not limited to, Abaxx’s objectives, goals, future plans and products, the implementation of Abaxx’s Gold Singapore Futures contract and the associated benefits to Abaxx. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions; protection of intellectual property rights; contractual risk; third-party risk; clearinghouse risk; malicious actor risks; third- party software license risk; system failure risk; risk of technological change; dependence of technical infrastructure; changes in global weather patterns; changes in the price of commodities, capital market conditions, restrictions on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management’s discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.
Forward-looking statements related to StoneX are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by StoneX Group Inc. with the SEC, including those risks set forth under the heading “Risk Factors” in the company’s most recent Annual Report on Form 10-K and, to the extent applicable, subsequent Quarterly Reports on Form 10-Q and other filings made time to time with the SEC. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.
Abaxx, StoneX and KGI Securities caution that the foregoing list of material factors is not exhaustive. In addition, although Abaxx, StoneX, and KGI Securities have attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx, StoneX, and KGI Securities have assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represent the expectations of Abaxx, StoneX and KGI Securities as of the date of this press release and, accordingly, is subject to change after such date. StoneX, KGI Securities and Abaxx undertake no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. For these statements, StoneX Group Inc. claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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- Energy & Utilities Roundup: Market Talk
Sep 9, 2025
Find insight on Infratil, oil futures and more in the latest Market Talks covering Energy and Utilities.
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- KGI Securities Receives Membership Approval, Joins Abaxx Exchange as Clearing and Trading Member
Feb 14, 2024
Abaxx Technologies Inc.
KGI Securities will offer its clients access to Abaxx Exchange’s physically deliverable commodities contracts to facilitate their energy transition needs
SINGAPORE, Feb. 14, 2024 (GLOBE NEWSWIRE) -- KGI Securities (Singapore) Pte. Ltd. (“KGI Securities”), a wholly-owned subsidiary of KGI Securities Co. Ltd. and China Development Financial Holding Corporation (TPE: 2883) and Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx”), today announced that KGI Securities has become an approved clearing and trading member of Abaxx’s majority-owned Singapore-based exchange (“Abaxx Exchange”) and clearinghouse (“Abaxx Clearing”), facilitating centrally cleared, physically-deliverable futures contracts, and licensed as a Recognised Market Operator (“RMO”) and Approved Clearing House (“ACH”) with the Monetary Authority of Singapore (“MAS”).
KGI Securities’ clients will be among the first to access Abaxx Exchange’s first-of-their-kind, physically-deliverable futures contracts, including liquefied natural gas (“LNG”), nickel sulphate, and carbon, each on track to begin trading in the current quarter. KGI’s membership will enable their global client base to benefit from Abaxx’s market price discovery and enhanced risk management tools for energy transition-related commodities.
“We have witnessed exponential growth in our energy and commodities trading volumes over the years,” said Ken Ong, KGI Securities (Singapore) CEO. “The new Abaxx Exchange will revolutionize the way our clients engage in commodities trading, providing them with advanced risk management tools and technologies that facilitate seamless transactions.”
The partnership between KGI Securities and Abaxx Exchange brings together KGI Securities’ extensive experience in commodities trading and Abaxx Exchange’s state-of-the-art marketplace. By combining their expertise, the two organizations aim to empower market participants with innovative solutions and unlock new avenues for success.
Story continues
KGI Securities has an established presence in Asia and with its 24-hour coverage, the multi-product and client-centric solutions entity offers one-stop service to clients in Asia, positioning itself as an ideal choice for clients looking to connect to Abaxx Exchange.
Nancy Seah, CEO, Abaxx Exchange said: “Record trading volumes on existing exchanges speak to an environment that is ready for new benchmark contracts for energy transition commodities along with better tools for managing new risk sources. We look forward to working alongside KGI Securities to help our collective clients navigate the unique challenges presented by our transition to a lower-carbon economy with the introduction of smarter markets.”
About KGI Securities
Now in its 50th year, KGI Securities is one of the premier securities firms in the Asia Pacific region, with over USD 6.37 billion in equity capital. KGI Securities provides direct-access online trade execution and clearing services to institutional and professional traders for a wide variety of electronically traded products including stocks, options, futures, commodities, currencies, bonds, gold and funds worldwide.
KGI Securities is headquartered in Taipei, Taiwan and has 5,000+ employees in its 100+ offices across the globe in Hong Kong, Singapore, Shanghai, Thailand, Indonesia and more.
KGI Securities is regulated by the MAS, SFC, FSC, SEC, OJK and other regulatory agencies around the world.
About Abaxx
Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by MAS as an RMO and ACH, respectively.
Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.
For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.
Media contacts
For media inquiries, please contact:
Keith Tan
Marketing Manager, on behalf of KGI Securities
keith.tan@kgi.com
Media and Investor Inquiries:
Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 246 271 0082
E-mail: ir@abaxx.tech
For more information about Abaxx related to this press release, please contact:
Steve Fray, CFO of Abaxx
Tel: 416-786-4381
Cautionary Statement Regarding Forward-Looking Information
This joint press release includes certain “forward-looking statements which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx or KGI Securities’ future plans, objectives, or goals, including words to the effect that Abaxx or KGI Securities expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx and KGI Securities, Abaxx and KGI Securities do not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward- looking information.
Forward-looking information related to Abaxx in this press release includes but is not limited to, Abaxx’s objectives, goals or future plans, the ability to utilize the ACH and RMO licenses to launch a regulated trading marketplace on an economic basis, in a timely fashion, or at all, maintenance of regulatory approvals including the ACH and RMO licenses, timing of the commencement of operations of Abaxx Clearing and Abaxx Exchange, financial predictions, estimates of market conditions, including market conditions for energy transition commodities, benefits of the collaboration with KGI Securities and future product offerings. Such factors include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.
Abaxx and KGI Securities caution that the foregoing list of material factors is not exhaustive. In addition, although Abaxx and KGI Securities have attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx and KGI Securities have assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx and KGI Securities as of the date of this press release and, accordingly, is subject to change after such date. Both KGI Securities and Abaxx undertake no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. CBOE Canada does not accept responsibility for the adequacy or accuracy of this press release.
- ThreeD Completes US$400,000 Investment into XREX Inc.
Aug 24, 2021
TORONTO, Aug. 24, 2021 (GLOBE NEWSWIRE) -- ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK) (OTCQX:IDKFF), a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to announce XREX Inc. (“XREX”), a Taiwan-based blockchain TradeTech company closed its US$17 million Pre-A round of financing.
ThreeD participated in this investment round by providing US$400,000 to acquire 282,386 Series Pre-A Preferred Shares of XREX.
“We are very excited about our investment in XREX and its commitment to financial inclusion,” said Sheldon Inwentash, Chairman and CEO of ThreeD. “The cryptocurrency space can be intimidating and complicated, especially for those in emerging economies, where access to resources and financial markets is not easily accessible. XREX is accelerating international trade for emerging economies using blockchain technology in a secure, compliant, and easy-to-use manner. With the company's technology, international focus, and expert management team, we believe XREX has strong growth potential and is solving a critical issue faced by cross-border merchants in today's economy.”
“We've known ThreeD Capital for three years and are thrilled to have them participate in our Pre-A round. ThreeD Capital brings a rare combination of broad management experience and a deep understanding of the blockchain industry. We look forward to receiving their guidance and leveraging their network in both traditional and blockchain-focused financial industries,“ said Wayne Huang, co-founder and CEO of XREX.
More information on this subject can be found in XREX’s press release below:
Taipei, Taiwan, Aug 22, 2021--XREX, a crypto-fiat fintech company driving financial inclusion via blockchain, closed its $17 million Pre-A round, which was oversubscribed by 200%. XREX will use the funding to expand its fiat currency portfolio, acquire additional licenses, and forge partnerships with more financial institutions and digital wallets.
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Led by CDIB Capital Group (TWSE: 2883), the consortium of global investors includes publicly-listed companies, major banks, venture capital firms, and top fintech investors from the US, Canada, Germany, Estonia, Singapore, Japan, Hong Kong, and Taiwan. The strong participation by publicly-listed companies underscores XREX’s commitment to compliance with regulatory bodies.
Other investors in this Pre-A round also include SBI Investment (subsidiary of SBI Holdings, TYO: 8473), Global Founders Capital, ThreeD Capital (CSE: IDK), E.Sun Venture Capital (TWSE: 2884), Systex Corporation (TWSE: 6214), Metaplanet Holdings, AppWorks, Black Marble, New Economy Ventures, and Seraph Group. XREX closed its $7 million seed round in 2019. The investors in that round included AppWorks (lead), Skype’s late-cofounder Toivo Annus, Metaplanet Holdings, Black Marble, CDIB, WI Harper, BitoEx, and the Taiwan government’s National Development Fund.
“CDIB was an early investor in XREX,” said Ryan Kuo, Head of CDIB Capital Innovation Fund. “After witnessing the company’s fast revenue growth and their commitment to compliance, we were determined to double our investment and lead this strategic round.”
“Our mission is to foster global financial inclusion by leveraging blockchain,” said XREX CEO and cofounder Wayne Huang, an internationally-recognized cybersecurity expert. “Many of our team members are from or have lived in the markets where we serve. We keenly understand the struggles faced by many cross-border merchants who lack safe access to US dollar liquidity.”
By working with local regulators and financial institutions, XREX has pioneered tools such as BitCheck and MyXchange to help merchants and SMEs in emerging markets reduce forex loss, gain access to US dollars and seamlessly cross over from informal to formal economy.
Capitalizing on a successful series of new features including their mandatory User Public Profile as well as their Risk Level Detector features, XREX will roll out a user Reputation Index next year to bolster safety, transparency and accountability while encouraging social networking.
In the last eight months, XREX successfully detected and prevented fraud rings from Russia and Nigeria from using the platform, attesting to XREX as one of the safest crypto-fiat currency platforms in the world.
“Helping entrepreneurs to succeed is a priority for us,” said Yoshitaka Kitao, Representative Director & Chairman of SBI Investment. “We believe XREX solutions open the door for underserved merchants to participate in global commerce on an even playing field.”
Jerry Horng, President of Black Marble Capital Management who serves on XREX’s board, said, “We were an early investor of XREX and we’re excited to continue our support in this round. XREX is uniquely positioned to connect Taiwan’s mature banking industry with the booming cross-border commerce currently seen in emerging markets.”
Recognizing compliance is core to digital currency adoption, XREX partners with several leading compliance and anti-money laundering providers such as CipherTrace, Sum&Substance, and TRISA.
“XREX has shown above-expectation growth since their graduation from our AW#17 accelerator batch in 2018. We are thrilled to back them again,” said Joseph Chan, a Partner at AppWorks who serves on XREX's board. “This round will accelerate XREX’s capability of combining their unmatched cybersecurity expertise with leading compliance technologies to create a safer and cleaner ecosystem for crypto-enabled merchants, digital asset owners, and entrepreneurs.”
ABOUT XREX
Founded in Aug 2018 and headquartered in Taipei, XREX Inc. is a crypto-fiat fintech company with a mission of driving financial inclusion by solving the dollar liquidity shortage issue in emerging economies. Armed with a team of world-leading experts in compliance, cryptocurrency, blockchain, fintech and cross-border payments, XREX offers innovative solutions to help cross-border SMEs compete on an even playing field. Follow XREX on Twitter, Facebook, Medium, and LinkedIn.
ABOUT THE COFOUNDERS
Chief Executive Officer
Wayne Huang is an internationally-recognized cybersecurity expert instrumental in developing innovative blockchain-based solutions currently used in several emerging markets. He founded Amorize Technologies in 2006, a leading developer of cloud-based (SaaS) anti-malware products which was later acquired by ProofPoint (NASDAQ: PFPT), where he served as the VP of Engineering for five years before founding XREX Inc. Huang is a highly sought after speaker and presenter at cybersecurity and blockchain-focused conferences around the world.
Chief Revenue Officer
Winston Hsiao is an economist, serial entrepreneur, active crypto trader, and angel investor in a number of start-ups in Asia. He founded Taiwan’s first Bitcoin exchange BTCEx-TW in 2013. He is also the founder and CEO of Verico International. After having grown up in India, Hsiao has an acute understanding of the challenges faced by SMEs and merchants in emerging markets. His role in XREX combines his passion for financial inclusion and his expertise in blockchain and cross-border payment. Winston divides his time between Taipei and India.
Media Contact and Interview Requests:
Yoyo Yu
XREX Inc.
yoyoyu@xrex.io
https://xrex.io
About ThreeD Capital Inc.
ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.
For further information:
Jakson Inwentash
Vice President Investments
jinwentash@threedcap.comPhone: 416-941-8900 ext 107
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although the Company believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
- Edited Transcript of 2883.TW earnings conference call or presentation 15-Apr-20 10:00am GMT
Jul 25, 2020
Q4 2019 China Development Financial Holding Corp Earnings Presentation Taipei Jul 25, 2020 (Thomson StreetEvents) -- Edited Transcript of China Development Financial Holding Corp earnings conference call or presentation Wednesday, April 15, 2020 at 10:00:00am GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Lily Li China Development Financial Holding Corporation - IR ================================================================================ Presentation -------------------------------------------------------------------------------- Lily Li, China Development Financial Holding Corporation - IR [1] -------------------------------------------------------------------------------- Welcome to CDF's performance review for the fourth quarter of 2019 with our spokesperson, Mr. Richard Chang, and I'm Lily from the IR team at CDF. To enhance the investor communication from 2020, our performance review will be held on a quarterly basis instead of by annual basis. Today's broadcast consists of 2 parts. We will first start with a 15-minute presentation followed by a question-and-answer session. Please follow the instructions at that time if you would like to raise any questions. Today's presentation will begin with CDF's performance review followed by performance update of CDF's subsidiaries. That is China Life, KGI Bank, KGI Securities and CDIB Capital Group. Without further delay, please turn to Page 5 for a quick summary. With CDF's continued efforts to increase capital efficiency and cross-selling synergies, CDF's net income reached a 13-year high of TWD 12.8 billion in 2019, up significantly by 63% on a Y-o-Y basis with EPS of TWD 0.88 per share. And we just announced our Board's resolution to distribute cash dividend of TWD 0.6 per share for 2019 for a payout ratio of 68% and a dividend yield of around 7% based on CDF 60-day average closing price. With 4 core business drivers providing more balanced earnings sources, 32% of CDF's profit in 2019 came from KGI Securities, followed by 26% from China Life, 24% from KGI Bank and 16% from CDIB Capital Group. CDF will also actively promote corporate governance and sustainable development. For example, on the environmental front, in 2019, CDF has been promoting green procurement and KGI Bank has increased its green project financing to enhance sustainability. On the social front, in addition to our long-term support for social care programs, KGI Bank has also increased its involvement in inclusive finance. On the corporate governance front, achievement of CDF and China Life was evidenced by our inclusion in the FTSE4Good Emerging Index and FTSE4Good TIP Taiwan ESG Index for several years in a row. Regarding our efforts and offerings amid COVID-19 outbreak. In addition to relocating our staff to set up offices and strengthening the ventilation, disinfection and sanitation of our business premises, CDF subsidiaries offers clients various online financial services to help them through this difficult time, such as online loan application, investment or trading order placement and customer caring measures for the insurance policyholders, et cetera. COVID-19 pandemic has continued to drag down global capital markets, weighing on CDF's brokerage business and investment valuation. Nevertheless, China Life managed to deliver resilient earnings. For the first quarter of 2020, CDF reported an unaudited net loss of TWD 488 million, primarily resulting from CDIB Capital Group's net loss of TWD 1,717 million. CDIB Capital Group's net loss was primarily due to unrealized mark-to-market valuation loss in the face of capital market fluctuations, and we anticipate such valuation should be back to normal once the virus is under control. We did observe that global stock markets have gradually got back on track since the beginning of April, primarily due to major central banks, accommodative monetary policies and intervention. However, we have thoroughly reviewed the credit quality of our loan and investment portfolio. Although there is no default case associated with COVID-19 so far, we have further tightened our already prudent risk management by increasing the frequency of monitoring and assessing the economic impact of COVID-19 on our profit and net worth and conducting stress tests for stricter supervision of our Board and risk management committee. Next, regarding our subsidiaries performance. China Life continues to deliver solid growth and earnings. Its total assets surpassed TWD 2 trillion with net worth reaching TWD 142.7 billion as of the end of 2019. In addition, VNB margin has been increased with a focus on traditional regular premium products. You may be concerned about the status of CDF's acquisition of further equity interest in China Life. CDF currently holds a 35% stake in China Life after it acquired 25% of China Life's share on September 13, 2017. In order to balance the interest of shareholders of both companies during a period of volatility and uncertainty, CDF applied to Financial Supervision Commission to delay the further acquisition of China Life. And on April 7, FSC approved a grace period before June 13, 2022 when CDF Board members' term expire. As to KGI Bank, it continues to implement its customer-centric and value-oriented strategies to focus on better efficiency, lower funding costs and higher asset yield, all aiming to increase its ROE. As to KGI Securities, it continues to focus on wealth management business, leverage fintech to enhance customers' digital experience and rationalize its regional footprint to complement Taiwan and add revenue diversification. It is worth mentioning that its subsidiary, KGI SITE, has initiated a transformation plan since March 2018 and witnessed its AUM growing by leaps and bounds to reach TWD 167.2 billion as of the end of 2019, up 451% on a Y-o-Y basis and ranking seventh among its peers. Last but not least, CDIB Capital Group continues to monetize its principal investment while its private equity AUM has been growing fast with multiple forward-looking thematic funds in the pipeline. More specifically, please turn to Page 6. The chart shows CDF's net income of TWD 2.2 billion in the fourth quarter of 2019 with KGI Securities being the largest profit contributor. And Page 7 show that CDF reported net income of TWD 12.8 billion in 2019. And KGI Securities was again the largest profit contributor, followed by China Life. Now please turn to Page 9. China Life continues to deliver solid growth with net profit hitting a record high of TWD 13.6 billion in 2019, up 34% on a Y-o-Y basis. Its shareholder equity rose to TWD 142.7 billion as of the end 2019, up 95% on a Y-o-Y basis. EPS also rose to TWD 3.2 and ROE to 12.6% for 2019 with a solid RBC of 305%. Please turn to Page 10. As China Life continues to promote traditional and regular premium products to enhance new business value, regular premium products accounted for 40% of FYP in 2019, boosting VNB margin to 23%. Now let's move on to Page 12 for KGI Bank's overview. We resumed profitability from global markets contributing to its already stable core revenue. KGI Bank's net profit increased to TWD 3.6 billion while PPOP increased to TWD 5.2 billion in 2019. And Page 13 shows that ROE and ROA in 2019 also improved to 5.9% and 0.5%, respectively. Page 14 shows that loan growth has moderated from 14.3% in 2018 to 2% in 2019, mainly due to KGI Bank's strategy to optimize its loan portfolio by focusing on yield enhancement rather than growth alone. And Page 15 show that total deposits stayed flat in 2019 on a Y-o-Y basis. However, you will notice the realignment of deposit structure with our cross-selling efforts and expanding product lines. As a result, the demand deposit ratio has increased to a 3-year high of 30% to further reduce the funding cost. Please turn to Page 18 for KGI Bank's asset quality. With strong risk discipline, KGI Bank maintained a stable NPL ratio of 0.17% as of the end of 2019, much lower than the peer average of 0.21%. And KGI Bank has also maintained a solid and higher-than-average NPL loan coverage ratio of 1.29. Please turn to Page 21. KGI Bank has maintained a solid capitalization through these years with BIS ratio reaching 15.4% as of the end of 2019. As to KGI Securities, please turn to Page 24. Stable brokerage commissions has been KGI Securities' main revenue drivers while the rebound in investment income also contributed to its profit for the fourth quarter of 2019. And Page 25 show that with KGI Securities' leadership as a regional brokerage in Asia, its overseas operations generated approximately 20% of its overall profit during the past 2 years and will continue to complement business in Taiwan. Now let's move on to Page 29 for CDIB Capital Group. Echoing CDF's strategy to monetize assets and reallocate capital, CDIB Capital Group's principal investments stood at TWD 30.9 billion as of the end of 2019, as shown in the chart on the right-hand side. On the other hand, our PE fund AUM has been fast growing and registered TWD 42.3 billion in AUM as of the end of 2019 with multiple forward-looking thematic funds in the pipeline to further increase our AUM. And Page 30 shows that our asset management portfolio covers the entire spectrum of investing, including 4 NT dollar-denominated funds, 4 U.S. dollar-denominated funds and 3 renminbi-denominated funds already established to focus on different regions and investment stages. This page summarizes fund size, vintage year, our shareholding of these 11 funds under our management for you quick review. This concludes today's presentation session. And now, we begin the question-and-answer session. Please submit your name, your institution and your question into the input box on the webcast window, and you will be interviewed. As there is no further questions, we thank you for your participation in CDF's webcast conference. There will be a webcast replay within an hour. Please visit www.cdibh.com, under the Investor Relations section. And if you have further questions, please do feel free to contact our IR team. You may now disconnect. Thank you again and goodbye.
- Edited Transcript of 2883.TW earnings conference call or presentation 28-May-20 9:30am GMT
Jun 29, 2020
Q1 2020 China Development Financial Holding Corp Earnings Presentation Taipei Jun 29, 2020 (Thomson StreetEvents) -- Edited Transcript of China Development Financial Holding Corp earnings conference call or presentation Thursday, May 28, 2020 at 9:30:00am GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Lily Li China Development Financial Holding Corporation - IR ================================================================================ Presentation -------------------------------------------------------------------------------- Lily Li, China Development Financial Holding Corporation - IR [1] -------------------------------------------------------------------------------- Welcome to CDF's performance review for the first quarter of 2020, and I'm Lily from the IR team at CDF. To enhance investor communications, we began to hold quarterly investor conference in 2020 instead of on a biannual basis. However, CDF has not published its audited quarterly financial statements. And therefore, the financial information included in this presentation is unaudited and subject to revision upon completion of CDF's audit process. Today's broadcast consists of 2 parts. We will start with a 15-minute presentation, followed by a question-and-answer session. Please follow the instruction at that time if you would like to raise any question. Today's presentation will begin with CDF's performance review, followed by performance updates of CDF subsidiaries, that is China Life, KGI Bank, KGI Securities and CDIB Capital Group. Without further delay, please turn to Page 5 for a quick summary. The COVID-19 pandemic outbreak has tracked down global financial markets, and CDF posted unaudited net loss of TWD 488 million for the first quarter of this year, with China Life still being the largest profit contributor for TWD 1.198 billion, followed by TWD 532 million from KGI Bank, while KGI Securities posted net loss of TWD 322 million, and CDIB Capital Group, in particular, posted net loss of TWD 1.717 billion, mainly due to unrealized mark-to-market loss. However, we anticipate such investment valuation should pick up amid financial market recovery due to COVID-19 containment and stimulus package adopted by major economies. It is worth mentioning that CDF's unaudited net income rebounded to TWD 2.056 billion in April, bringing net income to TWD 1.567 billion for the first 4 months of 2020, with China Life contributing TWD 1.434 billion for the first 4 months, KGI Bank contributing TWD 990 million, KGI Securities contributing TWD 611 million, while CDIB Capital Group's net loss has narrowed to TWD 900 million as global capital markets recovered from previous downswings. We did observe that global financial markets have gradually got back on track since April. However, we have thoroughly reviewed the credit quality of our loan and investment portfolio and have further tightened our already prudent risk management by increasing the frequency of monitoring and evaluating the economic impact of COVID-19 on our profit and net worth as well as conducting stress tests for stricter supervision of our Board and Risk Management Committee. Next, regarding each subsidiary's performance. China Life continues to deliver resilient net income of TWD 4.459 billion for the first quarter of 2020, of which CDF recognized TWD 1.198 billion. Its VNB margin has been increased with a focus on traditional regular premium products. You may be concerned about the status of CDF's acquisition of further equity interest in China Life. The FSC approved a grace period before June 2022 when CDF's Board members' terms expire, and CDF will report any progress in the deal to the Board and FSC on a regular basis. As to KGI Bank, it continues to implement its customer-centric and value-oriented strategies to focus on better efficiency, lower funding costs and higher asset yield, all aiming to increase its ROE. In spite of stable core earnings, KGI Bank posted net income of only TWD 565 million for the first quarter of this year as trading was impacted by financial market fluctuations. However, with solid capital structure and sound asset quality, KGI Bank will continue to optimize its loan and deposit structure to lower funding cost and enhance yield. As to KGI Securities, affected by the fluctuations of global financial markets, KGI Securities posted net profit of TWD 71 million in the first quarter of this year. In addition to strengthening its risk management, KGI Securities will also continue to rationalize its regional footprint to complement Taiwan and add revenue diversification as well as grasping opportunities amid COVID-19 storm. Last but not least, affected by capital market corrections, CDIB Capital Group posted net loss of TWD 1.717 billion for the first quarter of this year primarily resulting from unrealized mark-to-market valuation loss. With investment valuations coming down as well as small and midsized venture capitals exiting the market, CDIB Capital Group is actually in a better position to engage targets at more reasonable price. In addition, CDIB Capital Group continues its asset monetization strategy, and CDF's Board recently approved the launch of a public tender for our headquarters building. On the other hand, its private equity AUM reached TWD 37.5 billion as of the end of the first quarter of this year, with multiple forward-looking thematic funds in the pipeline. More specifically, please turn to Page 6. The chart shows CDF's net loss of TWD 488 million in the first quarter of this year, with China Life still being the largest profit contributor. Now please turn to Page 8. China Life continues to deliver solid growth with net income of TWD 4.46 billion in the first quarter of this year. Please turn to Page 9. As China Life continues to promote traditional and regular premium products to enhance new business value, regular premium products accounted for 45% of FYP in the first quarter of 2020, boosting its VNB margin to 32%. Now let's move on to Page 11 for KGI Bank's net revenue. KGI Bank maintained steady growth of 12% in core revenue for the first quarter of this year although its trading income was impacted by financial market fluctuation. The chart on the left-hand side of Page 12 shows KGI Bank continues to optimize its deposit structure with our cross-selling efforts and expanding product lines. As a result, the demand deposits grew at 12% in the first quarter of this year to reduce the funding cost, while the chart on the right-hand side show that KGI Bank continues to realign its loan portfolio to focus more on yield rather than on growth alone. As a result, the chart on the left-hand side of Page 13 shows that interest spread and NIM improved in the first quarter of 2020, while the chart on the right-hand side showed that, with strong risk discipline, KGI Bank maintained a stable NPL ratio of 0.17% as of the end of the first quarter, much lower than the peer average of the 0.24%. As to our KGI Securities, Page 16 shows that brokerage business remained KGI Securities' major income source in the first quarter of this year. Please turn to Page 21. It is worth mentioning that its subsidiary, KGI SITE, has initiated a transformation plan since March on 2018 and witnessed its AUM growing by leaps and bounds to reach TWD 169.2 billion as of the end of the first quarter of this year, ranking the seventh among its peers. Now let's move on to Page 23 for CDIB Capital Group. Echoing CDF's strategy to monetize assets and reallocate capital, CDIB Capital Group's principal investment stood at TWD 28.2 billion as of the end of the first quarter, as shown in the chart on the right-hand side. On the other hand, our private equity fund AUM registered TWD 37.5 billion in AUM as of the end of the first quarter, with multiple forward-looking thematic funds in the pipeline to further increase the AUM. Page 24 shows that our asset management portfolio covers the entire spectrum of investing, including TWD 4 denominated funds, USD 4 denominated funds and CNY 3 denominated funds already established to focus on different regions and investment stages. This page summarize our fund size vintage year, our shareholding of these 11 funds under our management for your quick review. This concludes today's presentation session. And now we begin the question-and-answer session. (Operator Instructions) There is no further question. We thank you for your participation in our webcast conference. There will be a webcast replay within an hour or so. Please visit www.cdibh.com under the Investor Relations section. And if you have further questions, please feel free to contact our IR team. You may now disconnect. Thank you again, and goodbye.
