Market infrastructure firm Abaxx Technologies said on Tuesday that Velocity Trade and Kilo Capital executed the first trades in its Abaxx Spot Gold Pool in Singapore.
The trades mark the latest step in Abaxx’s effort to build a linked spot and physically deliverable futures market for kilobar gold in Singapore, the format widely used across Asia.
Kilo Capital is a US-based commodity inventory financing firm active in physical metals. The company was also involved in the first physical delivery under Abaxx’s Gold Singapore futures contract in February, alongside MTS Gold Group.
“As a U.S.-based firm active in global physical gold markets, accessing Asian trade flows has traditionally required navigating fragmented relationships across regions,” said Wade Brennan, CEO of Kilo Capital. “Abaxx Spot provides an important new channel to transact with a broader universe of customers beyond our existing bilateral relationships in a single venue.”
Singapore’s gold push
The first trades land against a wider policy backdrop. In March, the Monetary Authority of Singapore and the Singapore Bullion Market Association set out focus areas to strengthen Singapore’s position as a gold trading centre, including gold-related capital market products and a clearing system for OTC settlement of large bar and kilobar gold.
Abaxx Singapore joined the SBMA as a Local Associate Member in March.
The firm launched its Gold Singapore Kilobar Futures contract and the Abaxx Spot platform in June 2025. By Q3 2025, the company said Gold Singapore Futures had reached 54,128 contracts traded. The first physical delivery under the futures contract followed in February 2026, with SBMA membership in March and now the first spot trades in April.
