(Yicai Global) Feb. 27 -- The Asia Pacific Exchange, an international derivatives exchange led by one of China's futures market gurus, has obtained approval from the Monetary Authority of Singapore to enter operations in May this year and debut refined palm oil futures.

The exchange will focus on the industrial features and development needs of the Asia-Pacific region to build a complete product line of bulk commodities and financial deriviatives within five years, financial news outlet China Securities reported, citing APEX Chief Executive Eugene Zhu as saying in an interview.

Zhu is a figurehead in China's futures market. He set up the Dalian Commodity Exchange and the China Financial Futures Exchange, and is a former governor of Shanghai Pudong Development Bank Co. He set up an investment company in Singapore in 2016 and founded APEX in August last year.

The new exchange will select the most favorable products in Southeast Asia, such as palm oil, natural rubber, crude oil, iron ore and soybeans, and offer yuan-based financial derivatives, he said.

It will be the third major exchange in the Southeast Asian nation and hopes to compete with its forerunners: the Singapore Exchange and ICE Futures Singapore, which was set up by US-based Intercontinental Exchange Inc.