Abu Dhabi Securities Exchange (ADX) Joins Equichain’s Blockchain Working Community
Equichain is proud to announce the signing of a partnership agreement with the Abu Dhabi Securities Exchange (ADX) to join its working community, which aims to bring efficiencies to capital markets.
London-based fintech Equichain operates two exclusive, invitation-only working groups: one for institutional investors and one market infrastructure providers. The goal of this strategic initiative is to seamlessly connect the two ends of the institutional investment spectrum through blockchain technology; thereby eliminating some of the intermediating layers that form part of today’s trade cycle, whilst enabling incumbents to redefine and expand their product scope.
Both groups bring together thought leaders from across the financial services industry to explore applications of Equichain’s platforms and products, in addition to providing a forum to discuss the practical application of blockchain in capital markets. As a partner of Equichain, ADX will work closely with the other members of the group to facilitate a closer dialogue and share experiences and best practices on institutional blockchain technology, which can be utilised by the Exchange.
Chief Executive of ADX, Rashed Al Blooshi, said; “This partnership marks another significant milestone for ADX as it demonstrates our commitment to pioneering innovation and fintech solutions alongside the Abu Dhabi 2030 Economic Vision and the digital transformation in the Emirate of Abu Dhabi. The open exchange with Equichain and members of the working group will allow us to identify and test new applications of blockchain technology, aiming to enhance the speed and security of capital market transactions to the benefit of our investors and stakeholders.”
ADX is the first stock market in the Middle East and North Africa (MENA) region and the third globally to adopt blockchain in its services. Embracing this new technology is a core component of ADX’s strategic innovations to further empower and strengthen services provided to domestic and foreign investors, listed companies and stakeholders. ADX has utilised blockchain technology in e-voting services for Annual General Meetings (AGMs) of its listed companies, to provide a seamless and secure e-voting management solution.
Commenting on the partnership Nicholas Bone, founder and CEO of Equichain, noted: “We are delighted to welcome another prestigious member to our exclusive working community. This will further our efforts towards establishing a more streamlined capital markets environment for investors, providing greater efficiency, reduced risk and lower cost.
Emerging technologies present an opportunity for incumbents to innovate and expand their offering to their clients. Our community is like a Research & Development platform, through which we enable existing players to rethink their role in the value chain and position themselves for the future. We welcome ADX as a valuable contributor to this open dialogue.”
ADX is one of four financial market infrastructures from the MENA region to join the working community. This reflects Equichain’s specialism in emerging markets as well as the region’s eagerness to innovate and adopt disruptive technologies such as blockchain.
Equichain is a rapidly growing fintech company and leading provider of blockchain technology solutions for capital markets. Equichain’s award-winning platform (Global Investor “FinTech Innovation of the Year 2017”) seamlessly connects investors and issuers, enabling global markets access with greater efficiency, reduced risk and at lower cost.
Founded in 2015, Equichain has its global headquarters in London and regional offices in Hong Kong and Abu Dhabi and has become a trusted partner to the world’s leading asset managers, custodian banks and market infrastructure providers.
About Abu Dhabi Securities Exchange (ADX)
Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management.
ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA).
ADX allows for investors to trade through any of the registered brokerages at the exchange through advanced electronic automated services. ADX has also signed a number of agreements with major financial institutions to provide for custody services, including renowned international corporations; namely the National Bank of Abu Dhabi (NBAD), HSBC, Standard Chartered, Deutsche Bank and Citi Banking Group.