Dubai: The Abu Dhabi Securities Exchange (ADX) said on Monday it had signed a partnership with London-based fintech firm Equichain to bring efficiencies to capital markets.
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 the trade cycle, whilst enabling incumbents to redefine and expand their product scope, the bourse said in an emailed statement.
The Chief Executive of ADX, Rashed Al Blooshi, said: “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.”
The ADX said it 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.
