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.