Media ININ Economy We Trust
Media IN London 26th, May 2019
London stock exchange today welcomed the Abu Dhabi securities exchange and eight of its top listed corporates to an opening ceremony.
The blue chip delegation was visiting London to ring the London stock exchange opening bell after meeting leading international investors at a road show event organized by HSBC.
Equichain, a UK-based fintech company that provides block chain technology for capital markets, welcomed and advised the Abu Dhabi Securities Exchange (ADX) on how to use new technologies to increase efficiencies, as part of its market steering group.
“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,” said Rashed Al Blooshi, chief executive of ADX, in a statement.
ADX has already used blockchain technology in its e-voting services for the annual general meetings of its listed companies, making it the first stock market in the Middle East and North Africa region and the third globally to adopt blockchain in its services, according to the statement.
Capital markets and free zones across the Arabian Gulf are looking to blockchain and other types of fintech to streamline their operations and keep up with global trends that are rapidly changing the industry.
Expanding the fintech sector has also been identified by regional governments as one way of diversifying traditionally hydrocarbon-based industries away from oil and creating a knowledge-based economy and more sophisticated digital infrastructure.
London-based Equichain operates two invitation-only working groups: one for institutional investors and one for market infrastructure providers, such as stock exchanges. With its blockchain technology, it aims to eliminate some of the complexities in the trading cycle, and thereby support investors and capital markets.
Under the agreement, ADX will join one of the steering groups, which also comprise thought leaders from across the financial services industry. The group will “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, ADX will work closely with the other members of the group to share experiences and best practices on institutional blockchain technology that could be used by the exchange.
“This [partnership] will further our efforts towards establishing a more streamlined capital markets environment for investors, providing greater efficiency, reduced risk and lower cost,” said Nicholas Bone, founder and chief executive of Equichain.
