It was announced on Monday that EquiChain will be part of the ADX market steering group, advising on the use of new technologies to increase the operational efficiency of the stock exchange. ADX Chief Executive (CEO), Rashed Al Blooshi stated:
“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 UAE is leading the way in the oil rich region, ADX was the first stock market in the Middle East and North Africa (MENA) region, and third globally, to use blockchain technology for its listed companies Annual General Meetings (AGM) e-voting service, in October 2017.
Several capital markets throughout the Arabian Gulf are looking at blockchain technology for their logistics and operations. With younger or less established infrastructures, they are able to quickly implement and benefit from new emerging technologies.
The UAE, Kuwait, and Bahrain have all already developed new governmental regulations for the fintech industry, with Dubai’s municipal government itself, in the midst of a blockchain evolution.
EquiChain is a young company established in 2016 by former senior banking executive, Nicholas Bone. Based in London, Bone has swiftly built a global team of experts, working from offices in Hong Kong and the Middle East.
EquiChain’s DLT Solution is a global platform that offers an ‘off-the-shelf’ blockchain solution for the banking and securities sector, connecting asset managers directly with market exchanges, brokerages and transfer agencies, in a ‘one-stop’ suite of functions.
Managing two ‘invitation only’ working groups from two ends of the institutional investment spectrum, EquiChain aims to eliminate some of the intermediary layers that form part of today’s trade cycle and streamline connections.
The partnership with ADX, marks a high profile step for the company’s endeavours within the Middle East. It is one of four financial market infrastructures from the MENA region to join the working community.
As a partner within EquiChain’s group, ADX will work closely with industry thought leaders and other exclusive partners, sharing knowledge and experiences of the use of blockchain technology with their products.
EquiChain Chief Executive (CEO), Nicholas Bone stated:
“This partnership will further our efforts towards establishing a more streamlined capital markets environment for investors, providing greater efficiency, reduced risk and lower cost.”