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News
Abu Dhabi Global Market Joins R3 Consortium on Distributed Ledger Technology
ADGM: 18 May 2017
Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, is pleased to join R3 as a new member of its international consortium. ADGM is the first regulatory body in the Middle East and North Africa (MENA) region to be part of the R3 consortium, comprising over 80 members from the world's leading financial institutions and regulators.
As a member, the ADGM FinTech team will have access to latest news and developments on blockchain technology, facilitate dialogues, share best practices, collaborate with leading industry institutions and regulatory bodies on next-generation platforms and technologies that will improve efficiency and enhance risk management in the capital markets.
R3, headquartered in New York, is a leading financial innovation and technology firm that is focused on designing and applying distributed ledger technology solutions to the global financial services industry. Together with R3, ADGM aims to play a central role in connecting and bringing together the financial and banking authorities in the region to advance the collective goals of becoming FinTech innovation centres in their respective jurisdictions.
David E. Rutter, CEO of R3, commented: “The addition of Abu Dhabi Global Market to our ever-growing network takes our global engagement with the financial industry to the next level. MENA is an important region for us as we continue to develop distributed ledger technology solutions for financial services, and banks operating in the Gulf will be key strategic partners in our collaborative efforts.”
Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority (FSRA) of ADGM said, “We are pleased to be invited by R3 to join its consortium. This membership reinforces ADGM’s commitment and responsibility as an IFC and regulator that provides an efficient, competitive and transparent marketplace. We will be able to closely monitor blockchain developments and better assess the impact to financial market and the economy, as well as to develop effective RegTech solutions that benefit the financial industry. We strive to continuously enhance market efficiency, as well as, boost investor access to emerging and frontier markets while upholding high regulatory practice.”
ADGM has accomplished notable milestones and established strategic partnerships to bolster the FinTech ecosystem since March 2016. ADGM launched the first regulatory framework in the MENA region to licence Fintech stakeholders and established a Regulatory Laboratory (Reglab) to accelerate FinTech innovation. It is also first in the region to establish a Fintech Bridge with Singapore, facilitating greater access to markets, capital and regulatory recognition for Fintech players. In order to develop a conducive and effective FinTech ecosystem, ADGM will continue to engage its stakeholders, forge partnerships and collaborations. For more details of the ADGM’s FinTech Abu Dhabi event on 23 October 2017, visit FinTech Abudhabi to register interest.