Abu Dhabi Securities Exchange (ADX) and Equichain Partner on Blockchain Apps
Abu Dhabi Securities Exchange collaborates with a United Kingdom FinTech
The Abu Dhabi Securities Exchange has collaborated with Equichain, which offers blockchain technology services. Equichain will give advisory services to ADX on proper ways of using nascent technologies in order to augment their competence especially with regard to the swiftness and safety of transactions.
Rashed Al Blooshi, ADX’s team leader, asserted in a press release that the open exchange with Equichain and working group associates will permit the company to recognize and examine emerging blockchain technology applications. This is being done with the main objective of augmenting the swiftness, as well as the safety of transactions within the capital market.
Using The Fintech Technology
It is worth noting that several capital markets all over the Arabian Gulf are thinking of making use of the nascent blockchain technology and fintech know-hows to streamline their logistics and processes. This is in line with the current world trends where these technologies are increasingly being adopted by several companies.
Additionally, a number of administrations within the oil-rich region are making use of fintech as a way of expanding their economic spheres from the conventional oil based industries whose days are actually numbered. They are seeking new solutions to provide fuel not just for transportation, but also for heating.
These Arabian governments are seeking to move towards knowledge-based economies as well as digital enterprises as an answer to the oil dependence in their countries. In many ways, Kuwait, Bahrain and the UAE administrations have currently come up with new guidelines in order to implement the fintech technology.
Using The Ledger Expertise
Not only is ADX the pioneer stock exchange in the Middle East, but it is also the third globally to embrace blockchain after utilizing the ledger expertise for its e-voting amenities during its general meetings which are held yearly. This is in line with a report released by Al Bloochi via email.
Al Bloochi also asserted that the main objective of the creativity is to smoothly link the two ends of the institutional investment spectrum using blockchain. According to him, this will go a long way in eradicating intermediaries which are a menace in the trade cycle. The initiative is also meant to increase the scope of the product.