ADX Partners with Equichain for Blockchain Applications
The Abu Dhabi Securities Exchange (ADX) has signed a partnership with Equifax. Equifax is a UK-based Fintech company that provides blockchain technology services for capital markets.
ADX will be taking advice from Equichain on the best possible ways of using the new technologies which include blockchain as well in order to increase the operational efficiency of the exchange in terms of transaction speed and security.
ADX Chief Executive Rashed Al Blooshi said,
“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.”
As the blockchain technology is getting popular worldwide, the capital markets across the Arabian Gulf are considering blockchain and related FinTech technologies for their logistics and operations.
Governments in here have identified FinTech as a means of diversifying from the traditional oil industries which may have their days numbered as environmentalism and is looking for new solutions to provide fuel for heating and transport. A knowledge-based economy and digital enterprises might turn out to be one of the solutions. New regulations for the FinTech industry have already been developed in UAE, Kuwait, and Bahrain.
Equichain CEO Nicholas Bone said,
“This [partnership] will further our efforts towards establishing a more streamlined capital markets environment for investors, providing greater efficiency, reduced risk, and lower cost.”
Equichain is a London based Company. It manages two groups, one for one for institutional investors and one for market infrastructure providers like stock exchanges.
The second group which already include Fintech and other leading financial service industries will now be joined by ADX. The group will be looking to explore applications of Equichain’s platforms and products, in addition to providing a forum to discuss the practical application of blockchain in capital markets.
ADX will be working closely with the other partners sharing their knowledge and experience in the use of blockchain technology in the industry.
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