18 May 2017, Abu Dhabi, UAE 

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 www.fintechabudhabi.com  to register interest.

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About Abu Dhabi Global Market 
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.

In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.

ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.

Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.

Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com  or follow us on Twitter : @adglobalmarket, @FinTechAD, #FinTechAD, and Linked : ADGM

About R3
R3 is leading a consortium with over 80 of the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology.

Operating in New York, London and Singapore, the R3 team is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies. 

The R3 Lab and Research Centre has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies, and is where R3 works with its partners to define, design and deliver the next generation of financial infrastructure.

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For further enquiries, please contact: 
Joan Lew, Senior Manager, Communications
Email: joan.lew@adgm.com
Telephone: +971 2 333 8858 
Online: www.adgm.com  

© Press Release 2017