ABU DHABI: Abu Dhabi Securities Exchange and Al Maryah Community Bank (MBank), the UAE’s first digital bank, signed an agreement today to facilitate IPO subscriptions and streamline the process for obtaining a National Investor Number (NIN).
As part of the agreement, MBank customers will be able to digitally create a NIN and self-subscribe to IPOs on the Abu Dhabi Securities Exchange through the mobile app and online channels of MBank. The partnership follows recent ADX initiatives to encourage market participation, including an initiative to provide ADX access to investors registered on other UAE financial markets and updates to the exchange’s SAHMI application.
Commenting on the partnership, Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said: “Our strategic partnership with MBank will support our efforts to enhance our focus on customer centricity and bolster market liquidity. The exchange has a strong pipeline of IPOs and the new service that ADX is providing to MBank will facilitate the creation of an investor number and subscription to listings. We look forward to exploring more opportunities with entities in the UAE that will help offer easier access to investors looking to participate in offerings on the ADX.”
Mr. Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, commended the efforts of Abu Dhabi Securities Exchange in supporting the bank's digital banking services and expressed his gratitude, saying: “We extend our sincere gratitude and high appreciation to Abu Dhabi Securities Exchange for their invaluable efforts and for effectively supporting us in providing the best digital solutions in the banking and investment industries, promoting economic growth and improving the quality of life for the UAE community.
We are honored that together with Abu Dhabi Securities Exchange, we have enabled customers to obtain investor numbers for adult investors and their minor children, which in turn facilitated their participation in distinguished investment opportunities through the bank's mobile application (Mbank UAE) directly without the hassle of submitting any paperwork or physically visiting the branch or ADX. We are eager to strengthen this cooperation and provide more innovative, pioneering services through digital banking transformation to provide seamless services and boost economic growth."
Abu Dhabi Securities Exchange has expanded its product offerings over the past year to include ETFs, derivatives and the approved framework for SPACs. Driven by a series of IPOs and listings and increased demand from international investors, the exchange achieved a milestone with total market capitalization exceeding AED 2 trillion.
Abu Dhabi Securities Exchange
Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions. On 17th March 2020, ADX was converted from a "Public Entity" to a "Public Joint Stock Company PJSC" pursuant to law No. (8) of 2020. ADX is part of ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy.
ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA). ADX is the second largest market in the Arab region and its strategy of providing stable financial performance with diversified sources of incomes is aligned with the guiding principles of the UAE "Towards the next 50" agenda. The national plan charts out the UAE's strategic development scheme which aims to build a sustainable, diversified and high-value added economy that positively contributes to transition to a new global sustainable development paradigm.