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Abu Dhabi ADGM joins R3 Consortium on blockchain technology

Post-it notes are displayed in the UBS

Post-it notes are displayed in the UBS "fintech lab" at Canary Wharf in London, Britain, October 19, 2016. Image used for illustrative purpose.

REUTERS/Hannah McKay

Thursday, May 18, 2017

Dubai: Abu Dhabi Global Market (ADGM), the emirate’s financial centre, said on Thursday it has joined R3, a New York-based financial technology firm, as a member of its international consortium.

ADGM is the first regulatory body in the Middle East and North Africa to be part of the R3 consortium, comprising over 80 members from financial institutions and regulators around the world.

As a member of R3, ADGM’s financial technology team will have access to latest news on blockchain technology, share best practices, and collaborate with institutions and regulatory bodies on next-generation technologies to enhance risk management in capital markets.

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In a statement, ADGM said it is, together with R3, aiming to play a role in connecting financial and banking authorities in the region to boost financial technology innovation centres.

“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,” said Richard Teng, chief executive officer of financial services regulatory authority of ADGM.

Staff Report

Gulf News 2017. All rights reserved.

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