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Abu Dhabi: The Abu Dhabi Securities Exchange (ADX) is participating at FinTech Abu Dhabi, which began today under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of the Executive Council of the Emirate of Abu Dhabi. A Platinum Partner of the event, ADX highlighted the importance of accelerating the digital transformation process in the financial markets, expressed through a speech delivered by His Excellency Khalifa Salem Al Mansouri, Acting Chief Executive Officer of ADX.
Al Mansouri said during his speech: "The Abu Dhabi Securities Exchange will complete its nineteenth year next month. This occasion marks a key turning point in our journey and a moment where we present our achievements over the previous years, as well as finalising the Exchange strategy for the future. The coming year is of great significance for the Exchange and the UAE as a whole, with the hosting of the globally significant event, Expo 2020 and the country prepares to welcome our Nation's Golden Jubilee in 2021."
HE Khalifa Al Mansouri emphasised that the Exchange’s digital transformation strategy has been one of the main pillars in building the Abu Dhabi Securities Exchange since its inception on the 15th November 2000 until the present day. ADX is one of the first financial markets in the region to adopt the concept of digital transformation due to its close association with various financial institutions around the world. This approach delivered advanced FinTech technologies through innovative methods in the world of business and finance, especially focused upon services provided to investors and its own products.
His Excellency also highlighted the many stages and successful technological practices of the Exchange, represented in a suite of digital products and services. The smart platform ‘Sahmi’ empowers users to easily obtain an ‘Investor Number’ online without contacting customer service, as well as smooth interactions with investors and stakeholders alike. This is integrated with the Abu Dhabi government initiative “SmartPass”. By using its Smart Login ID, the investor can access the platform through several secure digital channels including the Exchange website and the smartphone app. The system automatically connects the investor's portfolio in the Exchange with the username of the Smart Entry Investor at the first attempt to enter the platform, to provide the investor with a package of digital services.
In addition, ADX highlighted Arqaam's platform, which is powered by artificial intelligence technologies. ADX's platform provides an opportunity to experience the benefits of its utilization in business management. It can provide multiple sources of information as well as advice and computerized expectations in order to assist the user in the decision-making process, especially administrative ones.
It is worthy to note that the management of ‘FinTech Abu Dhabi’ gave the honour of presenting an award of "The Most Accelerated Companies in Digital Transformation" to His Excellency Khalifa Salem Al Mansouri, Acting Chief Executive Officer of ADX. Presenting the award was given in recognition of the Exchange’s significant strides in the field of digitization services, digital transformation, and remarkable accelerations, which it pioneers in.
ADX's experience in digital transformation is one of the Exchange’s most distinctive traits. Starting with the adoption of the Extensible Business Reporting Language (XBRL) in 2013 and its unique advancements in 2016 with the use of Blockchain technology, which provided electronic voting service to the General Assembly - making ADX the first in the region, as well as in the top three in the world to first apply this technology. In that same year, the Exchange won the "Excellence in Financial Markets Award", followed by the "Best Service Provider Award" in 2017 from a Government Retail Corporation (G2C).
ADX has also previously signed a Memorandum of Understanding with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and seven of the world's largest central depository and registration companies, laying the groundwork for the application of distributed ledger technology (DLT) in trading and capital market transactions. ADX has also developed new applications for the use of this technology in central depository and post-trading listing, making it the only financial market in the region to sign this agreement.
In order to accelerate the digital transformation, ADX signed a partnership agreement with the financial technology company ‘Equation’ joining it to the working group set up by the company to develop the areas of application of digital transactions and blockchain technology, as well as enhancing the efficiency of financial markets. By joining ‘Equation’, the Exchange enables close cooperation with the various members of the latter's group in order to activate bilateral dialogues, exchange experiences and knowledge on best practices, evaluate proposals, and pilot projects related to the application of blockchain in the financial markets.
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About 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.
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).
In 2014, ADX was upgraded to ‘Emerging Market’ status by both MSCI and S&P Dow Jones. ADX was already classified as an Emerging Market by FTSE in 2009 and in 2011 by S&P and Russell Investments.
For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication & Digital Marketing
Marketing & Corporate Communication Department
Tel: 00971 (2) 6128774
Mobile: 00971 (50) 6689733
Email: ALKhateebA@adx.ae
Habib Bacha
Newgate Communication
Tel: 00971 (2) 4420423
Mobile: 00971 (50) 1113799
Email: habib.bacha@newgatecomms.com
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