To keep up with latest technology trends worldwide, this year, Abu Dhabi Securities Exchange (ADX) launched quite a number of digital services at the 36th GITEX Technology Week.
At the GITEX Technology Week – the largest technology exchange and marketplace for the Middle East and Africa, the digital services ADX debuted include Blockchain-based eVoting, an Initial Public Offering (IPO) Management System, a Virtual Stock Exchange game, a Rights Issue Management System and a Cash Dividend Payments Management System.
Rashed Al Booshi, Chief Executive of ADX, shared his thoughts, “Adopting Blockchain technology in our projects comes in alignment with the digital transformation of Abu Dhabi’s government services as we constantly strive to introduce new ways that ease the process of doing business in the Emirate”.
ADX’s digital services are not only recognised as the best services in the Middle East region but are also in direct alignment with the Abu Dhabi Economic Vision 2030. Abu Dhabi’s Vision plays a pivotal role in ADX strategy as ‘it places the financial market in the context of economic and social development’, Al Booshi stated.
Abu Dhabi Economic Vision 2030
In 2006, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council mandated the government to launch a long-term economic vision for the emirate of Abu Dhabi. Abu Dhabi Economic Vision 2030, is a part of the government’s efforts of diversifying the economy to make it less dependent on oil and gas.
One of the key objectives of the Vision 2030 is providing excellent financial services so as to make Abu Dhabi a regional financial services centre, according to the Abu Dhabi Executive Council.
“Financial markets will be encouraged and further developed in such a way to become the principal financiers of economic sectors, industries and projects,” the official document states.
Abu Dhabi Security Exchange (ADX) is a market for trading securities, which includes exchange traded funds (ETFs), public company shares, corporate and government bonds and any instruments which have been approved by the UAE Securities and Commodities Authority (SCA).
Blockchain eVoting Service
Blockchain eVoting Service by ADX is launched to cater Annual General Meetings (AGMs) – the service will allow any concerned party to get connected and monitor the voting. For the Middle East and North Africa (MENA region, this is the ‘first of its kind’ service, the company claims.
“We are proud to be the first stock market that employs Blockchain technology in the services provided to stakeholders. Our strategic objectives aligned with Abu Dhabi’s vision for building a knowledge-based sustainable economy that continually evolves,” Al Booshi said.
The service works as a virtual assistant as it handles, prepares and sends meeting decisions, invitations and notifications. Using their smart devices, shareholders can access all AGM reports, decisions, statements and information. Consequently, the service will save not only time but also cost and human effort.
ADX is the first to use blockchain technology for electronic voting in the MENA region.
Latest posts by Amna Akram (see all)
- Saving 25% of everything can help you survive challenging financial conditions - December 8, 2016
- ADX’s digital services complement Abu Dhabi Vision - December 8, 2016
- UAE to establish Federal Tax Authority - December 8, 2016