Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, joined 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.
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.”