The first MENA regulatory authority to join R3 Consortium
Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi,has joined R3, financial and innovation technology firm focused on applications of distributed ledger technology, 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.
As a member, the ADGM FinTech team will have access to latest news and developments on blockchain technology, facilitate dialogues, share best practices, collaborate with leading industry institutions and regulatory bodies on next-generation platforms and technologies that will improve efficiency and enhance risk management in the capital markets. 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.”
For more details of the ADGM’s FinTech Abu Dhabi event on 23 October 2017, visit www.fintechabudhabi.com to register interest.