Enigio, a stockholm based tech company utilizing Distributed Ledger Technology, and Blockchain for the digitization of documents has recently announced it has joined Abu Dhabi ADGM ( Abu Dhabi Global Market) Digital Lab. As per the news announcement this follows the enforcing of UNCITRAL’s MLETR for electronic negotiable instruments in its Electronic Transactions Regulations 2021, which showed around digitising trade documents such as promissory notes, bills of exchange has significantly grown.
ADGM has established the ADGM Digital Lab. It is a unique environment that connects fintechs, financial institutions and a financial services regulator, represented by ADGM’s FSRA to collaborate, experiment and develop innovative solutions. As such, Enigio has become a member of the ADGM Digital Lab. Through this membership, Enigio unlocks more financial institutions to connect with and present its trace:original solution, a document technology to create and manage digital negotiable instruments and documents of title in accordance with the MLETR. Finastra a fintech solution provider recently incorporated Enigio’s solution into its Fusion Trade offering.
Enigio is offering its trace original technical solution through which a digital original document can be created, and freely transferred between parties using distributed ledger technology solely for hte purposes of validation, verification and recording possession.
According to the news, this opportunity will potentially open the door to mass corporate adoption of trace:original as it truly creates digital original documents having the same key properties of a physically signed paper document, which is the core concept of the MLETR requirements. Wai Lum Kwok, Senior Executive Director of Capital Markets at the Financial Services Regulatory Authority of Abu Dhabi Global Market, stated, “The Digital Lab is a testament to ADGM’s commitment to spurring innovation and facilitating the development of progressive solutions ideated by corporates. We welcome Enigio to the community of Digital Lab innovators to leverage the Lab’s enabling environment for its digitalisation journey.”
Gunnar Collin, Enigio’s Head of Sales and Marketing, added, “ADGM is the perfect place for financial institutions to take advantage of advanced regulation. We are delighted to work alongside local financial institutions and their corporate clients to extend the benefits of electronic negotiable instruments.”