Abu Dhabi Global Market Joins R3 Consortium

Announcements, Blockchain, FinTech, Innovation | May 19, 2017 By:

Abu Dhabi Global Market (ADGM) has joined the R3 consortium, making it the first regulatory body in the Middle East and North Africa (MENA) region to be a part of that blockchain consortium.

The R3 initiative, which counts about 80 financial institutions as members, aims to develop common standards and applications of blockchain technology for the international FinTech community.

ADGM, the international financial center in Abu Dhabi, aims to play a central role in connecting and bringing together the financial and banking authorities in the region.

ADGM is the first in the MENA region to establish a FinTech Bridge with Singapore, facilitating greater access to markets, capital and regulatory recognition for FinTech players. ADGM recently picked five local and international FinTech startups that will go through its new innovation center, Reglab. That lab aims to encourage FinTech startups and provide regulatory assistance and advice to support new technology-based developments in financial services.

“We are pleased to be invited by R3 to join its consortium,” said Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority (FSRA) of ADGM. “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.”

David E. Rutter, CEO of R3, said that the addition of Abu Dhabi Global Market to its growing network takes its 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,” he said.