EquiChain, a London-based fintech startup, has added Abu Dhabi Global Market (ADGM) to the growing list of partner members joining its global capital markets platform, the Market Infrastructure Group.
EquiChain’s industry group enables the direct interaction and exchange of value between incumbent market participants to enhance the development and application of Distributed Ledger Technology (DLT) and related solutions. It further creates a transparent flow of information that drives market efficiency and enhances risk management in the capital markets.
Founded in 2015 by CEO Nicholas Bone, a former banker who has served at the Bank of England, Deutsche Bank, BNY Mellon and most recently Standard Chartered PLC, EquiChain is building a global capital markets infrastructure platform.
Supported by the Abu Dhabi Global Market, Bahrain Bourse and the Qatar Stock Exchange, EquiChain said it will focus on enhancing the investment viability of emerging and frontier markets, beginning with the Middle East.
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In terms of the fintech landscape in the Middle East, the UAE in particular is already showing strong signs of support for fintech, as well as some early success stories.
Focus on MENA Markets
Earlier in November 216, Abu Dhabi Global Market (ADGM) announced the launch of its financial technology incubator in the capital’s financial free zone, the Regulatory Laboratory (RegLab).
The step is part of the strategy to make Abu Dhabi a centre for the fast growing fintech industry. Instead of being subject to the full regulatory regime of ADGM, fintech companies will be able to use a lighter ‘RegLab’ framework for up to two years to incubate their products. However, the unique initiative would seek to limit startups accepted into the program to those that “promote significant growth, efficiency or competition in the financial sector”.
Richard Teng, CEO of Financial Services Regulatory Authority at ADGM, commented: “We are glad to be part of EquiChain’s initiative and Market Infrastructure Group. This partnership dovetails well with ADGM’s ongoing efforts to build deep regulatory capabilities in blockchain technology, and the development of risk-appropriate and effective regulations for such innovation. We hope to contribute meaningfully to bolster greater market efficiency, as well as, enhance investor access to emerging and frontier markets while upholding high regulatory practice.”
Nicholas Bone, EquiChain’s founder and CEO, added: “Reflecting its focus on enhancing the investment viability of emerging and frontier markets, beginning with the Middle East, EquiChain is pleased to have Abu Dhabi Global Market (ADGM) as one of its key members of the Market Infrastructure Group. We have been in active conversations with ADGM and supportive of their commitment in developing a conducive and inclusive FinTech ecosystem in this region. Together, we hope to play our parts in ensuring an effective and sustainable development of the capital markets platform as well as adhere to current and future regulatory requirements.”