Abu Dhabi Global Market (ADGM), Dubai’s international financial center, announced that it has joined R3 blockchain consortium, making it the first regulatory body in the Middle East and North Africa (MENA) region to be a part of the distributed ledger consortium.

R3CEV, the innovative firm focused on building and empowering next generation blockchain technology, boasts of having more than 80 members from the world's leading financial institutions and regulators. R3 aims on designing and applying distributed ledger technology solutions to the global financial services industry.

Having joined R3, ADGM Fintech team will have access to latest news and developments on blockchain technology, and will have the opportunity to facilitate dialogues, share best practices, collaborate with leading industry institutions and regulatory bodies on R3’s mission in advancing the nascent technology.

“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,” David E. Rutter, CEO of R3, commented.

ADGM, having a huge experience in the fintech field, will collaborate with R3 members and aims to play a central role in connecting and bringing together the financial and banking authorities in the region in order to foster and develop the collective goals of becoming fintech innovation centres in their respective jurisdictions.

The international financial center has accomplished notable milestones and established strategic partnerships to bolster the fintech ecosystem. It launched the Fintech Regulatory Laboratory (RegLab) in order to foster fintech innovation. It is also the first in the region to establish a Fintech Bridge with Singapore, facilitating greater access to markets, capital and regulatory recognition for fintech players in both the nations.

“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,” Richard Teng, CEO, Financial Services Regulatory Authority (FSRA) of ADGM, said. “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.”