Abu Dhabi Securities Exchange (ADX) has announced that it has become the first financial market in the MENA region to apply blockchain technology in its services through e-voting for Annual General Meetings (AGM).

ADX unveiled its latest digital services during GITEX Technology Week 2017. It said that the launch of the e-voting service comes in line with the Abu Dhabi Digital Government's commitment to drive innovation and creativity, while enhancing the quality of services and delivering fast and efficient solutions.

Using blockchain technology, companies are able to share statements with investors in real-time. The technology enables simultaneous e-voting that can be accessed through the internet from any location in the world, increasing cost-efficiency and enhancing corporate governance across the board.

ADX said that the service will also provide increased credibility and transparency of e-voting in the interest of a more secure and safe digital ecosystem for auditory and regulatory industry bodies.

"Blockchain technology, which is unique to ADX in the region, is one of the primary electronic voting tools used in Annual General Meetings, and is considered one of the safest ways to conduct exchanges as it extracts personal information from identity cards in an automated, safe and secure manner,” H.E. Hamad Abdulla Al Shamsi, Chairman of ADX, said.

In addition to blockchain e-voting, ADX also showcased other digital services including Business Intelligence System (BI) project and Electronic IPO (eKtetab) platform.

“These digital initiatives are part of Abu Dhabi Digital Government efforts to enhance the quality of its services, and facilitate users’ accessibility to these services by presenting fast and efficient solutions that help achieving customers’ happiness, which supports Abu Dhabi position as international hub for business and investment, and regional center for digital transformation, as well as strengthening the cooperation between the government partners,” ADX said in its official release.

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