ADX Showcases Blockchain Voting at AGMs

  • Blockchain
  • 10.10.2017 09:07 am

Abu Dhabi Securities Exchange (ADX), the region’s leading financial market, has unveiled its latest digital services as part of its participation in the Abu Dhabi Digital Government stand, during GITEX Technology Week 2017. 

The showcase featured a wide range of innovative digital services, all of which have been custom designed to improve investors’ transactions and trading activities.

ADX’s showcase highlighted some of the many benefits that can be availed by the public through its new innovative services, such as Blockchain technology. As part of ADX’s commitment to achieve the Abu Dhabi Government's vision of digital transformation and provide innovative solutions, ADX became the first financial market in the MENA region to apply Blockchain technology in its services through e-voting for Annual General Meetings (AGM). This technology offers companies the opportunity to share statements with investors in real-time and allows for 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.

In addition to real-time data, this 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. The launch of the e-voting service comes in line with the Abu Dhabi Digital Government's commitment to innovation and creativity as well as enhancing the quality of services and delivering fast and efficient solutions in addition to the market's willingness to employ digital solutions in the stock market.

H.E. Hamad Abdulla Al Shamsi, Chairman of ADX emphasized the market's commitment to work towards the Abu Dhabi Economic Vision 2030 and Abu Dhabi Government's vision of digital transformation through the development of innovative digital solutions that provide a flexible business environment whilst also enhancing the Emirate's competitiveness. "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.” 

Visitors to ADX stand also have the opportunity to learn more about the Business Intelligence System (BI) project, which was launched with an aim to establish a unified reporting and analysis center, while building a sustainable digital database. This project enables users to access reports across a single platform linked to a database that includes information about different market systems. The system is capable of analyzing information and business data through both current and old systems, allowing market management to study various potential scenarios and their impact on other financial markets.

The business intelligence system (BI) provides an integrated reporting platform with robust security rules and standards based on the best global standards. It allows for the analysis of historical data, in addition to the amalgamation of accurate statistics and reports generated from all electronic systems and market technical instruments. The demonstrated patterns and trends for various indicators, stocks and trades, in turn serves to supports decision making at several levels.

H.E. Hamad Abdulla Al Shamsi stated: “The establishment of Business Intelligence (BI) is among ADX’s most recent efforts to demonstrate its own commitment to improving the quality of innovative services, facilitating user access and creating an efficient and innovative system that supports the construction of a sustainable digital base. The system provides reliable information and analysis, which supports decision makers and provides them with an in-depth understanding of market performance upon which to make intelligent decisions.”

ADX also showcased its Electronic IPO (eKtetab) platform, which provides investors with the ability to register online through the IPO site. The ADX-eKtetab is a platform that provides a range of application, data visualisation and reporting tools for investors and has been designed to standardise the IPO process, improve efficiency and minimising errors and ensuring accuracy. Furthermore, the platform provides accessibility to all IPO subscription information collection processes - data integrity, accountability, compliance and security. The platform provides complete transparency of real-time subscription information for all key stakeholders during and after the offer live period and results in a quicker ADX listing for the issuer, as well as allocation and refund results. Additionally, the platform enables complete end-to-end project coordination support services throughout the offer period and allows any bank or financial advisor to act as a lead manager or lead receiving bank.

Commenting on the platform, H.E. Chairman of the Abu Dhabi Securities Exchange (ADX), said: “The e-Ktetab platform is based on the market’s belief and commitment to achieve the Abu Dhabi Government's vision of digital transformation, which aims to achieve innovative, sustainable and efficient digital solutions. It also comes in line with the market’s strategy to attract investors as well as encourage the issuance of securities to offer shares for subscription, and the listing of shares where the platform links directly to the IPO mechanism and registration of these securities in the market.”

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. Abu Dhabi Digital Government aims to and support innovation, by displaying the latest applications, innovations and system, 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.

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