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Abu Dhabi Securities Exchange, ADX, has started implementing Blockchain technology, enabling shareholders to overlook and participate with further transparency while using advanced e-voting techniques.
The technology was used recently at Annual General Meetings, AGM, of the ADX for six listed companies including two private joint stock companies and four public joint stock companies.
On this occasion, Rashed Al Blooshi, ADX Chief Executive said, "I encourage the companies to use the Blockchain technology, and I am confident that more training and practice of this technology will widen the positive outcomes as well as bring more companies to use Blockchain technology. This will go in line with Abu Dhabi 2030 Economic Vision that seeks to strengthen the digital transformation in the UAE."
ADX is the first in the MENA Region and the third globally to adopt the Blockchain technology. The launch in 2016 was part of the Exchange’s strategic innovations to further empower and strengthen the services provided by ADX to the local and foreign investors, listed companies, and stakeholders.
The Blockchain technology enables investors to use e-voting in AGMs and access statistical records of each company and its investors through smart devices. It also enables investors to vote from inside the UAE and overseas.
"I believe that the partnership between ADX and its listed companies will further solidify when the digital culture becomes a common language. This is what ADX is working on through constant training and encouragement of utilising the new technical enhancements and technological innovations by ADX," said Al Blooshi.
"ADX has contracted some companies to be their agent. This includes distributing dividends on their behalf and transferring it to the bank accounts of the company’s shareholders within 30 days of the AGM. It also enables ADX to manage the records and the general assemblies. Companies interested in these services must sign agreements with ADX," he added.
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