XinFin becomes the official participant of Abu Dhabi Global Market Sandbox to live-test TradeFinex Platform
XinFin, the global open source Hybrid Blockchain Platform recently became the official participant of Abu Dhabi Global Market (ADGM) Sandbox. With this collaboration, XinFin will live-test TradeFinex platform under complete regulatory supervision. XinFin as a part of ADGM’s 3rd Regulatory Laboratory (RegLab) Cohort will also build fintech solutions for small and medium enterprises (SME).
XinFin is one of the ten participants of the most active FinTech regulatory ADGM Sandbox through which globally any business or Sandbox that is registered in that region can work with XinFin Hybrid Blockchain.
Excited over the official confirmation, Atul Khekade, Ecosystem Development Head said, “We are really proud to collaborate with Abu Dhabi Global Market, the international financial centre for local, regional and international institutions. By obtaining this license, XinFin uses its Hybrid Blockchain Technology to independently evaluate, monitor and live-test our solutions with ADGM clients under full compliance and regulatory frameworks.”
“XinFin with its smart contracts powered peer-to-peer TradeFinex platform will integrate ADGM financial solutions under sandbox environment. Using the live Sandbox environment, TradeFinex will be tested for the benefit of the SME sector embracing financial solutions like financing, payments and insurance solutions.”
Enthusiastic on the formation of 3rd ADGM RegLab Cohort, Mr Richard Teng, Chief Executive Officer of the Financial Services, Regulatory Authority of ADGM said, “We have to date the second most active Fintech sandbox globally and most successful regulatory sandbox in the region and will continue to innovate to better serve the needs of the financial services industry and our economy.”
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
XinFin is a global open source Hybrid Blockchain protocol/platform with independent community contributors comprising of long-term backers, network utility and tech developers. XinFin Network [XDCE] (https://coinmarketcap.com/currencies/xinfin-network/) is a utility network that lets enterprises deploy real-world applications on Hybrid Blockchain Protocol in a conducive, compliant and regulation-friendly environment for diverse use cases in trade, finance, remittance, supply chain, healthcare and other industrial areas to improve business efficiency.
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