The R3 consortium welcomes its latest addition to the board of members in the form of the Abu Dhabi Global Market which is the primary controller of the countries financial regulator. The R3 consortium is the biggest group encouraging the use of blockchain technology by allowing international banks and financial institutions to share their concepts and allow international rollouts of fintech solutions involving the 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,â€ stated R3 CEO David Rutter. â€œMENA 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,â€ the blockchain executive added.
Abu Dhabi has already become one of the first African nations to launch remittance services based on the blockchain technology in existence. With resounding effects for other Asian nations particularly the lies of India which undergoes considerable trade with the middle eastern nation, the blockchain technology underpinning the infrastructure allows for much faster and cheaper international payments.
To conclude, the integration of the Abu Dhabi Global Market into the R3 consortium further extends the range and influence the organization. The consortium also sees the enhanced value and contribution which may come from Abu Dhabi considering the nation remains one of Africaâ€™s largest economies with the financial regulator alone in control of over $174 billion in assets. This further represents a move to blockchain and crypto technologies as the Securities exchange of the country has also been of the biggest to adopt blockchain technology to allow shareholders to vote in meetings of the board etc.