XinFin becomes the official participant of Abu Dhabi Global Market Sandbox to live-test TradeFinex P
On 11 September 2018 XinFin (trading as XDCE) was confirmed as one of ten participants by the Abu Dhabi Global Market (ADGM)’s RegLab program to live-test TradeFinex with SMEs across the MENA region with the support and regulatory assistance that is offered as an ADGM participant.
This support includes access to core banking digital sandbox environment that allow participants to integrate their solutions with banking data and functionality, and to test them for scalability and robustness.
XinFin is a hybrid blockchain for global trade and finance. Combing the best attributes of both private and public blockchain it offers a scalable, secure, permissioned and enterprise-grade blockchain architecture that is well suited for financial services as they are a highly regulated industry with commercially sensitive data.
This is a significant milestone for XinFin. Atul Khekade, Ecosystem Development Head, XinFin 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 fully 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.”
TradeFinex is a dApp operating on XinFin Hybrid Blockchain developed to help eliminate the inefficiencies in global trade and financing and enable institutions to provide real-time settlement as well as enabling cross border smart contracts.
One of TradeFinex’s applications is in creating a global trade and financing marketplace to address the global infrastructure needs, forecasted to be around $94 Trillion by 2040. The ADMG RegLab provides opportunity to expand into other financial service markets.
To better understand the significance the ADGM RegLab program it is helpful to understand where Abu Dhabi and ADGM fit into the global FinTech ecosystem.
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates. 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 succeed 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.
“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,” said Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM.
ADGM RegLab provides an ideal environment for XinFin to live-test TradeFinex within MENA whilst working directly with government regulators to ensure compliance.
Source: Global Banking & Finance