XinFin becomes the official participant of Abu Dhabi Global Market Sandbox to live-test TradeFinex
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 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."
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:
For more details of ADGM, please visit www.adgm.com or follow them on Twitter: @adglobalmarket
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