ADGM & MLETR The Model Law on Electronic Transferable Records - World Trade Organization
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ADGM & MLETR The Model Law on Electronic Transferable Records
Founding father of the
United Arab Emirates
• “We must not rely on oil alone as
the main source of our national
income. We have to diversify the
sources of our revenue and
construct economic projects that
will ensure a free, stable and
dignified life for the people.”
SHEIKH ZAYED BIN SULTAN AL NAHYAN
Late president of the UAE
©Abu Dhabi Global Market
ADGM IS A KEY CONTRIBUTOR TO ABU DHABI’S ECONOMIC VISION
Engines of economic growth & diversification
Education
Pharmaceuticals Energy
Metals Chemicals
Telecommunication
services Healthcare
Aviation Transportation
12 strategic economic sectors
were identified and form the Abu Dhabi Emirate’s Tourism Media
engines of economic growth and diversification, one
of them is the Financial Services Sector, with
the ultimate objective of
“Enabling Financial Markets to Become the
Key Financiers of Economic Sectors and
Projects”
©Abu Dhabi Global Market
ADGM Governance Structure
ADGM BOARD OF DIRECTORS
H.E Ahmed Al Sayegh, ADGM Executive Chairman (UAE Minister of State, ADNOC Board Member)
Mohamed Najim Al Qubaisi, Vice Chairman (Director AD Executive Council)
Waleed Al Mokarrab Al Muhairi, Board Member (Deputy Group CEO Mubadala and CEO Mubadala Alternative)
Hamad Shahwan Al Dhaheri, Board Member (Executive Director, Private Equity, ADIA)
Mohammed Ali Al Shorafa Al Hammadi, Board Member, (Member AD Executive Council, Chairman AD DED)
ADGM Senior Leadership Team
ADGM ADGM ADGM ADGM
AUTHORITY REGISTRATION AUTHORITY FINANCIAL SERVICES COURTS
REGULATORY AUTHORITY
(FSRA)
Dhaher Bin Dhaher Emmanuel Givanakis Lord David Hope
Mark Cutis Chief Justice
CEO CEO CEO
Responsible for Strategy, Business Responsible for registering and licensing all Responsible for licensing financial Determines civil and commercial disputes
Development, Corporate Services and other companies and real property and regulating establishments and regulating all financial within ADGM’s jurisdiction
corporate functions within ADGM non financial activities within ADGM activities within ADGM
ADGM
COURTS
Linda Fitz-Alan
Registrar and CEO
©Abu Dhabi Global Market
Establishing many firsts regionally and internationally
ADGM is an innovative, progressive and responsive financial
centre transforming the business and finance landscape.
©Abu Dhabi Global Market
ADGM driving opportunity through enablement of global solutions
©Abu Dhabi Global Market
Five key principles and value propositions underpin the
success and
Principle
attractiveness of ADGM
Description
ADGM is the first in the region to directly apply Common Law as the basis of its legal system
Common Law Its Chief justice and judges are some of the most renowned common law judges in the world
Platform ADGM courts are completely independent
International ADGM financial & commercial regulations are in line with international standards and have gone through market
Regulations consultation
ADGM is and will always be a partner to the firms located within its jurisdiction
Pro-active • Make deliberate choices and/or is flexible to business community aspirations/ideas
jurisdiction • Pro-actively foster specific financial services activities to create clusters of excellence
• Constantly looking for new advantage
ADGM’s objective is to become an international benchmark in ease of doing business
Ease of Doing Reduce red tape and bureaucratic procedures in order to allow our clients to focus their energy and resources on
Business doing their business
0% Direct tax and freedom for remittance of profits
Leading hospitals (i.e. Cleveland Clinic)
Environment Leading Universities (i.e. NYU, Sorbonne)
Grade A infrastructure and offices
Accessibility (airports / airlines)
©Abu Dhabi Global Market
Entities that call ADGM Home – Non Exhaustive
Financial Services Non-Financial Services
Banking & Insurance Corporate Sector
Professional Service Providers
Reinsurance
Capital Markets
Family Businesses
©Abu Dhabi Global Market
Pioneering Initiatives
Digital Banking & Digital
Digital Securities & Application
ADGM Regulatory Investment
VC Manager Framework Virtual Asset Programming Interface
Laboratory Management
Frameworks (API) Guidance
Frameworks
• First in MENA • First in MENA • Global first • First in MENA • First in MENA
• 4 cohorts, 83 • Developed in concert • Addresses the full • Pivotal role in • Promotes standards for
innovative tech with initiatives by the range of associated advancing financial safe, robust and
applications received Ghadan Ventures Fund, risks inclusion in the UAE interoperable APIs
Mubadala MENA Tech
• RegLab 2.0 – the Fund, Catalyst Fund,
Digital Lab and Hub71
©Abu Dhabi Global Market
FinTech Abu Dhabi Festival
FTAD 2020
Highlights
• Now into its fourth year, the FinTech Abu Dhabi
Festival, organized by the ADGM has firmly
established itself as MENA’s largest FinTech event. ADGM Innovation Challenge
FT100 Challenge
• FinTech Abu Dhabi 2020 took place on 24-26
November 2020 in Abu Dhabi attended by more Global Investors Forum
than 18,500 participants and 152 speakers from
140 countries. Government FinTechForum
• The 2019 edition of FinTech Abu Dhabi was Youth Circle
attended by over 5000 delegates, 132 speakers
and 111 exhibitors from 74 countries. FinTechAwards
Urban Experience
©Abu Dhabi Global MarketThe Digital Lab – Rationale
The Digital Lab is a digital platform where financial institutions(“FIs”) and FinTech firms can collaborate, test and developinnovativesolutions
forthefinancialservicessector,inacontrolledenvironmentsupervisedbytheFinancialServicesRegulatoryAuthority(FSRA).
Challenges Identified Value Proposition
01. Need for platforms to test and experiment with 01. API /middleware-enabled connectivity for
prospective technology solutions pre- FinTechs to legacy systems of FIs
procurement.
02. Regulated environment for experimentation.
02. Huge difficulties and high costs barriers to
integrating legacy banking systems with FinTech 03. Source for curated technology solutions globally,
solutions. accelerating digital innovation.
03. Burdensome procurement processes and costs 04. Collaboration platform for FIs and FinTechs to co-
incurred for each instance of FinTech-FI create new solutions and enable cross-border
collaboration participation
©Abu Dhabi Global MarketDigital Assets and Securities
Digital Exchange Digital Broker Dealer Digital Custodian Digital Securities
©Abu Dhabi Global MarketThe Regulatory Journey
Review of • Such as UAE, UK, Singapore, Australia
jurisdictions
United Nations • Model Law on Electronic Commerce (1996);
Commission on • Model Law on Electronic Signatures (2001); and
International Trade • United Nations Convention on the Use of Electronic
Law (UNCITRAL) Communications in International Contracts (2005),
(together, the Model Law)
namely:
• amending the definition of “writing” to include
The main themes expressions represented by “electronic means”;
that were considered • adopting a minimalist approach to legislation such
by ADGM as being technology neutral
• basing the regulations on the Model Law.
©Abu Dhabi Global MarketBringing all the pieces together
English Common
ADGM Digital
Law & FSRA Digital Lab API Framework SME Platform
Courts
Regulations
ADGM FinTech Abu Dhabi Partners such as
ADGM Banks Abu Dhabi Inc.
firms Corporates ITFA, WTO, ICC
©Abu Dhabi Global MarketCurrent Situation – testing the proposition
Port Securities
Bills of Exchange Crypto / Virtual
Smart Guarantees Documentation Settlement Intra-
Digitisation Asset settlement
Digitisation day
Supply Chain and
Export Finance Export Insurance Structured Notes Letter of Credit
Receivable Finance
Smart Contracts Smart Contracts Smart Contracts Digitisation
Digitisation
©Abu Dhabi Global MarketThe Roadmap
ADGM Banks
operationalize
Announce first
Bringing all the Extend pilots to MLETR under
results at Corporates onboard
assets together – Pilots 2021… other asset classes - ADGM digital Go live – 2022-23
FinTechAD – Nov - 2022
Feb 2021 2022 banking licenses
2021
and/or jurisdiction-
2022
©Abu Dhabi Global MarketThank you Dr. Bhaskar Dasgupta – Bhaskar.Dasgupta@adgm.com or LinkedIn Abu Dhabi Global Market Authorities Building ADGM Square, Al Maryah Island PO Box 111999 – Abu Dhabi, UAE
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