, and its Al Dhafra branch to Abu Dhabi
Branch integration meets the objective of creating a smarter environment for investing while strengthening and centralizing ADX’s infrastructure
Abu Dhabi, 8th July 2020: Abu Dhabi Securities Exchange (ADX) has announced today the transfer of its Ras al-Khaimah and Fujairah branch offices to its Sharjah branch and the transfer of its Al Dhafra Region branch office to Abu Dhabi
The move is in line with ADX’s business development strategy, which is designed to facilitate digital acceleration and provide smart services in an effort to be more customer centric and create a smarter environment for investing. It is also in response to a significant shift in consumer behaviour, away from branches and towards integrated services’ digital platforms which remove the need for visits to the branches.
The recent pandemic has provided the ideal opportunity for customers to put this into practice. ADX’s digital and electronic services provided them with exactly the proactive and smooth customer experience they should expect from a high quality and modern stock exchange.
This decision answers the objective of creating a high quality environment for investing whilst strengthening and centralizing ADX’s infrastructure. The move will also enable the Exchange to deliver even more functional efficiency through a consolidated trading platform that optimizes processes and reduces costs while following global best practice and performance.
Commenting on the announcement, His Excellency Khalifa Al Mansouri, Chief Executive of Abu Dhabi Securities Exchange said: “ADX’s decision to simplify its branch network is based on an urgent need to enhance our customer centric-approach and consolidate a unified digital service platform for investors. In addition to strengthening our business model and making us more competitive, the move is also in alignment with our “Shaping the 20s” strategy which focuses on delivering business development through a range of initiatives, most notably digital acceleration. All of these initiatives are designed to enhance global operational efficiency and demonstrate our recognized competitive attributes”.
Two weeks ago, ADX was declared the winner of the Best Trading Innovation Excellence – GCC 2020 at the Capital Finance International (CFI) Awards. The prize recognizes the leading role in innovation that ADX has played in developing a series of initiatives to support investors during the current global market turbulence. Despite these challenging times, ADX is redoubling innovation, developing tailored digital products and services that meet customers’ needs in a rapidly evolving environment. Receiving the CFI Best Trading Innovation Excellence Award is of special significance for the Exchange and an encouragement to improve its performance even further.
Abu Dhabi’s capital markets journey has been further progressed by ADX’s robust and integrated digital platform, SAHMI, which provides an array of smart services, including an electronic voting service enabling investors to vote remotely at shareholder. The Exchange has also activated a mobile-based digital wallet powered by PAYIT system that allows shareholders of listed companies to receive their cash dividends simultaneously and enables the sending and receiving of digital funds with ease.
Anticipation and adaptation are the key drivers of ADX business development strategy. Digitization is an important part of ADX’s global transformation and an instrumental means of enhancing and automatizing its interaction with customers and providing them with high-quality services.
His Excellency emphasised that the trading environment is changing and ADX needs to adapt its operational mode, to sustain long term business development and maintain its high levels of customer satisfaction.
By being responsive, transformative, and innovative, ADX is performing in digital acceleration mode to be prepared for future strategic business development opportunities. This approach supports one of the key objectives of the government’s “Towards the Next 50” visionary plan to assert Abu Dhabi’s position as one of the leading sustainable financial hubs to invest. ADX’s “Digital acceleration” program is a central part of the global market transformation.
About Abu Dhabi Securities Exchange:
Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions. On 17th March 2020, ADX was converted from a “Public Entity” to a “Public Joint Stock Company PJSC” pursuant to law No. (8) of 2020. ADX is part of ADQ, one of the region’s largest holding companies with a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s non-oil economy.
ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA).
ADX is the second largest market in the Arab region and its strategy of providing stable financial performance with diversified sources of incomes is aligned with the guiding principles of the UAE “Towards the next 50” agenda. The national plan charts out the UAE’s strategic development scheme which aims to build a sustainable, diversified and high-value added economy that positively contributes to transition to a new global sustainable development paradigm.
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