Financial market Abu Dhabi Securities Exchange (ADX) assembled ten of the UAE’s top banking institutions to discuss plans for its new electronic Initial Public Offering (IPO) service.
The new service will allow banks, issuers and key stakeholders to manage IPOs through ADX’s existing eKtetab platform, which provides a range of application, data visualisation and reporting tools for investors.
The platform has been designed to standardise the IPO process, improve efficiency and support Abu Dhabi and the UAE’s transition to smart services, whilst minimising errors and ensuring accuracy.
ADX’s CEO Rashed Al Blooshi highlighted that the new eKtetab plan comes as part of ADX’s mission to contribute to the Abu Dhabi Economic Vision 2030, strengthen the local economy, and support the sustainable economic development of Abu Dhabi and the UAE. “While the main objectives of this project are primarily to increase efficiency in the current IPO system, the more we shift to an electronic process, the closer we get to the ultimate goal of forming an automated marketplace in line with government plans,” he said.
The eKtetab execution plan will be rolled out in two phases, the first of which will focus on the planning process and includes bank and production readiness. The second phase will involve channel integration.
The introduction of eKtetab will follow the launch of many new digital services developed by ADX, which include blockchain technology for eVoting a first for financial markets in the MENA region.
