The Abu Dhabi Securities Exchange (ADX) has entered into a partnership with London-based fintech firm Equichain to enhance the efficiency of capital markets, Gulf News reported.

The collaboration is aimed at leveraging blockchain technology to seamlessly connect the two ends of the institutional investment spectrum. The objective is to eliminate some of the intermediaries currently included in the trade cycle, while enabling incumbents to redefine and expand their product scope.

“The open exchange with Equichain and members of the working group will allow us to identify and test new applications of blockchain technology, aiming to enhance the speed and security of capital market transactions to the benefit of our investors and stakeholders,” Chief Executive of ADX, Rashed Al Blooshi, said.

In its official statement, the ADX said it is the first stock market in the Middle East and North Africa (MENA) region and the third in the world to adopt blockchain in its services. In October 2017, it announced that it has applied blockchain technology in its services through e-voting for Annual General Meetings (AGM).

Equichain states on its website that its blockchain platform “enables the exchange of securities directly between investors, driving market efficiency and improving global investor access in emerging and frontier markets.”