Enigio joined ADGM Digital Lab

Published: July 6, 2021
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ADGM Digital Lab

Following the UNCITRAL’s MLETR, when Abu Dhabi Global Market (ADGM) confirmed the legal enforceability of electronic negotiable instruments in its Electronic Transactions Regulations 2021, interest around digitising trade documents such as promissory notes, bills of exchange has significantly grown.

Noting the increased willingness among financial institutions to integrate law-compliant solutions in order to fully digitise negotiable instruments, ADGM has established the ADGM Digital Lab. It is a unique environment that connects fintechs, financial institutions and a financial services regulator, represented by ADGM’s FSRA to collaborate, experiment and develop innovative solutions.

Enigio has become a member of the ADGM Digital Lab. Through this membership, Enigio unlocks more financial institutions to connect with and present its trace:original solution, a document technology to create and manage digital negotiable instruments and documents of title in accordance with the MLETR.

This opportunity will potentially open the door to mass corporate adoption of trace:original as it truly creates digital original documents having the same key properties of a physically signed paper document, which is the core concept of the MLETR requirements.

Wai Lum Kwok, Senior Executive Director of Capital Markets at the Financial Services Regulatory Authority of Abu Dhabi Global Market, said: 

“The Digital Lab is a testament to ADGM’s commitment to spurring innovation and facilitating the development of progressive solutions ideated by corporates. We welcome Enigio to the community of Digital Lab innovators to leverage the Lab’s enabling environment for its digitalisation journey.”

Gunnar Collin, Enigio’s Head of Sales and Marketing, commented:

“ADGM is the perfect place for financial institutions to take advantage of advanced regulation. We are delighted to work alongside local financial institutions and their corporate clients to extend the benefits of electronic negotiable instruments.”