The Platform was launched during the GITEX Technology Week 2018, which ADX is partaking in at the Abu Dhabi government pavilion. Sahmi aims to manage investor relations by automating investor’s service requests within the platform across all major systems in ADX, as well as integrating it with digital initiatives introduced by the UAE government, such as SmartPass and The Whole of Government.
The launch intends to achieve a significant transformation in the provision of government services for investors to enhance their experience within a transparent, precise, and yet, secure information system. Sahmi represents an integrated platform providing investor services through several ADX channels such as the website and smart phone application. It will enable investors to apply for the service of their choice at any time and from any place without the need to visit an ADX customer service office.
ADX has also announced that in line with Abu Dhabi government digital transformation and transition to a knowledge-based economy within a comprehensive operational framework it has adopted the use of Emirates ID in all of its transactions, where citizens and residents can use their Emirates ID’s 15-digit code as their investor number.
Rashed Al Blooshi, Chief Executive of ADX highlighted the Exchange’s commitment to develop and embrace specialized digital technologies to service the stock market and meet the needs of investors in accordance with best international practices, as well as Abu Dhabi government’s efforts in digital transformation. Al Blooshi said: “The digital integrated platform, Sahmi, will enable a high-quality database for investors and will offer a link between different government entities through the government’s integrated system. Sahmi will eliminate the requirement of extra documents from investors”.
Al Blooshi continued: “Through this platform, ADX is reemphasizing its commitment to improve investors experience by providing a unified service and an integrated system which enables investors to manage their everyday transactions. Furthermore, the new Platform will reduce human interaction and bolster confidentiality and privacy of our investor database.” Among the various services which Sahmi provides is for individuals to obtain an investor number. For current investors to update their information, transfer securities, and have issue reports related to their portfolio.
Al Blooshi added: “ADX has managed to achieve various accomplishments along its digital transformation journey. We have established an integrated information technology framework, which aims to strengthen the quality of service and enhance the investors’ experience. This was achieved through efficient and innovative use of technology, which saves time and effort and yet complies with the highest levels of security, while preventing counterfeiting of document requested”.
It is worth mentioning that ADX was the first stock market in the MENA region to adopt blockchain in its e-voting for listed companies’ AGMs. Furthermore, in early 2018, ADX signed a Memorandum of Understanding (MoU) with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and seven leading global Central Securities Depository (CSD) companies, to collaborate on blockchain implementation in trading and capital market transactions.
Additionally, ADX signed a partnership deal with Equichain to join its working community, which develops implementations of digital blockchain transactions to bring further efficiencies to capital markets. In 2015, ADX won the Most Innovative Exchange GCC Award. The honor conferred by Capital Finance International, is a testament to the achievements of the ADX thus far. The award highlights the market’s various innovations, such as the launch of multiple initiatives which contribute to the development of new mechanisms in trading and services provided to companies and investors.
GITEX Technology Week is one of the most prominent ICT exhibitions in the MENA region, during which professionals gather to witness the most advanced technologies and e-services. The exhibition highlights the UAE government’s efforts to achieve digital transformation. GITEX also affords professionals from different organizations in the private and public sector an opportunity to share expertise and showcase game-changing technologies, which can be utilized in the financial services sector.