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From YouTube: ADGM’s journey towards fully digital trade finance
Description
Dr Bhaskar Dasgupta took us on a journey around the initiatives being carried out by Abu Dhabi Global Market on the adoption of blockchain and digitization of trade-related assets.
A very informative presentation detailing technical solutions, as well as the relative legal aspects. Lastly, he unveiled some details about the partnership and expansion projects details.
----
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B
In
the
meantime,
julian,
I
have
a
you
know,
stars
here
in
recording
mascot
I'll
leave
it
on
to
you
to.
You
know,
go
straight
to
the
presentation
my
pleasure
to
have
today
here
by
the
way
marhaba
as
they
say
in
abu
dhabi,
so
leave
it
up
to
you
to
have
the
presentation
about.
What's
going
on
in
the
arabian
embry
race
and
more
specifically
in
abu
dhabi,
everywhere
about
you,
know
the
initiative
called
abu
dhabi
global
market,
so
welcome
to
this
virtual
spot.
I
want
to
have
you
here
today.
C
C
Okay,
good,
so
look
I
mean
a
bit
of
context
is
important.
This
is
a
very
interesting
country
because,
frankly
it
it
formed
a
nation
just
about
50
years
back
and
the
founding
father.
Actually,
unlike
quite
a
lot
of
other
resource
intensive
firms,
our
countries
realize
that
you
cannot
actually
rely
on
on
just
oil
and
they
wanted
to,
and
he
actually
wanted
to
diversify
the
economy,
which
was
quite
precedent
of
him.
C
So
if
I
go
to
the
next
slide,
what
the
country
has
been
trying
to
do
is
to
diversify
its
economy
into
quite
a
lot
of
various
areas
ranging
from
education,
pharmaceuticals,
aviation,
tourism
et
cetera,
et
cetera,
and
a
financial
center
was
also
set
up.
So
we
are
also
a
startup
frankly
in
in
five
years,
so
the
idea
is
not
just
to
develop
the
financial
sent
center,
but
also
to
help
finance
the
rest
of
the
the
sectors
that
you
can
see.
C
C
C
C
This
looks
after
both
the
civil
and
commercial
aspects
of
of
the
center.
It
is
also
the
only
purely
digital
court
in
the
world.
This
is
again
important
because
quite
a
lot
of
very
innovative
things
that
we
have
launched,
we
are
fully
digitized.
So,
let's
put
it
in
this
way,
we
were
kovit
ready
long
time
back.
C
C
C
We
also
have
got
a
very
strong
innovation
framework
and
we
are
growing
quite
rapidly
and
then
adjm
authority,
which
looks
after
the
strategy,
business,
development,
etc,
etc.
So
all
of
this
is
under
one
roof,
which
basically
means
that
anything
that
we
want
to
do
and
to
execute.
We
can
do
this
very
very
quickly,
rather
than
having
to
worry
about
10,
different
departments,
etc,
etc.
C
C
We
are
perhaps
the
largest
digital
and
crypto
asset
regulated
jurisdictions
in
the
world,
and
I'll
talk
more
about
that.
We
are
the
first
digital
sandbox
with
a
participating
regulator.
We
are
the
first
fintech
regulatory
sandbox.
We
are
perhaps
the
second
most
active
fintech
jurisdiction
in
the
world
after
the
fca.
C
C
So
it's
a
full-blown
financial
center,
whether
you're
talking
about
netting,
whether
you're
talking
about
spvs
foundations,
family
wealth
or
us
reits
infrastructure
funds.
We
have
about
100
billion
assets
under
management,
as
in
funds,
we
have
about
37
sovereign
wealth
funds
based
over
here
fully
digitized.
C
C
So
some
of
the
main
reasons
why
we
are
seeing
a
substantial
growth
over
here
is:
I
talked
about
the
common
law.
We
are
fully
aligned
with
international
regulations,
very
proactive
in
releasing
regulations
and
I'll
talk
more
about
that.
In
a
moment,
we
are
one
of
the
best
in
the
ease
of
doing
business
and
some
of
the
smaller
things
like
there
are
no
taxes,
no
direct
taxes,
or
can
we
go
back?
Please.
C
C
C
C
To
give
you
an
example,
we
are
the
only
country
in
the
world
which
has
mapped
the
genomic
footprint
of
all
the
citizens,
so,
as
you
can
appreciate
the
amount
of
fascinating
ai
and
robotics,
and
yes,
blockchain
based
initiatives
which
are
getting
developed
over
here
in
the
life
sciences
area
is
extraordinary
because
of
the
english
common
law
presence.
We
have
more
than
60
international
law
firms
here,
and
I
already
told
you
the
family
wealth
over
here
is
extraordinary
next
slide.
Please.
C
C
C
C
C
C
C
C
C
So
what
kind
of
digital
assets
can
you
do
to
be
bluntly?
Honest
other
than
utility
tokens?
You
can
issue
virtual
assets,
digital
securities,
fiat
tokens,
derivatives
and
funds,
so
we
have
now
done
the
first
fund
week
before
last
and
by
fintech
abu
dhabi.
In
in
november,
we
are
hoping
to
have
about
seven
tokenized
funds
which
are
available
for
trading
next
slide.
Please.
C
C
No
other
regulator
at
this
moment
is
is
able
to
do
this
from
what
I
understand
and
the
thing
that
we
encourage
our
exchanges
to
do
is
not
just
do
digital
assets.
Whilst
you
can
do
ethereum
and
blockchain
and
few
other
virtual
assets
that
you
can
think
about,
we
don't
give
them
a
specific
license
just
to
trade
digital
assets.
We
tell
them
come
in
and
disrupt
the
other
asset
classes
as
well.
C
C
That's
why
I
said
we
are
perhaps
the
biggest
long
time
sort
of
you
know
and
the
widest
network
of
of
exchanges
that
we
have
got
and,
as
I
said,
we've
done
the
world's
first
cross
jurisdiction,
fatif
travel
rule
test
execution,
so
fatter
far
are
quite
happy
with
us
in
in
what
we
are
doing
in
this
particular
area.
Next,
I.
A
C
C
C
If
you
are
having
a
fund
which
is
distributing
itself
based
upon
tokens,
there
is
a
vast
array
of
new
liquidity
sources
and
I'm
not
talking
about
on
the
retail
side.
You
know
this
is
not
a
dogecoin
thing.
We're
talking
about
proper,
grown-up,
institutionally,
regulated
funds,
so
this
is
oriented
towards
institutions
as
well
as
professional
investors.
C
C
C
Also,
we
have
digital
custodians,
so
the
entire
landscape
of
the
entire
buy
side
is
something
that
is
going
to
get
disrupted
and
we
have
all
the
assets
to
make
sure
that
we
can.
We
can
help
that
plus
and
I'm
going
to
talk
a
bit
more
about
this.
We
are
now
the
third
jurisdiction
in
the
world
which
fully
recognizes
fully
electronic
transactions.
C
C
C
C
So,
as
you
can
see,
we've
got
all
these
things
available,
so
once
we
bring
all
these
pieces
together,
english
common
law
we've
got
the
digital
lab.
Where
you
can
test
it
out.
You
have
got
a
digital
code
where
you
can
test
out
these
digital
assets
or
electronic
transactions,
etc,
etc
and
api
framework.
C
C
B
C
C
C
Yeah
my
contact
details
are
available
over
there
in
case
any
of
you
folks
want
to
have
a
further
chat
or
see
how
we
can
support
you.
I
would
be
delighted
to
do
that,
but
that's
the
end
of
the
presentation.
Hopefully
I've
made
it
on
time-
looks
like
it,
but
I'm
here
to
answer
any
questions.
If
there
are.
B
B
C
C
C
A
B
C
B
A
A
The
question
that
I
have
is,
then:
what
are
the
benefits
for
those
of
us
as
it
were
outside
adgm?
I
mean
he
spoke
of
liquidity,
of
course,
and
you
know
the
pool
of
of
liquidity,
but
where,
where
do
you
see
or
collectively,
where
do
we
see
the
the
benefits
of
reaching
out
in
the
direction
that
he
would
want?
I
I
reaching
out
to
him
and
his
colleagues.
B
B
Don't
think
about
abu
dhabi,
as
a
single
experience
think
about
abu
dhabi
as
a
door
by
the
way
the
whole
of
the
annual
rates
are
absorbed.
Somebody
else
you
know
if
you
can
reach
out
to
india,
you
can
reach
out
to
eastern
africa.
Look
at
the
position
geographically
is
the
idea
so
we'll
commercially
geographical.
On
the
concrete
side
you
have,
they
have.
You
know,
cameras
in
the
room
over
there.
They
have
liquidity,
they
have
everything.
You
know
they
have
facilities
to
it's
the
door
khalifa
in
arabic.
Oh
that's,
you're!
Back
what
happens?
A
B
B
B
C
So,
look
I
mean,
as
I
was
saying,
vrs
very,
very
small
emirates,
very
small
country
and
the
liquidity
is
huge.
So
it's
a
it's
almost
like
a
hub.
If
you
will,
we
also
have
the
world's
largest
double
tax
treaty
network
in
the
world,
which
seems
to
attract
quite
a
lot
of
people
so
for
to
try
and
answer
your
question.
We
are
definitely
interested
in
firms
coming
in
from
anywhere
in
the
world,
but
in
terms
of
where
it
makes
sense.
It's
the
miyaza
region,
so
middle
east
africa,
south
asia,
central
asia.
B
On
my
side
and
on
the
question
I
saw-
and
you
know
my
fellow
nate
because
of
my
own
interest-
I
saw-
I
mean
tokenization-
of
carbon
credits.
How
do
you
see
this
in
the
future?
Also,
in
a
trade-based
scenario,
have
a
good
the
experience
due
to
to
see
to
foresee
the
trend
in
the
future.
Is
it
rising
up
because
of
you
know
constantly
concerned
environmental
ones.
C
C
So
what
do
you
do?
I
mean
you
can't
just
stop
producing
oil
look
at
what
norway
is
going
through
in
terms
of
challenging
it,
but
what
we
have
started
to
do
is
every
very
large
crude
carrier
that
loads
up
oil
in
fujairah
port
actually
comes
with
a
fully
covered
carbon
certificate,
so
putting
it
another
way.
C
What
we
are
trying
to
do
is
to
address
the
the
issue
of
the
fact
that
there
are
hydrocarbons
being
produced
by
actually
saying
every
shipment
is
carbon
neutral,
but
not
just
that
there
is
a
huge
investment
going
into
future
energy
and
not
just
on
the
production
side.
We
are
actually
investing
in
firms
who
are
looking
at
future
energy
and
pricing.
So
let
me
give
you
two
three
examples.
C
C
In
on
october,
the
11th
we
are
hosting
a
very
large
investor
event
in
esg,
where
almost
about
15
investors
are
meeting
with
firms
from
india.
That
is
one
example.
Another
example
is
our
sovereign
world.
Funds
are
investing
in,
for
example,
so
there
is
there
are?
There
are
funds
here
which
are
investing
in
esc,
and
that
includes
digitization.
C
B
B
C
C
C
What
basically
it
says
is
that
you
can
write
a
contract
which
says
that
to
establish
ownership
or
you
don't
actually
need
a
physical
document
as
long
as
the
two
parties
agree
that
it
could
be
a
blockchain
platform
and
that's
how
the
ownership
is
going
to
get
transferred
and
it
is
regulated
under
adgm
law.
We
are
fine.
C
C
B
B
I
was
just
on
my
side
asking
myself,
you
know
I'm
thinking
about
myself.
Are
we
talking
about
arabian
united
emirates
so
which
means
you
know
all
different
emirates?
How
about
the
jurisdictional
picture
within
the
country
do?
Does
this
change,
which
shift
if
we
move
from
abu
dhabi
to
dubai,
or
are
we
looking
at
the
same
picture?
Basically,
because
that,
as
far
as
I
knew,
you
know
what
it
made
sure
you
know
you
used
to
come
over
there,
it
was
pretty
different.
So
sorry,
I
didn't.
C
C
So,
within
the
uae
itself
we
have
got
agreements
with
abu
dhabi
courts,
dubai
courts
and
other
emirate
codes,
so
any
enforcement
order,
which
is
passed
by
adm
courts,
can
be
applied
in
the
other
emirates
same
way.
If
you
were
to,
for
example,
we
are
collaborating
with
the
singapore
government
on
on
trade
trust
because
they
are
based
in
english,
common
law
and
because
we
are
based
in
english,
common
law.
Judges
in
both
jurisdictions
can
and
will
take
cognizance
of
the
rulings
made
by
both
courts.
B
A
A
Did
I
understand
you
saying
that
under
the
new
law
that
basically
any
negotiable
instrument,
then
can
be
in
digital
form
and
enforceable?
So
it's
not
simply
say
like
the
law
of
delaware.
That
we
found
would
underpin
a
promissory
note
in
digital
form.
But
what
you're
saying
is
that
any
negotiable
instrument,
including
therefore
bills
of
lading
and
and
other
key
documents
that
are
involved
in
international
trade.
C
C
That's
correct,
yeah.
We
we
presented
to
the
world
trade
organization
as
well
as
the
icc,
and
because
of
the
nature
of
the
uae
government.
We
are
currently
offering
any
country
if
they
wanted
to
test
out
their
national
systems
or
propose
anybody
of
them
to
actually
test
out
how
it
could
work.
We
are
very
happy
to
support.
A
B
A
So
for
you
to
have
been
really
in
in
front
of
the
curve
here,
it
does
show
to
me
that
the
offer
that
you've
made
dr
baskar
to
to
countries
generally
should
be
taken
up.
I
mean
it
would
really
hasten
the
digitalization
effort
which,
which
is
going
to
become
more
and
more
important
for
us
as
a
global
community.
C
I
I
definitely
would
agree,
I
mean
we
work
very
closely
with
the
united
nations
as
well
in
in
the
adoption
of
the
model
law
and
look,
I
mean
I've
been
a
trade
finance
banker
for
many
years,
and
one
of
the
things
that
pretty
much
everybody
keeps
on
complaining
is
the
sme
financing
gap
and
it's
got
verse
over
kovat.
So
some
of
the
things
that
we
are
doing
as
I've
already
mentioned
besides
the
electronic
transaction
piece,
is
that
we
are
setting
up
our
own
sme
platform.
C
C
You
want
to
have
rental
properties,
you
want
to
have
transportation
whatever
you
want,
you
can
just
put
it
on
the
platform
saying
this
is
what
we
want
and
then
what
it
allows
the
providers,
whether
the
lawyers
or
the
logistics
people
or
the
banks.
They
know
that
a
regulator
has
already
checked
out
the
the
sme.
C
C
C
B
You
just
anticipate
my
favorite
question,
which
is
you
know,
trade
finance
gap,
which
is
a
huge
one.
It's
a
big
problem
in
terms
of
financial
inclusion,
of
course,
because-
and
it
relates
to
the
micro,
small
medium
enterprises,
which
are
you
know,
the
backbone
of
the
international
economy,
especially
in
the
mediterranean
area
and
relief
there
is.
Is
it
somehow
related?
I
guess
to
what
you
mentioned.
We
are
deeply
focused
on
esg
as
well.
I
guess
so.
It's
perfect
combination,
you
know
in
terms
of
financial
inclusion,.
C
C
Now,
besides
the
investment
in
roads
and
transport,
and
things
like
that,
we
are
also
investing
very
heavily
in
innovative
ways
of
actually
getting
financing
out
to
the
people
who
actually
need
it.
Fine,
the
free
trade
agreement
was
signed,
but
at
end
of
the
day
you
know
what
show
me
the
money
so
there's,
for
example,
a
trucking
company
that
one
of
our
funds
has
invested
in
and
the
trucking
company
itself
is
providing
financing
to
its
suppliers
yeah
and
that
is
done
all
electronically.
C
B
C
About
it
from
a
trade
finance
perspective,
this
is
you,
don't
even
have
to
spend
that
much
amount
of
time
on
boarding,
clients
and
supply
chain
finance
by
its
very
nature,
was
restricted
to
what
I
would
call
as
investment
grade
clients
yeah.
Now
that
more
data
you
have
ability
to
onboard
clients
much
more
easily
or
suppliers
or
vendors.
C
The
corporate
setup
for
supply
chain
finance
is
now
dropping
below
the
investment
grade
number
one
number
two
financing
is
much
more
faster
and
and
available.
So
yes,
so
I
would,
I
would
definitely
agree
with
you.
There
are
some
very,
very
interesting
pieces
that
are
coming
in
the
main
issue
that
what
we
found
was
people
do
the
pocs
and
then
they
stop
they're
doing.
B
C
A
C
C
B
C
A
I'm
sorry
to
ask
again,
but
are
you
involved
also
very
actively,
please
dr
busker,
with
the
development
banks,
the
multilateral
development
banks,
I'm
particularly
interested
in
in
two
that
I
had
an
involvement,
a
close
involvement
with
in
my
career,
the
asian
development
bank
and
the
obviously
the
world
bank
group,
the
ifc
who've
been
very
keen
to
develop
the
msmes
and
I'm
just
wondering
of
your
involvement
with
those
entities.
Please.