Fintech PR
Abu Dhabi The Destination of Choice for Global Players With ADGM’s Record-Breaking Numbers for First Half of 2023
![abu-dhabi-the-destination-of-choice-for-global-players-with-adgm’s-record-breaking-numbers-for-first-half-of-2023](https://thefintechbuzz.com/wp-content/uploads/2023/09/44515-abu-dhabi-the-destination-of-choice-for-global-players-with-adgms-record-breaking-numbers-for-first-half-of-2023.jpg)
- As the GCC’s largest powerhouse contributing a share of 62% of total capital deployed by the Gulf region sovereign investors in 2022, Abu Dhabi’s position stands strengthened by ADGM’s strong year-on-year growth of 35% for AUM as of June 2023.
ABU DHABI, UAE, Sept. 14, 2023 /PRNewswire/ — Abu Dhabi, the capital of the United Arab Emirates, has continued to attract major global and regional players to its International Financial Centre (IFC), Abu Dhabi Global Market (ADGM). A strong performance during the first half of 2023 (H1 2023) by ADGM has demonstrated significant growth across various aspects, setting a positive tone for the rest of the year and continuing its contribution to positioning Abu Dhabi as a leading financial powerhouse and a ‘falcon economy’.
Strengthening Abu Dhabi’s Position as the GCC’s Financial Powerhouse
Recent numbers showcase several investment firms and hedge funds setting up within ADGM; reaching a total of 102 asset managers operating in ADGM and managing 128 funds, contributing to Abu Dhabi’s leading position in the asset management sector. ADGM’s assets under management (AUM) highlighted a year-on-year record growth of 35% as of June 2023.
Another plug-in to this sector was the announcement of the enhancements to the regulatory framework of the Financial Services Regulatory Authority (FSRA) of ADGM, enabling ADGM-based collective investment funds to invest in credit by originating and participating in credit facilities. Alternative financing for private enterprises, especially within the Small and Medium-sized Enterprise (SME) sector, was one of the major focusses of introducing the Private Credit Fund framework.
The attractiveness of ADGM as a holistic financial hub, which stands as the sole jurisdiction in the region to adopt the direct application of English common law, has resulted in prominent global firms establishing themselves in ADGM in 2023, such as Brevan Howard, Ardian, Goldman Sachs, Tikehau Capital, Blackstone, SBI Capital, Asian Infrastructure Investment Bank (AIIB), Apollo, Fifth Wall, Fidera and Vibrant Capital. The IFC also witnessed a major addition in the first half of 2023, welcoming legendary investor Ray Dalio, who has selected Abu Dhabi as its next strategic hub to expand his family office’s global footprint.
ADGM is also considered a preferred destination for heavy-weight local and regional firms such as ADQ, Chimera, G42, Gulf Capital, OneIM and Investcorp.
Other renowned international and regional players in the financial space are soon to be fully operational within ADGM, as a total of 46 firms have already been granted In-Principle Approval (IPA) during the first half of 2023. This is a striking increase of 119% compared to the same period last year.
Commenting on their expansion to ADGM, Alan Howard, Founder, of Brevan Howard, said: “Abu Dhabi and ADGM offer a transparent and business-friendly environment to the banking, fintech, and investment management industries. It is an important global hub with tremendous potential. We are delighted to partner with the government as it builds and develops for the future.” Brevan Howard manages over USD 30 billion on behalf of institutional clients globally.
Rajeev Misra, CEO of OneIM, commented, “Abu Dhabi has become an international hub for investors, employers and employees alike. This Financial Services Permission (FSP) will enable us to pursue many of the exciting opportunities we see in this region and to propel the firm into the next stage of its journey.”
Pioneering Sustainable Finance and Welcoming Global Sustainability Titans
H1 2023 witnessed ADGM’s FSRA implementing its sustainable finance regulatory framework, comprising the region’s most comprehensive ESG disclosure requirements and a regulatory framework for funds, discretionary managed portfolios, bonds and sukuks designed to accelerate the transition of the UAE to net zero greenhouse gas emissions. The framework complements ADGM’s existing regulation of carbon offsets, facilitating the establishment of the world’s first regulated carbon offsets exchange in ADGM, AirCarbon Exchange (ACX).
In March, ADGM FSRA together with other members of the UAE Sustainable Finance Working Group (SFWG), issued a draft “Principles for the Effective Management of Climate-Related Financial Risks” (“the draft Principles”) for consultation and will be published in the second half of 2023.
Earlier this year, the USD 100 billion multilateral development bank, Asian Infrastructure Investment Bank (AIIB) signed an agreement to establish its first Interim Operational Hub at ADGM, which will become its first overseas office. The AIIB’s mission is to finance infrastructure with sustainability at its core.
ADGM’s Efficiency Continues to Elevate Despite Being One of The World’s Largest Financial District
A significant milestone in ADGM’s growth journey this year was marked by the announcement of the tenfold expansion of its geographic area, bringing Al Reem Island under its jurisdiction, in addition to the existing Al Maryah Island. It has positioned ADGM as one of the largest financial districts in the world, totalling 14.38 million sqm.
The expansion was the next natural step for ADGM following the growth trajectory it has experienced in recent times with global, regional and local companies increasingly choosing Abu Dhabi as the destination to expand and grow their businesses. This is also reflected in H1 2023 numbers with the operational entities soaring to a 36% year-on-year increase as of June 2023 to reach a total of 1,590 entities. Furthermore, during the same period, ADGM Square’s workforce displayed a rise of 28% bringing a total of 12,080 talented individuals.
From June 2022 to June 2023, the efficiency and speed of issuing commercial licences witnessed a notable 50% improvement. There has also been a remarkable 69% increase in efficiency and speed specifically for issuing commercial licences for SPVs.
Additional significant achievements for H1 2023
- The Registration Authority of ADGM published a consultation paper on the legislative framework for Distributed Ledger Technology (DLT) Foundations.
- ADGM launched its inaugural Money Laundering and Terrorist Financing (ML/TF) Risk Assessment of ADGM Legal Persons and Arrangements Report (LPA Report) in May 2023.
- Abu Dhabi Sustainable Finance Forum (ADSFF) concluded its fifth edition with a focus on ‘Charting the path to COP28,’ as the nation prepares to host the global event later this year.
- The second edition of RESOLVE was launched as Abu Dhabi’s dispute resolution forum by ADGM Courts and ADGM Arbitration Centre that witnessed a physical attendance of more than 2,400, focused on Sustainability, Web3 and AI, Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) and sanctions, as well as the evolving infrastructure of the UAE.
- ADGM announced the return of Abu Dhabi Finance Week which will be held from 27th November to 30th November 2023.
Commenting on these positive developments, H.E. Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council & Chairman of the Abu Dhabi Department of Economic Development (ADDED) and ADGM said, “What we are witnessing in Abu Dhabi today, with some of the major global players choosing the capital city to base their business operations is nothing short of a major transition that is supporting the growth and diversification of the ‘Falcon Economy’. We are excited to see the growth numbers of ADGM at the end of the first half of 2023 which reinforces our position as the fastest-growing international financial centre in the region. Our efforts underline Abu Dhabi’s economic vision and ADGM’s overall strategy to make the financial sector a strong contributor to Abu Dhabi’s GDP and knowledge-based economy. Our outlook remains strong for 2023, as we continue working with key government stakeholders on the seamless expansion of ADGM’s jurisdiction and catering to the growing demand of businesses to be based in Abu Dhabi.”
The overall positive outlook for 2023 that ADGM has successfully shown since the start of the year reflects its Growth Strategy 2023-2027 and its alignment with Abu Dhabi’s overall goals to drive economic diversification through the growing financial sector.
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Fintech PR
Board the TOKEN2049 Treasure Express With Bybit and Dive Into an $80,000 Prize Pool
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
The winning opportunities are open to both attendees of TOKEN2049 and followers from afar. Through trading and offline events, participants stand to get free tickets, a share of the $80,000 prize pool in airdrops and coupons, and Bybit merchandise.
Event 1: TOKEN2049 Treasure Express
From now to Sep. 26, 2024, Bybit users may register for the event and complete tasks by depositing and trading assets to earn lucky draw tickets. The wheel of fortune will turn to one of the three prizes:
1. A pair of tickets to TOKEN2049;
2. A share of the airdrop prize pool valued at $50,000 featuring the hottest tokens, including DOGS, PEPE, SOL, XRP, TON and USDT; or
3. Up to 50 USDT in spot coupons.
Even more rewards await in referrals and social media giveaways. For details, visit: TOKEN2049 Treasure Express
Event 2: Share and Unlock
From now to Sep. 30, 2024, unleash your social media magic for a chance to win a 10 USDT spot trading coupon. Share a Bybit blog link and your thoughts on Bybit and Web3. Remember to tag @Bybit_Official and use the hashtag #UnlockWeb3Future and submit the form with us here: #UnlockWeb3Future at TOKEN2049 with Bybit
Event 3: Meet us offline at TOKEN2049
Spot our logo at TOKEN2049 and capture a photo at the Bybit booth (M50) to win Bybit merchandise. Remember to share to your social media channels and use the right hashtag. For details, visit: #UnlockWeb3Future at TOKEN2049 with Bybit
An advocate for a sustainable Web3 ecosystem, Bybit will be featured prominently at TOKEN2049 on a series of keynote panels, thought leadership and community events, and booth M50.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Fintech PR
Bybit Expands Global Reach, Receives Formal Consent for Full Authorization in Kazakhstan
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-expands-global-reach-receives-formal-consent-for-full-authorization-in-kazakhstan-302240634.html
Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
![integrum-esg-and-csrhub-enable-fund-managers-to-monitor-both-long-term-trends-and-short-term-movements-in-esg-ratings-for-companies,-across-a-10-year-time-series](https://thefintechbuzz.com/wp-content/uploads/2024/09/54686-integrum-esg-and-csrhub-enable-fund-managers-to-monitor-both-long-term-trends-and-short-term-movements-in-esg-ratings-for-companies-across-a-10-year-time-series.png)
LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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