Saudi Based Blockchain enabled Wethaq expands to UAE ADGM

Saudi based Blockchain enabled Wethaq Securities which had a presence in UAE through DIFC in Dubai has announced that they have expaneded their operations and have launched in Abu Dhabi Global Market ( ADGM) under the supervision of the Financial Services Regulatory Authority (FSRA).

Wethaq Securities facilitates the primary issuance of securities and then services their entire lifecycle on their own platform. Unlike global banks, Wethaq enables market participants and service providers to benefit from cost and operational efficiencies that make Sukuk issuances in this range a viable proposition.
 
As per Mohammed El Sehli, CEO of Wethaq Group, ” Wethaq Securities is offering brokerage services, starting with fixed income products, to emerging markets desks across GCC, Europe and Asia. Our counterparties will include major market makers, investment banks, hedge funds, asset managers, proprietary trading desks, pension funds, insurance companies, and sovereign wealth funds.”
 
Wethaq Securities is part of the Wethaq Group catering to the needs of the GCC markets across primary issuance, custody, securities services, brokerage and fintech.

In 2020 The Saudi Capital Market Authority (CMA) granted a Financial Technology Experimental permit (FinTech ExPermit) to Wethaq Capital Markets Platform Company to use Distributed Ledger Technology (DLT) to arrange the offering of securities and custody services in the Kingdom.
 
In 2021, Blockchain entity R3 signed a partnership with UAE Based Wethaq to build the next generation of financial market infrastructure to enable issuers, investors, central banks and regulators to seamlessly transact in Islamic capital markets.

In addition KSA Vision Ventures announced their investment in Wethaq Securities in 2020.