ATME is set to transform the capital markets landscape and boost the Kingdom’s profile as a regional Fintech leader
Manama, Bahrain – Oct 2, 2024: Bahrain’s regulated digital assets exchange ATME has launched at FinTech Forward 2024, which was hosted by the Bahrain Economic Development Board (EDB). Licensed by the Central Bank of Bahrain (CBB). ATME aims to democratize access to a wide range of previously illiquid assets through ownership fractionalization, while opening new financing channels for businesses by reducing barriers to entry and streamlining the capital-raising process.
Based on a private blockchain network, ATME facilitates the conversion of traditionally less liquid real-world assets into digitally tradable, more liquid tokens. Tokens backed by real world assets represent a new, more convenient form of traditional financial instruments, such as debt, equity, and more, whose records are stored on a secure, permissioned blockchain. By incorporating the innovation of tokenization into established financial instruments, ATME enables businesses to gain access to new, more cost-effective and time-efficient ways of raising capital. Meanwhile, it opens doors to new, high-value investments and portfolio diversification for investors.
Commenting on the launch, Alex Lola, Chief Executive Officer of ATME said, «While the technologies behind blockchain and tokenization have existed for several years, regulatory oversight has been a significant barrier to their widespread adoption. Thanks to the CBB’s progressive framework, and the support of the EDB, we have launched ATME in one of the world’s first jurisdictions to regulate the tokenization of real-world assets. The EDB’s commitment to fostering innovation in FinTech has been instrumental in setting the stage where platforms like ours can bring transformative solutions to the Bahraini market and beyond.»
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, commented: «The launch of ATME reflects Bahrain’s steadfast determination to championing a business-friendly environment that continues to successfully attract trailblazing industry leaders across financial services, fintech, crypto assets, and AI-led digital services. A testament to the trust that local and international investors place in our streamlined investment ecosystem, ATME is a welcome addition to our island nation’s vibrant financial services sector and will contribute to further developing a thriving future-focused and diversified market.»
Built on the enterprise-grade Hyperledger Fabric framework, ATME’s platform ensures a trustworthy digital asset trading environment. By restricting access to authorized participants who have undergone rigorous Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance, the exchange safeguards against fraud, prevents anonymity, and establishes a reliable ecosystem where both issuers and investors can seamlessly transact while ascertaining the security of their holdings and investments.
Alex Lola further added: «Bahrain’s proactive embrace of technologies like blockchain and crypto positions it as a frontrunner in FinTech advancement. We are proud to introduce a platform that is future-ready and rooted in trust, scalability, and security. Our goal is to transform capital markets, driving growth within the Kingdom’s financial markets and beyond.»
ATME provides a comprehensive range of services that optimize the capital raising process and enhance investment potential. These services encompass initial token configuration, smart contract development, token minting and distribution to secondary market trading. Expert advisory is also provided on structuring, guidance on choosing the right token types, and investor onboarding. This holistic approach to service delivery allows businesses to focus on growth and investors to capitalize on new opportunities.
Bahrain has consistently demonstrated its keenness towards utilizing disruptive technologies, establishing itself as a regional FinTech leader through initiatives like Bahrain FinTech Bay and the Regulatory Sandbox. By creating a fertile ground for startups and established players to develop novel products and services, the Kingdom cements its position as a global hub for financial services.
With comprehensive regulatory backing and a commitment to compliance, ATME is poised to contribute significantly to Bahrain’s economic diversification efforts, further elevating the country’s prominence in the global FinTech landscape.