Abu Dhabi Securities Exchange (ADX), the largest exchange in the UAE and second largest exchange in the Middle East North Africa (MENA), on Thursday announced the commencement of the pricing stage as the initial step toward listing the first-ever, distributed ledger technology (DLT)-based bond in the region.
Issued by First Abu Dhabi Bank (FAB) using HSBC Orion1, a market-leading digital assets platform, the upcoming bond listing represents a landmark step in ADX’s mission to lead financial innovation and support Abu Dhabi’s digital transformation agenda.
Designed to ensure compatibility with global settlement infrastructure, the bond integrates digital technology with existing post-trade infrastructure, bridging traditional markets with next-generation issuance models and supporting institutional access.
The upcoming listing is the result of strategic collaboration between ADX, HSBC, and FAB, combining regional financial leadership with global expertise in digital issuance and is powered by HSBC Orion, which is operated by the Central Moneymarkets Unit (CMU) in Hong Kong, and structured with support from leading international law firms, reflecting the high standard of governance.
Global investors can access the digital bond through accounts held with CMU, Euroclear and Clearstream, onboarding onto HSBC Orion as direct participant, or via their existing custodian who can participate through one of the above options.
Introducing the digital bond into ADX’s growing list of financial products supports its broader ambition to offer innovative financial instruments and signifies the Exchange’s pioneering role in introducing tokenised finance.
Digital bonds, fixed-income securities issued and recorded on blockchain technology, offer operational efficiencies, improved settlement cycles, reduced counterparty risk, improved security and enhanced transparency for institutional investors.
Defining Moment for ADX
ADX Group CEO Abdulla Salem Alnuaimi said that the successful issuance of MENA’s first blockchain-based digital bond, in close collaboration with FAB and HSBC, marks a defining moment in ADX’s journey to transform capital markets through HSBC Orion and refers to the DLT platform deployed by HSBC to CMU as the DLT Platform Operator for the purposes of, among other things, creating and settling the digitally native bonds.
ADX was central in facilitating this milestone, ensuring the bond’s seamless integration with existing post-trade infrastructure and compatibility with global settlement standards, he said.
“This initiative not only expands access to institutional-grade digital instruments, but also lays the foundation for a broader class of tokenised assets—including green bonds, sukuk, and real estate-linked products. It reinforces Abu Dhabi’s position as a leading global financial centre. It aligns with the UAE’s national agenda to build a diversified, technology-driven capital market anchored in transparency, resilience, and long-term growth,” he added.
FAB Group Chief Financial Officer Lars Kramer said that this milestone marks a significant advancement in their innovation journey, establishing FAB as the issuer for the first blockchain-based digital bond in the MENA region.
Together with ADX and HSBC, FAB is setting new benchmarks in efficiency, transparency, and security, while aligning with the UAE’s progressive regulatory framework.
“By transforming traditional settlement processes into seamless digital workflows, we are not only advancing FAB’s digital transformation but also supporting investors navigate the global digital assets landscape. This bond issuance accelerates the development of a robust digital capital markets ecosystem in the UAE,” he added.
Mohamed Al Marzooqi, CEO of the UAE, HSBC Bank Middle East Limited, said that the successful launch of MENA’s first digital bond on ADX using HSBC Orion shows how they were transforming the promise of tokenisation into reality for the region.
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