Foresight to embrace blockchain technology, fintech, and digital and crypto assets has turned the UAE into a magnet for global talent and investment. At the same time, organizations like ADGM and VARA ensure that a strong set of regulatory guidelines is not only protecting the country’s interests but are also working to help new technologies take root within the country and expand their reach overseas.
Economy Middle East spoke to Amir Tabch, an expert known for his leadership in the regulated financial services and fintech markets.
Edited excerpts from an interview:
The fintech landscape in the UAE is rapidly evolving, and leaders like you are at the forefront of this transformation. Tell us about your journey. How did you become a prominent figure in fintech, blockchain, and digital assets?
My journey began over a decade ago in the trenches of traditional finance. I noticed a glaring disconnect between the rigid offerings of conventional financial services and the dynamic needs of consumers in our rapidly digitizing world. It was like trying to fit a square peg into a round hole. That realization was my ‘eureka’ moment, propelling me into the world of fintech with a mission to bridge that gap through innovative, user-centric solutions. Along the way, I immersed myself in blockchain technology, digital assets, and crypto assets, seeing not just their potential to revolutionize how we perceive and use money globally, but also the importance of integrating these innovations within a robust regulatory framework to ensure trust and stability in the market.
Read: How smart companies can leverage regulation to stay ahead of the curve
The UAE has positioned itself as a hub for fintech and digital innovation. What factors do you believe have contributed to this growth, particularly in blockchain and digital assets?
The UAE’s meteoric rise as a fintech hub isn’t by accident. It’s the result of visionary leadership and a regulatory environment that’s as agile as it is robust. Think of the Abu Dhabi Global Market (ADGM) and the newly established Virtual Assets Regulatory Authority (VARA) in Dubai as the dynamic duo of financial regulation — they’ve crafted frameworks that not only encourage innovation but also prioritize consumer protection. It’s like having the best of both worlds: the freedom to innovate and the safety net of regulation. Their forward-thinking approach to embracing blockchain technology, digital assets, and crypto assets has turned the UAE into a magnet for global talent and investment.
As an influential voice in fintech, blockchain, and digital assets, how have you contributed to the ecosystem in the UAE?
My mission has always been to push the envelope of innovation while keeping a keen eye on responsibility and inclusivity. I’ve spearheaded initiatives that not only promote but also demystify blockchain technologies, digital payment platforms, and crypto asset management tools. Think of it as building bridges over the chasm of financial exclusion. Importantly, I’ve collaborated closely with regulatory bodies like VARA and ADGM — not just to comply with regulations, but to actively shape policies that strike the perfect balance between groundbreaking innovation and prudent risk management.
What challenges have you faced in your leadership role, especially concerning blockchain, digital assets and cryptocurrencies, and how have you overcome them?
Navigating the frontier of blockchain and digital assets comes with its fair share of challenges. One major hurdle is the skepticism and widespread misconceptions that hover over these technologies like a dark cloud. Both consumers and traditional financial institutions often approach blockchain like it’s a complex alien language. To tackle this, I’ve championed education and awareness initiatives to turn that alien language into something as familiar as our native tongue. Another significant challenge is the ever-evolving regulatory landscape. But I see regulations not as obstacles, but as essential guideposts. By keeping an open and proactive dialogue with regulators like VARA and ADGM, I’ve ensured that our initiatives not only comply with but also complement national objectives.
Read: ADGM sees remarkable growth in H1 2024 with 226 percent AUM surge, 1,271 new licenses issued
The fintech sector, particularly in blockchain and digital assets, is highly competitive. How do you ensure you stay ahead?
In a sector as dynamic as fintech, standing still is the fastest way to fall behind. To stay ahead, I commit to lifelong learning and adaptability. I immerse myself in global trends and emerging technologies, attend international forums and brainstorming sessions with global experts. I encourage my team to challenge the status quo — even if it means questioning my own ideas. Moreover, we ensure our innovations are not just cutting-edge but also compliant with regulatory standards.
How do you see the future of fintech, blockchain and digital assets in the UAE and the broader Middle East?
The horizon for fintech, blockchain and digital assets in the UAE and the Middle East isn’t just bright — it’s blazing. The UAE is not just poised but sprinting towards becoming a global leader in these arenas, propelled by strategic initiatives and significant investments in technological infrastructure. With the steadfast support of forward-thinking regulatory bodies like VARA and ADGM, I foresee an accelerated adoption of blockchain, artificial intelligence, and other groundbreaking technologies. It’s like we’re on the cusp of a technological renaissance. These advancements won’t just make systems more efficient, they’ll democratize access to financial services, promoting greater financial inclusion across the region. And all of this is happening within a robust regulatory framework that ensures sustainable growth and consumer protection — a win-win for everyone involved.
What role do you believe VARA and ADGM will play in shaping this future?
VARA and ADGM are not just regulators. They’re the architects of the UAE’s fintech future. They’re setting the regulatory tone that strikes the perfect chord between innovation and security. Their proactive engagement with industry leaders and adaptability in accommodating cutting-edge technologies like blockchain are nothing short of visionary. By providing clear guidelines and fostering a collaborative ecosystem between the public and private sectors, they’re ensuring that the UAE doesn’t just participate in the global fintech and digital asset revolution — it leads it.
What advice would you give to aspiring entrepreneurs looking to enter the fintech, blockchain and digital asset space in the UAE?
Dive in headfirst but keep your eyes wide open. Focus on solving real-world problems — after all, a solution in search of a problem doesn’t get very far. Be agile, because technological changes in this field wait for no one. Crucially, make understanding the regulatory landscape a top priority. Think of VARA and ADGM not as hurdles, but as valuable partners on your journey — engage with them early and often. They’ll provide insights that could be the difference between success and a cautionary tale. And don’t underestimate the power of networking. Surround yourself with seasoned professionals who can mentor you.
What’s next for you in your fintech, blockchain and digital assets journey?
I’m thrilled about venturing into new frontiers of blockchain and crypto asset technologies — think of it as charting unexplored territories on the map of innovation. My goal is to develop solutions that demystify blockchain and digital assets, making them as accessible to the average person as a smartphone app, all while ensuring top-notch security and full compliance with regulatory standards. I intend keep collaborating closely with regulatory bodies to shape policies that not only encourage innovation but also safeguard consumers. Ultimately, my aim is to help build a financial ecosystem that’s more inclusive, efficient, and resilient — not just in the UAE, but globally.
Amir Tabch, a war-time and peace-time CEO, is known for his visionary leadership in the regulated financial services and fintech markets. His expertise in investment banking, wealth management, brokerage, multi-asset class trading, and custody, combined with his knowledge of fintech, blockchain and Web3, has positioned him as a key figure in the industry. As chairman and CEO, Tabch has spearheaded several initiatives that have accelerated growth across global markets. A board member in various fintech companies, he has driven forward cutting-edge wealthtech and regtech solutions, contributing to technological advancements through the development of sophisticated portfolio management systems, automated trading platforms, and advanced investment advisory services.
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