FOREWORD

by Adeeb Ahamed, Managing Director, LuLu Financial Holdings

When Arjun first told of his podcast

to highlight the UAE and the wider
MENA region’s finserv journey, I was
intrigued how he would identify and
select his guests who best
represented the ‘voice of the region’.
After all, he had planned a limited run
of 30 episodes featuring 30 leaders
from a wide group of stakeholders.
That too in a region that is rapidly becoming home to
hundreds of ambitious players in the financial services,
fintech and crypto sector.
Two decades ago, it may have been simpler to choose. In
2022, the list is bigger and more diverse.
Without doubt, the private sector has complemented the
digital transformation of the UAE and the wider MENA region
superbly, with fintechs, banks, payment companies, exchange
houses etc., all embracing the change and contributing to this
trailblazer of a decade.
Engaging with this sector’s most influential leaders thus
requires a thorough understanding of the emerging growth
areas, the inflection points in the sector’s timeline, the ever-
evolving regulatory environment and the labor & sectoral
reforms among others. It is not an easy task to filter through
this, but it is an exercise that needed doing.
 FOREWORD

Telling the audience the stories of our startups and legacy

corporations — of their vision, partnerships, triumphs and
failures, opens up the otherwise opaque world of financial
services to an audience that is fast becoming an active
participant of its diverse use cases. Most importantly, it
builds respect for the thousands of people working 24x7 to
make today’s financial services landscape efficient and
seamless, for a better tomorrow.
I am thus excited with what Arjun has achieved with
Couchonomics. Through its 30 episodes so far, his podcast
takes us on an adventure of sorts, gleaning insights from the
minds of the region’s best entrepreneurs, executives,
mentors and commentators, each of whom is clearly
dedicated to the ideas of innovation, economic growth,
diversity, financial inclusion and the merits of building an
equitable society.
It’s now good to see that their voices have been tabled into
an e-book, which will only help amplify the message among a
larger audience.

Season 1 of Couchonomics with Arjun Singh has done

wonders in giving this ecosystem a mature voice, and I
convey my best wishes to everyone who has been part of this
production. Here’s to Season 2 and newer conversations.

Adeeb Ahamed
Managing Director, LuLu Financial Holdings
Table Of Contents
EMPOWERING THE STARTUP
01 ECOSYSTEM IN MENA
Roberto Croci, former Managing director of Microsoft for
Startups in the Middle East and North Africa

METAVERSE AND MONEY:

02 DECRYPTING THE FUTURE
Ronit Ghose, Global Head, Future of Finance & Digital for Citi

DISRUPTION, OPEN FINANCE &

03 COMMERCE IN THE METAVERSE
Ramana Kumar, CEO of Magnati

THE FUTURE OF BUY NOW, PAY

04 LATER IN THE MENA REGION
Abdulmajeed Alsukhan, CEO and Co-founder of Tamara

HOW TO EQUIP YOUTH WITH

05 SMART MONEY SKILLS
Kamal, Dina & Omar, Founders of Verity

NEOBANKS & THE FUTURE OF

06 DIGITAL IDENTITY
Amir Nooriala, Chief Commercial Officer at Callsign

CRYPTO CRASH: WHAT YOU

07 NEED TO KNOW
Anas Bhurtun and Danosch Zahedi. Co-founders of ARTS DAO

08 THE FUTURE OF BANKING

Philippe De Backer, Global head of Financial Services at Arthur
D. Little

ALTERNATIVE PAYMENT
09 SOLUTIONS
Nandan Mer, CEO of Network International
10 IS THE FINTECH PARTY OVER?
Dr. Saeeda Jaffar, Senior President and Group Country
Manager for the Gulf Cooperation Council region at Visa

IS BUY NOW, PAY LATER

11 HERE TO STAY?
Ibtissam Ouassif, Co-founder and Chief product officer at
Cashew Payments

12 WORK NOW, GET PAID NOW

Omair Ansari, Co-Founder of Abhi

THE FUTURE OF DIGITAL

13 PAYMENTS
Kartik Taneja, Chairman of the Board at Neopay and Head of
Payments & Consumer Lending at Mashreq Bank

INTRODUCING INNOVATION TO
14 INSURTECH
Tanja Magas, Chief Data and Analytics Officer at Democrance

DISRUPTION IN THE INSURANCE

15 INDUSTRY
Ambareen Musa, Founder of Souqalmal

KEYS FOR VC SUCCESS IN ALL

16 MARKET CONDITIONS
Tammer Qaddumi, Founding partner of VentureSouq

MENA REGION- A HAVEN FOR

17 INVESTORS
Gaurav Dhar, CEO of Marshal

HOW TO TEACH TEENAGERS

18 ABOUT MONEY
Smeetha Ghosh Jorgensen, Founder of Cashee
 A MACRO PERSPECTIVE OF
19 FINTECH IN MENA REGION
Nameer Khan, Founder of the MENA FinTech Association

THE FUTURE OF CORPORATE

20 SPENDING
Mohammed Aziz, Co-founder of Pluto

UNLOCKING NEW REVENUE

21 STREAMS WITH NFTS
Kristel Bechara, NFT artist

EXPLORING EGYPT’S FINTECH

22 EXPANSION
Walid Hassouna, CEO of valU

A LOOK AT THE FUTURE

23 OF FINTECH
Abdullah Al-Othman, Founder and Chairman of Geidea

BUILDING WEALTH-TECH IN
24 MENA REGION
Feras Jalbout, Founder of Baraka

P2P PAYMENT SOLUTIONS AND

25 WHY THIS ONE WORKS
Faisal Toukan and Andrew Gold, Co-founders of Ziina

HOW FACIAL RECOGNITION WILL

26 SCULPT THE FUTURE OF FINANCE
Mihai Draghici, Founder and CEO of PaybyFace

SURVIVING AS A FINTECH IN THE

27 CURRENT MARKET
Madhu and Prabhu, Co-founders of M2P

INNOVATIONS IN TECHNOLOGY &

28 TRANSFORMATIONS IN BANKING
Dr. Bernd van Linder, CEO of Commercial Bank of Dubai
 Empowering the startup
01 ecosystem in MENA
with Roberto Croci

Roberto Croci is the former managing director of Microsoft

for Startups in the Middle East and North Africa. He shared
his wealth of experience on the startup ecosystem in MENA
and shed valuable insights into the exciting role that
startups play in catalyzing innovation and change.

Roberto opens the discussion with an acute observation on

how the MENA region has remarkable potential to facilitate
startup ecosystems. However, many challenges need to be
addressed before this potential can be tapped.
One of the biggest challenges facing startups in the MENA
region is that many corporations don’t have an innovation
strategy or a clearly defined end-goal. This makes it difficult
to understand the role that various companies would play in
a formative ecosystem.
Another challenge facing startups in the MENA region is a
lack of access to capital, Roberto notes. He believes that
the capital gap is formed from a multitude of factors,
including the risk-averse nature of investors. To attract
more investment, startups need to focus on generating
returns and demonstrating impact.
 EMPOWERING THE STARTUP ECOSYSTEM IN MENA

Roberto also shares how vital it is that all stakeholders are

committed to the success of the startup ecosystem. His view
encompasses the public, political or regulatory, and private
sectors. He believes that it is only when all three of these
three sectors cooperate that a thriving ecosystem can be
established.

The private sector needs to remain open to innovation and

invite cooperation with startups, providing them impactful
support in areas where it is most needed. The political sector
needs to create an environment conducive to innovation and
entrepreneurship. The public needs to be aware of startups
and interact with them directly. Roberto believes that when
all three sectors work in concert the startup ecosystem in
MENA will thrive.

KEY TAKEAWAYS
A clear innovation strategy is essential to invigorating
innovation in the startup ecosystem
Corporations need to proactively start creating better
exit-opportunities for startups.
Microsoft is in an ideal position to influence, educate, and
advise startups across MENA on how to navigate these
and many other perils.
 Metaverse and Money:
02 Decrypting the Future
with Ronit Ghose

Ronit Ghose is the Global Head, Future of Finance & Digital

for Citi. In addition to being a fintech expert, Ronit is also a
futurist— enthralled by the vast potential the metaverse
promises the world. In this chapter, he argues that the
metaverse will provide an immersive experience that will
revolutionize education, entertainment, and communication.
He envisions a future in which people can connect with
experts in all fields in a virtual world.

Although still in its nascent stages of development, the

metaverse concept has drummed up astounding
excitement within the industry. Ronit believes that one of
the most tantalizing promises the metaverse offers is to
revolutionize the way we handle money. Today, our financial
system is mainly centralized, with banks and other
institutions controlling the production and regulation of all
money. This can be problematic as these institutions can
make decisions that do not reflect the needs of the wider
ecosystem.

Ronit posits the metaverse could change that by providing a

gateway to decentralized finance. With the metaverse,
users could completely redefine the relationship between
 METAVERSE AND MONEY: DECRYPTING THE FUTURE

the public and the currency, transforming it into a

democratic relationship, he further explains.

The idea of buying land in the metaverse is also becoming

more popular as people realize the potential of this new
virtual world. For some, buying land in the metaverse is a way
to invest in the future, much like purchasing property in the
physical world. Others view it as a way to create their own
space within the metaverse, where they can design and build
whatever they desire. No matter the motivation, it seems
that more and more people are interested in purchasing land
in the Metaverse. However, it is essential to research
beforehand to ensure you are getting a good deal on your
purchase.

KEY TAKEAWAYS
The Metaverse has the potential to create new and
innovative ways of handling money, such as creating digital
currencies or investing in new ways.
The Metaverse is still in its early stages but holds great
promise for the future.

The Metaverse could eventually replace the physical world

as our primary source of information and entertainment.
 Disruption, open finance &
03 commerce in the metaverse
with Ramana Kumar

Ramana Kumar is the CEO of Magnati, a fintech unicorn that

aims to create a metaverse where commerce can be
conducted via an avatar in a unique shopping experience
known as experiential commerce. In this chapter, Ramana
takes us through a detailed account of how accomplishing
this ambitious goal could revolutionize commerce as we
know it.

Ramana explains how experiential commerce is a bold move

to dramatically increase the immersion aspect of
ecommerce. Experiential commerce is made possible by
technological advances, particularly in virtual reality and in
blockchain.

Ramana believes that experiential commerce will drive the

future of commerce and reshape industries such as
education, content production, and supermarkets. He
envisions a future where all these industries are hosted by
the metaverse in a seamless, unified experience, shares
Ramana.

The metaverse can drive experiential commerce by creating

a virtual environment that consumers organically populate.
DISRUPTION, OPEN FINANCE & COMMERCE IN THE METAVERSE

The excitement of the metaverse is based around giving

merchants direct access to consumers in the spaces where
they are most likely to interact with them, Ramana explains.

In the metaverse, your favorite video game might contain a

clothes shop that allows you to buy real-world items. This
would allow users to try out products and services before
making a purchase and create a more immersive shopping
experience. Ramana also explains how blockchain technology
can allow the metaverse to inform users on the origins of
products and how they have been shipped and stored. This
enhanced level of transparency would be particularly
appealing to users making high-cost purchases.

KEY TAKEAWAYS
Experiential commerce is on the rise and platforms need
to adapt to facilitate it.

Blockchain has incredible potential to disrupt the

traditional system of doing just about everything.
Steered by Ramana’s confidence and vision, Magnati aims
to create its own metaverse where it will revolutionize
commerce.
 The Future of BNPL in the
04 MENA region
with Abdulmajeed Alsukhan

Abdulmajeed Alsukhan is the CEO and co-founder of

Tamara, the leading buy now, pay later (BNPL) provider in
the MENA region. He joins us to discuss how the BNPL
sector will evolve in reaction to market needs and
regulatory changes. Abdulmajeed also shares what's next
for Tamara, which includes expanding beyond the region.

Buy now, pay later (BNPL) products have become

increasingly popular in recent years as a convenient solution
for retail financing. However, Abdulamajeed accepts that in
recent years waves of criticism have struck against the rise
of BNPL. Critics have argued that BNPL could become a
debt trap, unfairly disadvantaging low-income consumers.

Abdulmajeed believes that while this may be true for some

consumers, for many, BNPL agreements enable mass
market mobility by allowing those from low-income
households or with poor credit to access financing they
would otherwise have no chance of. Abdulmajeed also
points out that most BNPL providers offer clear repayment
terms and do not charge interest on late payments.
THE FUTURE OF BUY NOW PAY LATER (BNPL) IN THE MENA REGION

While the BNPL model may have its flaws, Abdulmajeed

describes it as the easiest way to allow people who have
been rejected by other institutions to access financing.

But Abdulmajeed is still willing to accept that the debate over

BNPL is likely to rage on. But he also notes the irony of the
fact that the business model continues to gain traction
worldwide, despite this debate. There is no doubt that BNPL
services have brought immense value to merchants and
customers in the MENA region, Abdulmajeed insists. BNPL
has led to a direct increase in sales for businesses and
opened more possibilities for consumers.

KEY TAKEAWAYS
There is a lot of potential for BNPL in terms of growth and
development.
It is crucial to understand the market well and know how
to manage risks and sign contracts effectively.

BNPL can dramatically increase sales, providing incredible

growth value to merchants.
 How to equip youth with
05 smart money skills
with Dina, Kamal & Omar

Kamal, Dina and Omar are the founders of Verity, a family

banking app and prepaid card for kids and teens in the UAE.
They have 20 years of experience in the market and have
created businesses in various fields. Verity gives children 8 -
18 a free prepaid VISA debit card to learn how to manage
their own money. Through the app, parents can digitize and
automate allowances, children learn how to earn through
chores that are paid by parents, as well as how to save and
give through setting goals.

As the world moves more and more into a cashless society,

children need to start having their own digital spending and
financial tools. Many parents are reluctant to have open
conversations with their children about money for many
reasons: feeling like they may not know enough, not knowing
where to start, or how to explain their own financial
situation.

By giving children their own money to spend, it makes such

conversations easier and more relatable. In this digital age
where kids don't see or touch money physically, it can be
difficult to establish its value. But money management is a
life skill that all children should be taught early on.
 HOW TO EQUIP YOUTH WITH SMART MONEY SKILLS

Children ages 8 and above can start learning to manage

their own money digitally through a prepaid debit card and
money management app. Parents can help guide their
children by teaching them about budgeting, saving, and
spending wisely. You can start by helping them establish a
savings goal, such as buying a toy or going on a memorable
vacation. Then, work with them to create a budget that
includes income and expenses. As they begin to earn their
own money through allowances, chores, or part-time jobs if
they are allowed to have them, encourage them to save a
portion of it towards things they want to buy in the future
and for emergencies while still being able to spend some of
it on things they want today.

Verity app caters to the needs of youth, with the plans to

equip them with smart money skills by providing them with
tools and resources that will help them understand and
manage their finances. The app will provide users
personalized advice and tips on saving money, managing
budgets effectively, and making smart financial decisions. In
addition, the app will also allow users to track their
spending and see where they can improve their habits.
Equipping youth with brilliant money skills is essential for
ensuring that they can navigate the ever-changing
landscape of the economy.
 HOW TO EQUIP YOUTH WITH SMART MONEY SKILLS

Financial education starts at home, but we can also make it

a mandatory part of education, teaching children about
money management early, and providing them with access
to financial literacy apps and resources so we can give
them the tools they need to lead successful and financially
secure lives.

KEY TAKEAWAYS
Verity app helps youth in the UAE save money with
features such as budgeting tools and automatic saving
goals.
Youth must start learning about financial responsibility
from early on to develop healthy money habits.
If fintechs want to penetrate the youth market, they need
to start understanding the youth’s needs on a personal,
individualistic level.
 Neobanks & The Future
06 of digital identity
with Amir Nooriala

Amir Nooriala is the Chief Commercial Officer at Callsign,

the global leader in artificial intelligence-based
authentication platforms for enterprises, financial
institutions, and consumer-facing digital services. Before his
current role, Amir was the Chief Commercial Officer at
OakNorth, a digital bank that achieved profitability in a
notoriously difficult segment.

Amir describes how OakNorth was able to distinguish itself

from many other businesses that are grouped with it by
aiming to be a true bank in every sense of the term. While
other businesses may rely on transaction fees, OakNorth
identified an under-served segment with a deep demand for
tailored banking solutions. Amir shares how many of the
insights he gained at OakNorth have informed his view going
forward.

Amir discusses how digital identity, authentication, and

fraud management are three important topics that every
business ought to pay special attention to. Digital identity is
the identification of a person or thing using digital methods
and it includes social media identities, online banking
identities, online shopping identities, and email identities.
 NEOBANKS & THE FUTURE OF DIGITAL IDENTITY

Authentication is verifying that an individual or corporation

is who or what they claim to be. Fraud management is the
prevention, detection, and mitigation of fraudulent activity.

Businesses and consumers are paying more attention to

the future of digital identity, authentication, and managing
fraud. With the increase in data breaches and cybercrime,
it's becoming more important than ever to have a strong
and secure digital identity. There are many ways to achieve
this, but one of the most important is having a robust
authentication system.
Several factors need to be considered when it comes to
authentication, such as the type of data being collected
which is not limited to the following: authentication signals,
knowledge factor, location, device information, behavioral
patterns, and so on.

It's also essential to ensure that any data collected is

protected from unauthorized access and that only
authorized individuals can view or use it. In addition,
businesses need to consider how they will manage fraud
and abuse. One of the most effective ways to deal with it is
to have a system that can detect and prevent it. This may
involve using data analytics, behavioral biometrics, and
machine learning to identify behavior patterns that could
 NEOBANKS & THE FUTURE OF DIGITAL IDENTITY

indicate fraud or abuse and have a process for

investigating and responding to incidents.

Callsign, a digital identity management company, is at the

forefront of providing solutions to the abovementioned
problems. Their technology is based on a unique
combination of machine learning, big data, and behavioral
analytics, enabling them to identify and authenticate users
and accurately detect and prevent fraud.
Businesses and consumers need to pay attention to the
future of digital identity, authentication, and managing
fraud. These issues will only become more critical as the
world becomes increasingly digitized. Luckily, companies
like Callsign are working on innovative solutions to help
keep us all safe online.

KEY TAKEAWAYS
Authentication will become more critical than ever as
businesses seek to protect themselves from fraud.
Managing fraud will become a more complex task as
criminals adapt to new technologies and seek to exploit
vulnerabilities.
Education will be essential to helping consumers and
businesses navigate the ever-changing digital identity and
authentication landscape.
 Crypto Crash:
07 What you need to know
with Anas & Danosch

Anas Bhurtun and Danosch Zahedi are co-founders of ARTS

DAO, a pioneering NFT platform, and they are the hosts of
the widely popular podcast “Crypto Sheikhs”.
Despite their expertise and the name of their show,
Danosch is quick to point out that they view themselves as
“fake sheikhs”, and only aim to make crypto easier for
everyone to understand by hosting the true leaders of the
crypto market.

With a crypto pedigree this prestigious, Anas and Danosch

are in the perfect position to answer a few questions many
crypto currency investors have in the continued bear
market that’s seen Bitcoin, Ethereum and all altcoins drop
from record highs. They also take us through what effect
this has had in the NFT space.

Unlike many new crypto investors, Anas does not view

cryptocurrency in isolation. Instead, he compares how the
crypto markets have behaved recently to other, vastly more
mature markets such as stocks. He draws our attention to
the fact that while crypto markets are currently down from
record highs, so is the stock market. Anas believes that this
signals a transition into a new era of banking and
transactions.
 CRYPTO CRASH: WHAT YOU NEED TO KNOW

Even so, Danosch is willing to accept that cryptocurrency

does have a few points that make it unique from other
markets. Bitcoin dominates up to 50% of the crypto market
share, and Danosch acknowledges that this (coupled with a
largely unregulated environment) can allow for “bad actors”.
Even so, Danosch believes that this is only one of many
factors contributing to crypto’s freefall.

In Anas’ view, inflation fuels the need for liquidity. This

phenomenon explains the withdrawal of cash from the
crypto market, as well as other markets such as stocks and
gold bonds. Anas believes that while this environment is
tough, it also creates the perfect circumstances for
innovation to flourish. Danosch accepts that this means that
many coins will be flushed away, but those that remain will
offer a truly valuable service.

KEY TAKEAWAYS
Cryptocurrency does not exist in isolation. Evaluate crypto
performance in context of the whole market.

Even with the rise of altcoins, Bitcoin still dominates the

crypto industry, and will serve as a base of stability.

Adversity and innovation often come hand in hand, and

cryptocurrency might show this more than any other field.
 The Future of
08 banking
with Philippe De Backer

Philippe De Backer is the Global head of Financial Services

at Arthur D. Little, commonly known as ADL. Philippe has a
rich history of transformation in the banking industry, and
now he’s published a new book with many of his views on the
evolving landscape of financial services in the modern world.

As recently as 10 years ago, Philippe reflects, banks were in

a relatively secure position. However, with the rapid rise of
fintechs, consumers have been introduced to a radically
different way of viewing their finances. In Philippe’s view,
banks are no longer simply competing with each other for
consumers, but with fintechs as well.

However, as neobanks are finding out, traditional banks are

not ready to give up their business without a fight. Philippe
believes that of the 200 plus digital or neobanks currently in
operation, many of them will simply fall away. This is due to
banks renewed efforts to set up their own digital facilities,
stripping digital banks and neobanks of their differential
value. Philippe believes that a similar “bloodbath” will befall
the payments sector, but he is also confident that some
neobanks will survive with a maturity to their differentiation.
 THE FUTURE OF BANKING

Phillippe shares how this correction period has exposed

businesses with unsustainable models. While it's possible to
attract a huge number of customers to present the
appearance of impressive, exponential growth, Philippe says
that’s quite different from converting those customers into
revenue.

For the fintechs with strong business models that will

remain, Philippe believes that they will have to create stable
connections with the major banks. However, Philippe is quick
to point out that he does not see the onus as being on the
fintechs, but rather on the banks. Philippe posits that it is the
banks’ responsibility to allow their platforms to easily
integrate with technology.

KEY TAKEAWAYS
Fintechs have shown consumers that finance can be as
easy and enjoyable as any tech experience.
The current period calls for businesses with sustainable
models and tangible value, not hype over exponential
growth.
Banks are racing to transform themselves as they
recognize their new competitors as tech companies, not
just other financial service providers.
 Alternative payment
09 solutions
with Nandan Mer

Nandan Mer is the CEO of Network International, a leading

payments provider within the UAE and Jordan with over
50% market share in both regions. Nandan joins us to
discuss how digital payments might evolve in the near
future.

While digital payments seem to be ubiquitous worldwide, the

reality is there are still some regions where as much as 85%
of all commerce is still cash-based, Nandan informs us. This
provides fintechs in the payments sector with massive
headroom for future growth and inspires the growth of a
thriving ecosystem as new companies set out to fill the gaps
left behind by the forerunners. Nandan says he’s pleased
with the increased number of competitors as they help with
the transition from cash to digital payments.

Nandan reiterates his belief in the need for cooperation in

space when he talks us through a few of the standout
partnerships Network International has forged. Some of
these partnerships have allowed international leaders to
enter the local market, as seen with Adyen. To Nandan,
these partnerships are not only mutually beneficial, but also
necessary to the development of a healthy ecosystem.
 ALTERNATIVE PAYMENT SOLUTIONS

In Nandan’s view, the payments space is both too deep and

too wide for any single player to monopolize all of it. In
payments, Nandan says, cooperation is often seen far more
readily than in other industries due to the unique nature of
payments.

While, from the consumer’s side, a single payment might only

require seconds to be made, the infrastructure supporting it
might have cost thousands of man-hours to develop. These
invisible costs make serving the needs of the market too big
a job for any single entity.

Nandan views the payments ecosystem as a spectacular

network of connections. By joining forces, Nandan is certain
that fintechs around the world can produce better products
and serve the needs of the market far better than any
provider could aim for.

KEY TAKEAWAYS
Digital payments still have a massive runway for growth in
many regions.
Fintechs need to cooperate in order to satisfy market
appetite for speed and efficiency.

Healthy competition might be the best way to promote

cooperation and progressive improvements in the
payments industry.
 Is the fintech
10 party over?
with Dr. Saeeda Jaffar

Dr. Saeeda Jaffar has led an exciting, interesting career.

Today, she is Senior President and Group Country Manager
for the Gulf Cooperation Council region at Visa, which she
refers to as “The original fintech”. Having earned a master's
degree and a doctorate in chemical engineering from
Massachusetts Institute of Technology (MIT), and then
worked in consultancy (including Alvarez & Marsal ME,
McKinsey & Company as well as Bain & Company) for 15
years, Dr. Saeeda Jaffar has a unique vantage point into the
fintech landscape.

Many people view fintech primarily through the lens of

finance and numbers, but Dr. Jaffar’s unique view
emphasizes structure. So, while many believe that the stock
market spells doom and gloom for fintechs, Saeeda believes
that fintechs in MENA still have a slew of problems that
need to be solved. With a young population less interested in
access than versatility, and a huge population of blue-collar
workers that still need financial products to be more finely
tailored to their specific requirements, Saeeda believes that
fintechs still have a long way to go before they can claim to
have run out of unique problems. And with problems, there
arises opportunity.
 IS THE FINTECH PARTY OVER?

Dr. Jaffar expands her point to explain how she doesn’t

believe the party is over for fintechs, it is merely changing.

The dramatic market corrections we’ve seen in the past few
months can be seen as a natural part of that change. The
original focus of the fintech industry was finding and
developing as many new ideas as possible, but if fintech is to
evolve it needs to place a new focus on sustainability.

The industry is changing, but Dr. Jaffar and I share similar

views in that this might not necessarily be a bad thing. In the
long term, a short period of change may be just what the
industry needs, no matter how intimidating the time in
between might be.

KEY TAKEAWAYS
Fintechs haven’t run out of problems to solve just yet.

The focus in this new era must be placed on sustainability

of growth and excitability.
The coming period of change might be exactly what the
market needs to advance.
 Is Buy now, pay later
11 here to stay?
with Ibtissam Ouassif

Buy now, pay later financing is a business model that has

faced its fair share of criticism. Ibtissam Ouassif, co-founder
and chief product officer at Cashew Payments, explores
how a BNPL model in the modern world might work. Among
her views, she explains how partnering with large
“traditional” banks can be a gateway to solving problems
faced by both parties.

For a BNPL, the most immediate problem is securing

reliable access to a large sum of capital. Many incumbents
are interested in redefining their image and meeting the
consumer where they are. Ibtissam believes that both
players have solutions to each other's problems and that by
partnering together they achieve a synergy that allows for
sustainable long-term growth. However, a few foundational
problems still loom around the BNPL model.

Recognizing the limited profit options available to the BNPL

model, Ibtissam shares how their business model is slated to
evolve. Moving away from BNPLs, Ibtissam says Cashew
Payments will venture into the lending space in general,
transforming itself to take on more characteristics of a firm.
 IS BUY NOW, PAY LATER HERE TO STAY?

Although customers will still be able to access funding,

Ibtissam shares how Cashew Payments aims to expand its
financing periods upwards of 10 years to truly offer their
customers tangible value in their lives.

With BNPL playing its role as a safe entry point for Cashew
Payments, Ibtissam explains how they are now looking at
offering their clients larger tickets, more options, and more
value through their partnership.

By partnering with a traditional player, Ibtissam believes that

Cashew Payments can access the capital it needs to offer its
clients more, while also providing banks with the technology
they need to keep pace with the 21st century consumer.

KEY TAKEAWAYS
Buy now, pay later is here to stay despite the criticisms.

Cashew Payments aims to diversify lending in order to

offset a few noted examples of BNPL.

Cashew Payments aims to partner with traditional

incumbents to bolster both their capabilities.
 Work now,
12 get paid now
with Omair Ansari

For a fintech company, the days when you could coast on a

flashy gimmick are drawing to a close. To cut it in this brutal
environment, a fintech needs to be connected with the
needs of the population it seeks to serve. Keenly aware of
this fact, Omair Ansari believes that Abhi— the fintech he co-
founded — has found the perfect opportunity in one of the
world’s most exciting emerging economies: Pakistan.

With over 250 million people calling this nation home, and a
working population of over 60 million strong, Pakistan has
always been a promising, developing market. However,
Omair believes that many fintechs attempting to venture
into the region have a skewed focus. Around the world,
fintechs are racing to digitize payments. However, with less
than 13% of its adult population owning a bank account,
Omair’s view is that what the people of Pakistan really need
is access to financial infrastructure. To illustrate his view,
Omair paints a picture of a very ordinary occurrence in
Pakistan.
Let’s say you’re a general worker at a factory, earning about
a hundred or so dollars a month. Halfway through the
month, you might find you’ve run out of money. What do you
do? The only options readily available to you are a loan from
 WORK NOW, GET PAID NOW

your family, which is often subject to family economics, or

early wage access from your boss, which could be a long,
complicated process.

Omair presents Abhi as the simple solution to this problem.

With Abhi, all you’d have to do is send an SMS to their
platform to receive access to your earned wages. By
positioning Abhi to serve an underserved community,
Omair believes that he can provide tangible value to the
market. And he’s not the only one. Omair shares how SME
owners have also been part of the surging interest in Abhi’s
innovative approach to financing.

In Omair’s view, fintechs still have the opportunity to

provide access and inclusion to communities that have
long-been neglected or forgotten by the banking world.

KEY TAKEAWAYS
Pakistan represents a prime opportunity for fintechs due
to its massive working population.
Omair believes that the Pakistani workforce is
underserved, giving their company an immense runway.
Abhi set out to solve a problem for employees, but
employers very quickly pointed out they have similar cash
flow gaps that can be filled.
 The Future of
13 digital payments
with Kartik Taneja

The world of finance is changing faster than anyone has

ever imagined it could. Accelerated by the recent pandemic,
fintechs around the world have staked their claim over
innovations and inventions that are radically transforming
the way consumers look at payments, credit, and finance as
a whole. While this dizzying pace of transformation may
overwhelm and intimidate many, Kartik Taneja remains calm
and optimistic. As Chairman of the Board at Neopay and
Head of Payments & Consumer Lending at Mashreq Bank,
Kartik’s view is informed by an enlightened macro-lens.

There is no question that the world of finance and fintech is

changing. While current eCommerce usage remains below
Covid-era peaks, there is no denying that attitudes towards
eCommerce have permanently shifted. People are more
comfortable buying their groceries and other products
online, and Kartik reports that eCommerce will constitute
more than 50% of Neopay’s revenue this year.

Another major change in recent years is the evolving role of

Buy Now, Pay Later, which some view as an alternative to
the traditional credit card model.
 THE FUTURE OF DIGITAL PAYMENTS

Although many people view this as a radical departure from

traditional credit, Kartik believes that Buy Now, Pay Later
models are simply a cultural evolution. Kartik insists that
credit and debit aren’t going anywhere in the foreseeable
future, even with the rise of alternative payment methods
such as OEMs.

While many people view the fintech sector as a battlefield

with traditional institutions on the one side and a fresh
wave of innovators on the other, my chat with Kartik
reveals a different perspective. In every issue we discuss,
including the apparent conflict between cryptocurrencies
and CBDCs, Kartik thinks that each player can find their
space and contribute positively to the overall growth of
mankind. For Kartik, the fintech world is less of a fierce
battlefield and more of an interdependent ecosystem.

KEY TAKEAWAYS
The recent pace of change has left many people uncertain
and confidence is beginning to waver in many startups across
the board.
People are unlikely to return to their pre-covid shopping
habits after experiencing the convenience of eCommerce.
A holistic view of the market reveals that, fundamentally,
fintech is still in a good space and these recent changes may
just facilitate more cooperation in the ecosystem.
 Introducing innovation
14 to insurtech
with Tanja Magas

Insurtech is viewed by many as an overlooked branch of the

greater fintech sector. Tanja Magas, Chief Data and
Analytics Officer at Democrance, is here to shed some light
on this neglected, perhaps underrated, industry.

Estimated to be worth as much as $10 Billion in the next 3

years, insurtech began to truly step into its stride in the
wake of the pandemic, reports Tanja. While incumbent
players are often mired by tradition and legacy, the
pandemic forced the entire industry to reimagine its future.
Tanja says some surveys report as much as 68% of people
to prioritize ease of digital access over brand loyalty, a
radical shift from traditional views.

As the world changes, people adapt to it. For Democrance,

this change has led to a sudden growth spurt, seeing
business double since the pandemic. Now working with 3
out of 5 of the biggest insurers in the world, Tanja believes
that the digital revolution has gained too much momentum
to stall.
 INTRODUCING INNOVATION TO INSURTECH

Driven by a data-first approach, Tanja explains how

Democrance arms its user with information while
simultaneously learning from their reactions. This
fascinating, futuristic approach to insurance naturally leads
us to a chat about the metaverse.

Tanja imagines a world where insurers underwrite digital

identities and assets, such as game skins, digital houses,
and other internet-based assets. In the merger between
the real and virtual world, Tanja shares how she views the
metaverse as an enhanced version of the internet deeply
enmeshed with the fabric of our everyday lives.

From Tanja’s point of view, it is easy to see why the future

looks bright for insurtech and for Democrance.

KEY TAKEAWAYS
Insurtech is historically slow to pick up on innovations, and
that can largely be attributed to regulatory structures.
The market is changing, and people now believe ease-of-
access and transparency is a weightier metric than brand
loyalty.
The digital world represents exciting new possibilities for
insurance, especially in terms of digital assets.
 Disruption in the
15 insurance industry
with Ambareen Musa

Continuing our exploration of the insurtech world, we chat

with someone I like to call the original fintech leader,
Ambareen Musa, founder of Souqalmal. For startups around
the world, it's greatly feared that the funding winter is here.
Having piloted Souqalmal through various challenges in its
10-year history, Ambareen has a few illuminating views on
how young companies can navigate this treacherous
terrain.

Her first insight is to dispel the idea that the money has
somehow dried up. In Ambareen’s view, what has
evaporated is investor confidence as tech companies have
continued to raise their valuations to all-time highs.
Ambareen suggests that if your start-up is busy raising
capital, you should close now, or divide its goals into smaller,
more manageable milestones.

More than anything, Ambareen attributes her company’s

survival through hard times to a harmonic relationship with
her board. A good board will be able to encourage the
founder to allow the company valuation to drop while
keeping the founder motivated.
 DISRUPTION IN THE INSURANCE INDUSTRY

Ambareen also illustrates the impactful role regulations

play in the evolving ecosystem with her own company,
Souqalmal, as a case study. Originally envisioned as a
comparison site for banks, Souqalmal had to quickly pivot
to insurance during the banking crisis of 2016. Following a
period of incredible growth for several years, Souqalmal
was once again forced to adapt as regulations in the
insurance industry changed. Through it all, Ambareen has
kept an optimistic, opportunistic mindset and has been fully
prepared to reinvent her business into the optimal machine
for its environment.

From Ambareen, we discover that temperance and

flexibility are two invaluable resources when it comes to
surviving the fintech world.

KEY TAKEAWAYS
Although funding seems to be limited, there are still plenty of
investors looking for startups to fund, they are simply stricter
about their criteria.
Tech companies do not exist in isolation, and founders
need to stay alert to changes in regulations that might
affect the way they do business.
The insurance industry is more open to change now than at
any prior point in its history.
 Keys for VC success in all
16 market conditions
with Tammer Qaddumi

Tammer Qaddumi is the founding partner of VentureSouq.

Armed with a constant, laid-back smile, you would swear
that his investment platform hasn’t been punished as
harshly by recent market movements as the rest of us. But
far from it, Tammer is the first to admit that things have
definitely changed at VentureSouq, and perhaps in the
whole world.

Tammer first addresses the atmosphere in the room— the

subtle zeitgeist of the finance world. He describes it as a
“general, pervasive, negativity”. A lot of people still have
money, they’re just not willing to invest it right now. Tammer
positions himself firmly in that camp by briefly criticizing the
bullish position in this environment.

As a venture capital firm, Tammer believes that

VentureSouq has slightly wider horizons than other players,
and that allows him to view the data through a different set
of metrics.
 KEYS FOR VC SUCCESS IN ALL MARKET CONDITIONS

If your company was greatly overvalued at the height of the

receding bull run, you might suddenly find yourself in a
position where you’ve suddenly lost your value. While many
view this as a tough spot to be in, Tammer makes a
convincing argument that you’ve probably managed to
retain more equity. Consequently, when the opportunity to
raise capital returns, which Tammer believes it inevitably
will, you will have more power to return even stronger.

Of course, this is not to say that Tammer doesn’t have his

own worries. Keeping early-stage investors happy while
balancing the vision of the founder and the reality of the
market is a delicate dance that can easily become undone.
But if the dance is not undone, then your company might
have the recipe to emerge as a true powerhouse from
these turbulent times.

KEY TAKEAWAYS
There’s a lot of negativities in the air, and some of it might not
be undeserved as a dark future loom for many startups.
Within a long-term view, current market conditions are
actually pretty nominal compared to other bear markets
and their durations.
The difference between success and failure may lie in how
skilfully founders are able to balance the needs of various
players at their table.
 MENA Region -
17 a haven for investors
with Gaurav Dhar

As the fintech ecosystem continues to evolve, investors

must continue to evolve with it. Few people understand this
principle more acutely than Gaurav Dhar, CEO of Marshal.
As a 2nd generation fintech entrepreneur, Gaurav Dhar has
watched the fintech world evolve from a privileged position.
With over 40 years of experience in over 14 countries,
Marshal carries a fortune in knowledge and human capital,
something Gaurav believes is more valuable than cash.

While panic seems to be the order of the day on the daily

news across the world, Gaurav sees investing as being on a
significant upward trend in the region. While mature
markets such as the United States and the UK are taking a
beating and investor confidence dwindles, Gaurav reports
that it’s a different story for the UAE.

Investor appetite is huge within venture capital funds right

now, reports Gaurav. To illustrate his point, he mentions a
dramatic incident with Sequoia. During a round of seed
funding, Sequoia was so excited it pushed out angel
investors interested in the project. To Gaurav, founders
with rich experience in the region and successful history
with start-ups are in a prime position.
 MENA REGION - A HAVEN FOR INVESTORS

The only people who seem a little neglected are the angel
investors who have to compete for access to these
founders with the enthused VC firms. Unfortunately for
me, this problem has no easy solution. Smart founders are
interested in joining people they perceive to possess
industry-leading knowledge and expertise, so without a
significant bump to my LinkedIn following, it might be hard
to attract these promising founders.

Like many major players, Gaurav is still highly optimistic

about the long-term future of investing in MENA. What sets
Gaurav apart is that the source of his optimism comes
from his keen understanding of the value of people. While
money is great, it takes the right people to build and
maintain great companies.

KEY TAKEAWAYS
Human capital is the true measure of wealth for any business,
not their cash reserves.
Investors are still interested in supporting promising
startups, albeit not in the same way as before.
Angel investors who want to interact with talented founders
need to work a lot harder to attract them.
 How to teach teenagers
18 about money
with Smeetha Ghosh Jorgensen

As we transition towards an increasingly cashless world, I

begin to wonder if the value of money won’t be lost to our
children as they grow up. Smeetha Ghosh Jorgensen of
Cashee shares many of my anxieties, and to combat them
she’s launched a crusade to educate our youth on the
importance of being financially savvy.

Smeetha attributes a large part of her success to her

audience’s own interest. As she puts it, she has teens keenly
following Cashee’s journey to launch in the UAE. When
viewed in conjunction with the wildfire success of their
referral program that managed to attract over 21,000
teens in just 6 weeks, Smeetha believes this points to a
deep desire to manage money in a way that suits their digital
lifestyles. i.e., using cards instead of cash. Although the
parent remains the primary account holder, Smeetha is
confident that through clear communication the merits of
their application will shine through.

Smeetha views teenagers and parents as individuals with

different priorities when it comes to making decisions. While
parents might not care too much about how fun the app is
to use, teens do.
 HOW TO TEACH TEENAGERS ABOUT MONEY

And while teens might not care that the app is partnered
with a reputable bank, their parents do. Being able to see
through this dichotomy allows Cashee to overcome the
parental scepticism, Smeetha suggests.

Partnered with brands such as Visa, Smeetha believes

Cashee is in the perfect position to appeal to the entire
family. Technology alone is not enough in the youth banking
sector; understanding how to appeal to individual values is
paramount.

KEY TAKEAWAYS
While it might be okay to use cash to teach really young
kids the value of money, for older kids and teens there
needs to be a digital solution that does the trick, while
integrating into their digital lifestyles seamlessly.
Youth are deeply interested in being able to manage their
money digitally and more effectively.
Approaching both teenagers and their parents as different
individuals with unique needs may allow companies to tap
into the teenage market.
 A Macro perspective of
19 fintech in MENA
with Nameer Khan

The fintech ecosystem is broad and complex. It can be easy

to focus on one or two perspectives and lose the forest for
the trees. Nameer Khan, the founder of the MENA FinTech
Association, understands the threat that this oversight
could pose to a developing market. To mitigate it, MFTA is
committed to continue supporting the fintech industry from
all angles; fintechs, regulators, and incumbents. Nameer
assures that MFTA will continue to facilitate cooperation
between all key stakeholders in the region, as we can
accelerate the growth of fintech in the region as a whole.

Of course, facilitating cooperation is often easier said than

done. A classic example can be seen in the case of
incumbents who simply do not see the need for cooperating
with fintechs. Nameer concedes that, in some cases,
outright cooperation may indeed not be the best route to
follow. However, these few cases are balanced out by other
cases.

While major banks and other incumbents may be able to

easily develop technological solutions in-house, smaller
players will find themselves struggling to keep pace if
alliances aren’t forged.
 A MACRO PERSPECTIVE OF FINTECH IN MENA

In the fast-paced, digital world of today, being able to offer

your customers the latest conveniences are the bare
minimum requirement in staying competitive, believes
Nameer. With this need laid bare, fintechs can find ample
opportunities for partnerships.

Nameer also points to common problems faced by the

ecosystem which can only be solved through cooperation.
Talent in the region is sorely lacking, and to plug this gap
the MFTA has launched a national talent development
strategy and is working closely with the policy makers.
Nameer’s perspective is broad and open. However, at the
heart of it lies a strong optimism for the market’s maturity.
While other, more mature markets confront crises,
Nameer believes that the unique dynamics of the MENA
region poise the market for prosperity.

KEY TAKEAWAYS
Growth in fintech can only be accelerated through holistic
cooperation between multiple parties raging from regulators
to innovators.
There is a marked talent shortage in MENA, and whoever
manages to plug it may secure a significant advantage in
the region.
MENA is still far from accomplishing complete market
maturity.
 The future of corporate
20 spending
with Mohammed Aziz

Mohammed Aziz is no rookie to the turbulent fintech world.

He bravely navigated his first fintech startup, Dapi, to huge
success in the data aggregation sector before walking away
from it all. Now, he’s set his eyes on a new set of problems
plaguing SMEs. Aiming to solve the pain points SMEs face in
expense management, Mohammed Aziz has co-founded
Pluto. As a new fintech in an ever-changing market,
Mohammed’s chat provides us with frontline coverage of
how Pluto is solving spend management problems for MENA
businesses.
As banks fight to retain control over clients finances, it falls
on Mohammed to set Pluto apart with a unique proposition.
He seems unfazed though, as Mohammed believes Pluto
offers the market something valuable and sustainable.
Looking at SMEs, Mohammed has identified that they are
underserved when it comes to ways of distributing their
funds, controlling their expenses, managing petty cash, and
reimbursements. He paints a simple example to illustrate.

If you are an SME and you have employees who need to

spend money, the only solution available to you so far will
have been to give them the company credit card linked to
the company bank account. This obviously leaves SMEs in a
 THE FUTURE OF CORPORATE SPENDING

vulnerable position where they might struggle to monitor

how employees are spending company funds, also creating
a reconciliation nightmare.

Mohammed presents Pluto as a solution, allowing SMEs

and enterprise clients to create unlimited virtual and
physical cards with spend control, vendor-specific
purchases, and approval workflows.

He notes that Pluto also takes things to the next level by

giving teams real-time expense reports so they can keep
track of what is being spent and where, as it is happening.
While the future of fintech remains in the air, Mohammed
remains confident that Pluto will thrive due to the platform
making finance teams’ lives easier and bringing a unique
value proposition to the market.

KEY TAKEAWAYS
SMEs are massively underserved when it comes to spend
control.

Pluto provides automating expense management, better

petty cash solutions, and efficient receipt reconciliation.
 Unlocking new revenue
21 streams with NFTs
with Kristel Bechara

Within the diverse fintech ecosystem, blockchain

technology is by far the most mystified topic to date. Going
beyond our usual bubble, we chat with Kristel Bechara, a
prolific NFT artist who has created the biggest NFT market
in the region. Kristel takes us behind the hype and shares
with us what she believes the future of NFTs will be.

The first thing Kristel clarifies is the utility of NFTs. If you’re

an independent artist of any sort, your work is vulnerable to
a unique risk many other businesses might not face. People
can steal your work online and claim it as their own, reaping
profits while cutting you out of the deal. Unless you have an
army of international lawyers ready to defend you, chasing
after these pirates or dissuading future behaviour may very
well be an impossible task. NFTs change this.

By showing immutable transactions on the blockchain, NFTs

can open doors for creators to collect royalties, issue
licenses, and otherwise monetize their art seamlessly on a
digital platform.

While the hype around NFTs is drawn by the headlining,

record-breaking amounts they sell for, there also exists a
pervading pessimism against them. Kristel is convinced this
 UNLOCKING NEW REVENUE STREAMS WITH NFTS

pessimism can be traced down to a fundamental

misunderstanding. Even today, many artists believe that an
NFT is the artwork itself, and they do not seem to
appreciate that an NFT is actually a contract that can be
used to underpin the artwork. Drawing the line between
what is medium and what is ownership is only one of the
challenges that the NFT community will have to overcome.

Even so, Kristel remains optimistic that with a little

education and a drop of patience, NFTs can solve a
plethora of problems for the modern artist.

KEY TAKEAWAYS
Blockchain technology can offer surprising benefits to artists,
content creators and other creatives.

Before NFTs, many artists simply had no options for

monetizing their digital art apart from exclusive
commissions.
NFT technology can be applied in creative ways that may
fundamentally transform how business is done in the art
world.
 Exploring Egypt’s fintech
22 expansion
with Walid Hassouna

Egypt holds immense promise for fintech. Few people are

more acutely aware of this fact than Walid, whom I consider
one of the fintech originals in the region. With bold, forward-
looking thinking and an attitude dedicated to serving the
people, Walid has managed to carve out a space for ValU
within the still-nascent Egyptian fintech ecosystem.

Walid points to the changing landscape as one of the key

contributors to ValU’s success. As the government changes
the regulatory framework in a big push for financial
inclusion, institutions such as the Central Bank of Egypt
respond by opening up more opportunities for collaboration
than ever before. With a population of over a 100 million
people and a crowded payments space, Walid senses that
there is a growing interest for fintech applications in
remittance and blockchain while the movement for no-
payment solutions gains momentum.

With a recent valuation of $235 million, ValU seems poised

to capitalize on its position as an early market leader in
Egypt. Walid aims to leverage this position with a series of
strategic acquisitions he discloses exclusively on
Couchonomics.
 EXPLORING EGYPT’S FINTECH EXPANSION

Above all, Walid attributes the continued success of ValU

to its phenomenally low 1% default rate on loans. This has
allowed them to keep a 3% cost of risk and achieve initial
profitability in a sector with tight margins. From this
differentiated position as a BNPL, ValU has diversified into
what is possibly the widest selection of BNPL options in the
world; from fashion to auto-loans and tuition, ValU’s
extraordinary diversity further differentiates them from
other BNPLs.

KEY TAKEAWAYS
Egypt holds immense promise for the development of
fintechs due to its relatively slow adoption speed thus far.

Walid has taken BNPL to another level with ValU,

diversifying into almost every possible avenue of credit.

ValU has a unique moat with an exceptionally low rejection

rate, allowing them to maintain a clear competitive edge over
their peers.
 A Look at the future
23 of fintech
with Abdullah Al-Othman

Joining us on the couch for episode 25 was Abdullah Al-

Othman, Founder and Chairman of Geidea. Abdullah shares
his view on the fintech industry, revealing that he believes
that fintech may just be a passing, fashionable trend for
many players.

Abdullah explains how he views as much as 2 thirds of the

current fintechs in operation as doomed to fail very shortly.
However, this seemingly bleak outlook doesn’t suggest a
pessimistic opinion of the fintech industry as a whole. Quite
the opposite, Abdullah believes that many fintechs currently
in operation are copy-cats who do not offer any original,
substantive solutions. They will naturally be weeded out by
the market, leaving behind the players who provide the
genuine solutions everybody copies. Abdullah is confident in
Geidea’s longevity and innovation and with a market share of
over 60% in Saudi Arabia it's easy to understand where that
confidence comes from.

Abdullah also shares a succinct analysis of the

infrastructural nuances of his region. He points to the fact
that whereas an area such as Europe only has one central,
every nation in MENA has its own different central banking
system. This regional fragmentation creates obvious
 A LOOK AT THE FUTURE OF FINTECH

obstacles as fintechs have to navigate different rules and

cultures, but it also creates a ripe environment for an
opportunity to take root. As Abdullah sees it, the primary
functions of banks are to enable and observe the market.

Whereas they initially saw Geidea as being in competition

against cash and therefore focused on making it as cost-
efficient as possible, their new focus is on post-sales
service and customer satisfaction. To achieve this end,
Abdullah is willing to partner with banks, and even their
competitors.

To Abdullah, it’s not enough to have a fancy piece of

technology that accomplishes little. The true value of a
fintech is in using technology in a creative, unique way to
provide simple, tangible solutions.

KEY TAKEAWAYS
The true problem in fintech might be unsubstantiated
copycats who provide no discernible unique value to the
market.
The MENA’s fragmentation within the banking sector is a
geographically unique feature, and it dramatically affects
the rate of international deployment of technology.
Fintechs must prove their originality, sustainability and
value in order to secure a share in this tough market.
 Building wealth-tech in
24 MENA region
with Feras Jalbout

The digital age has brought consumers unprecedented

access to financial markets through the rise of fractional
investing. Fractional investing allows investors to invest in
hundredths or thousandths of a stock and is a favourite with
a new wave of retail investors. One of the companies
propagating this wave is Baraka, an innovative investing
platform founded by Feras Jalbout.

Baraka has revolutionized the way people think about

investing in the MENA region. With just a few taps on your
screen, you can buy or sell stocks with zero commission.
While this has brought many new investors into the space,
Feras is still familiar with the criticism that making investing
this easy turns online trading into a hybrid between
gambling and gaming. While investors may use the platform
for trading, Feras says, Baraka encourages them to invest
wisely through their education programs.

Feras insists that more people than ever want to become

actively involved in investing and now we finally have the
tools to allow them. However, Feras also concedes that
democratizing the system might not necessarily equate to
instant wealth equality. As long as investors are uneducated,
Feras believes, they will be financially vulnerable.
 BUILDING WEALTH-TECH IN MENA REGION

Thanks to Baraka and other companies like them working

worldwide, investing is now a common topic in everyday
conversation. It’s something people talk about at the dinner
table with their friends, and this is exciting, says Feras.

Markets will rise and fall, but strong businesses that do

important work will keep working through it. Feras believes
that as investors learn more about the way markets work
through education and experience, they will also learn to
take their analysis beyond the chart and evaluate
businesses for their fundamentals.

KEY TAKEAWAYS
Fractional investing has given rise to a new wave of retail
investors.
Interest in investing will continue to increase as more
people gain education and success through fractional
investing.
Investing is a topic that will step out of the office and into
casual conversations as more people get access to
investing resources.
 P2P payment solutions and
25 why this one actually works
with Faisal and Andrew

Peer to peer (P2P) payments are an emerging sector in the

fintech world. In developed markets such as the United
States, P2P is nothing new, and consumers have a broad
range of P2P service providers to choose from. However, in
the UAE the story is a little different. Faisal Toukan and
Andrew Gold, two out of the three founders of Ziina, explain
the reasoning behind their decision to pioneer a P2P system
for the region.

Sparked by a conversation around cryptocurrency, Faisal

and Andrew have developed Ziina as a way of making
payments fun and enjoyable. Faisal believes that by
removing the awkwardness and formality around sending
money they can serve their customer base in a way that’s
never been done before. Thankfully for them, they’ve found
that consumers really want the product.

Across the UAE, Andrew explains, merchants, freelancers,

and other small businesses still struggle to collect digital
payments. By opening this channel to these merchants,
Andrew says they can drive growth to these otherwise
neglected communities. By speaking to customers and
carefully monitoring their reaction to their product, Andrew
 P2P PAYMENT SOLUTIONS AND WHY THIS ONE WORKS

says they’ve realized that collecting digital payments is a

major pain point for many small businesses that primarily
operate on the internet.

Fluidity and ease are Ziina’s obsessions right now, Faisal

shares. He believes that by easing the process of payments
and making them feel less transactional and more
interactive, Ziina can tie a social element into their product
that could elevate their customer experience.

While many people fear the coming fintech winter,

companies like Ziina remain confident that their strong
business model and unique approach will enable them to
stand out from the crowd and emerge stronger than ever
from these turbulent market conditions.

KEY TAKEAWAYS
P2P is an emerging technology in the MENA region,
although other markets have had it for quite a while now.
P2P solutions may empower small, independent business
owners and drive growth to these neglected subsects of
the greater finance community.
Customers are looking for ease, speed and convenience.
 How facial recognition will
26 sculpt the future of finance
with Mihai Draghici

As technology evolves, innovators continue to look for new

and exciting ways to facilitate payments. Biometrics
promise a world that allows you to pay for your holidays,
your car payments, and perhaps even your rent with nothing
more than your face. Mihai Draghici, the founder and CEO of
PaybyFace, believes that facial recognition could be the
future of payments.

Technology never evolves in a vacuum. Mihai believes that

the synergy surging between various rapidly developing
tech fields such as cloud computing and algorithms set the
perfect stage for the fascinating facial payments solution.
As people return from the pandemic, Mihai believes there is
a renewed appreciation for the face and a genuine interest
in the contactless payment tech. While other companies
explore different biometrics, ranging from the palm to the
face, Mihai believes that the face carries a unique emotional
value.

Your face is your trademark, and in our social-media-

obsessed world, Mihai believes that the face can be the
perfect contactless payment method.
 FACIAL RECOGNITION IN THE FUTURE OF FINANCE

While electronic transactions will always need some

measure of hardware, Mihai aims to reduce reliance on
clunky machines. The PaybyFace app can be downloaded
on any iOS or Android device, and the consumer only needs
to carry their face to authenticate a trade. Mihai believes
that this easy convenience will appeal to consumers and
merchants, while also being easily scalable. However, user
privacy is an important issue that cannot be addressed as
easily.

Mihai accepts that PaybyFace won’t necessarily be for

everyone. PaybyFace is designed for speed and
convenience, but as Mihai continues to grow the company
and recruit talented developers he is confident that the
software places a renewed focus on privacy. Additionally,
Mihai shares how the software was developed to adhere to
the regulatory standards of the Netherlands, a nation with
some of the most stringent data privacy regulations in the
world. Finally, a partnership with Mastercard will introduce
a wave of testing and development that should ensure that
PaybyFace has world-class data privacy protocols and
security.
 FACIAL RECOGNITION IN THE FUTURE OF FINANCE

Despite the state of the market and a pervading sense of

paranoia and pessimism, MENA remains a beacon for
talented, passionate founders like Mihai who boldly
innovate in the face of adversity.

While nobody can say for sure what the future holds, as
long as founders like Mihai continue working diligently to
realize their visions, innovation and invention will never die.

KEY TAKEAWAYS
Facial recognition could still emerge as the winning
biometric payment system.

User privacy and digital security are two of the most

essential factors to modern customers.

MENA remains a beacon for talented people with

innovative ideas and the drive to realize them.
 Surviving as a fintech in the
27 current market
with Madhu & Prabhu

Many in the finance world have declared that the party is

over for start-ups and fintechs are not excluded from this
announcement. However, Madhu and Prabhu, the co-
founders of M2P, believe that the party has only changed
locations. In many ways, what was initially a rave has now
transformed into a house party. Madhu expands on this
topic with his experience and insight as a co-founder of one
of India’s leading fintechs.
Madhu immediately accepts that the market is on track for
a serious evaluation reset. He believes that the fundamental
metrics that investors have been using to assess the
viability of new start-ups will transform. Whereas in the
past, founders and investors had placed a huge emphasis on
the velocity of growth and overall volume, start-ups are now
being held under the microscope to see if they truly bring
any value to the table. The old way was all about disruption,
now it is about creating meaningful disruption, reports
Madhu.

Prabhu, co-founder of M2P, reflects a similar belief.

Whereas fintechs may come and go, good ideas are here to
stay. He uses the example of QR technology in India to
illustrate his point. While some fintechs might not survive
the long haul, the technology they bring to market may
 SURVIVING AS A FINTECH IN THE CURRENT MARKET

possess the potential to radically transform the landscape.

While this leaves the risk open that the major banking
system might claw back much of the power fintechs have
wrestled from it in recent years, Madhu & Prabhu are
confident that banks today need fintechs more than ever.
While some banks might have the capability to develop
innovative technology in-house, there will also be many
banks that struggle to compete. In this instance, strategic
partnerships with fintechs will be forged and allow the
ecosystem to evolve beyond the old model.
While the fintech winter may be upon us, Madhu & Prabhu
are confident that fintechs that provide real, tangible
benefits to their consumers will be able to easily outlast
this difficult period. After all, where Madhu & Prabhu are
from, the winter is warm and does not represent disaster,
only change.

KEY TAKEAWAYS
The party isn’t over for fintechs, the venue is just changing
and so is the guest list.

Ideas that prove useful to the ecosystem and find

mainstream adoption will outlast market conditions.

Strategic partnerships might be the best option for small

banks and fintechs moving forward.
 Innovations in technology &
28 transformations in banking
with Dr. Bernd van Linder

The last episode of Couchonmoics Season 1 brings Dr.

Bernd van Linder, CEO of Commercial Bank of Dubai. Dr.
Bernd achieved his Ph.D. over 20 years ago in AI. Of course,
in the 1990s, artificial technology was in its pre-nascent
phase— extremely niche without many obvious commercial
applications. However, as the world progresses towards
increasing levels of technological integration, Dr. Bernd’s
Ph.D. in artificial intelligence has grown more useful.

Technology is only one side of the equation, Dr. Bernd

believes. The other side is customer satisfaction. Dr. Bernd
explores how people create an emotional connection to
various products, from cell phones to cars, but nobody has a
deep emotional connection with their banks. In the words of
Bill Gates, people need banking, they don’t need banks. Dr.
Bernd believes that to change this atmosphere, it's essential
to recruit people from outside the banking industry to
provide the customer experience that customers expect.

When it comes to customer service and interaction, the

benchmark is set by huge tech companies like Amazon or
Google. Because people spend so much time on their
devices, they expect consistency in satisfaction and service
 INNOVATIONS IN TECH & TRANSFORMATIONS IN BANKING

delivery across the board. Dr. Bernd firmly advocates for

changes to certain aspects of the banking industry.
However, for Dr. Bernd, many of the banking products
provided as standard in the UAE are more advanced than
what he was used to in Europe. Whereas in Europe, ATMs
only offer very limited amounts of cash, in the UAE, you can
use your ATMs to pay your bills and a whole host of other
services. With this contrast as a baseline, Dr. Bernd
believes that the region has a strong, innovative pedigree.

Of course, the Covid-19 pandemic further accelerated the

push for digital integration, and that has set up the region
to be in the prime position for further innovations and
inventions. Dr. Bernd believes that the market is prepared
for a host of changes, ranging from distributed ledger
technology to decentralized finance and machine learning.

KEY TAKEAWAYS
Sometimes the market needs time to catch up to the
technology.
The UAE has long been ahead of Europe when it comes to
offering innovative and convenient solutions to cater to
certain banking needs.
The global market is eager for a transition towards the
next exciting era in fintech.
 CONCLUDING THOUGHT
by Arjun Vir Singh, Host of Couchonomics with Arjun

Well, that’s it for Couchonomics

Season 01. In this eBook, we’ve tried
to summarize all the major
takeaways shared by each guest into
manageable, bite-sized portions. But
despite our best efforts, our
distinguished guests have been too
generous with their knowledge and
insights, and we find it impossible to
squeeze all the value they brought and shared during the
various episodes into a concise eBook.

When I launched Couchonomics, my goal was to create a

porthole into the often-mystified world of finance and
technology and their intersection what we refer to as
Fintech. Each of my guests have helped greatly in that
regards, illuminating some of the key challenges facing the
most innovative waves of fintech inventions. By sharing their
insights, successes, struggles, and other stories, it is my hope
that we will rouse wider interest in the area of financial
technology (and its future avatars), spurring a new wave of
learning and innovation.

I would like to thank our sponsors for supporting the show

every step of the way. Without our good friends at Adyen,
M2P, and Lulu Financial Group, this show would have never
been possible. The great trust they’ve shown me in the
 CONCLUDING THOUGHT

creative freedom they’ve allowed has given me the

confidence to approach topics with our now-signature style
of candid questioning.

A thank you also goes out to Poddster! The podcast

production company and my partners in this journey. Under
Vuk’s leadership and with the incredible efforts put forth by
his team, Poddster has performed as a finely tuned
instrument of podcast production and distribution.

Lastly and most importantly, I’d like to thank the listeners,

viewers and supporters of the show. You have really made
the entire experience worthwhile! Your support in every
form has been priceless, whether it’s a ‘like’ on LinkedIn or
YouTube, or simply sharing the show with a friend.

Stay tuned for more candid, open conversations with world-

leaders in the field of technology and financial services in
Season 2.

Thank you,
Arjun Singh
Host of the Couchonomics podcast