From banking to financial services, to logistics and aviation, the business world has recently turned its focus on ‘ecosystems’, and how to build and maintain them. But, beyond a buzzword, what really is an ecosystem in the business context? What would such an environment look like for FinTech, and how can Abu Dhabi nurture such an environment to solidify its position as global hub for the nascent sector?
To understand this better, it might help to go back to basic principles. After all, an ecosystem is a well-understood and researched concept in its original context of biological science. Essentially, to the scientists, an ecosystem is a highly interconnected, closed system in which life can thrive. Further, scientists have identified the five key enablers an ecosystem must contain to survive: energy, minerals, water, oxygen, and living things.
But what are the components that a FinTech ecosystem needs to survive? It may help to look at what FinTech is, and look at the five key enablers Abu Dhabi has supported to build an environment conducive to FinTech innovations and innovators.
FinTech – Financial Technology – is the adoption of new technology and innovation to transform the financial services sector and its products. Meanwhile RegTech – a subset of FinTech – looks at how technology can streamline regulatory and compliance aspects.
In place of energy – the force that starts everything and keeps it going – I would say the equivalent in our FinTech ecosystem is ambition: the desire to grow the sector, and the will to make the decisions that allow it to flourish. In Abu Dhabi’s context, this is derived from the policies of the government, both federal and local, and the strategic vision of the leadership. This ambition is crystallised in the FinTech Abu Dhabi Festival. The annual event, attracting 5,000 delegates, provides FinTechs, venture capitalists and the wider investment community with a valuable opportunity to network, converse and innovate.
Then there are the ’minerals’. Here I would say that’s the technical stuff – the solid regulatory and legislative framework, the rules and regulations that are the foundation of a strong, high-growth business environment. In this field, Abu Dhabi really shines, with Abu Dhabi Global Market, the emirate’s international financial centre, being the jewel. Since its inception five years ago, ADGM has made supporting FinTech firms and adopting FinTech initiatives one of its core priorities.
A prime example of these efforts is ADGM’s regulatory sandbox, a first for the Mena region, and the world’s first digital version. The programme attracts international, regional and local participants to innovate and create progressive solutions under the supervision of ADGM.
When looking at water, we are looking at the essential business services needed to thrive. Banks, accountants, lawyers, auditors, even office space fall into this category. Again, ADGM has worked hard on offering a ‘one stop shop’ for FinTech start-ups, where they can operate under special licences and utilise the services of both ADGM entities and a host of global service providers able to operate under ADGM jurisdiction. This complements Abu Dhabi’s advanced business environment, which is home to some of the region’s best-known banks and regional headquarters of multinational financial service companies.
Oxygen can only be money – or, to be more accurate – investment, and here’s another area where Abu Dhabi is at an advantage. The emirate and ADGM are home to a series of investment initiatives aimed at supporting the region’s start-up ecosystem. Foremost of these initiatives is the homegrown Hub71 accelerator programme, supported by Mubadala, Microsoft, Softbank, Abu Dhabi Investment Office, and situated in ADGM. In addition to this, Mubadala has recently launched Abu Dhabi Catalyst Partners, a $1 billion fund that is based in ADGM and aimed at positively impacting the emirate’s financial ecosystem through sustainable returns.
Finally, we have the living things: both the FinTech firms themselves and, more literally, the real-live people working throughout the ecosystem, the talent behind the ideas and the employees across all sectors that bring FinTech to life. For firms, it’s the ambition, regulatory framework, services and investment together that allow them to thrive. For people, it’s a high-quality lifestyle, excellent working environment, low taxation and a host of intangible benefits.
A big difference between our environment and its natural counterpart, though, is that our FinTech ecosystem is open, while the natural one is ‘closed’. This means that, in our system, each component doesn’t just work to build a thriving FinTech sector, but adds knowledge, value and capacity to our wider business community, in Abu Dhabi, the UAE, the wider Middle East and, ultimately, across the globe.
Juma Al Hameli is senior executive director of strategy and business development at ADGM.
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
Killing of Qassem Suleimani
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
more from Janine di Giovanni
LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
The biog
Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."
Favourite author: Malcom Gladwell
Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Fast%20X
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
UAE currency: the story behind the money in your pockets
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
