< PreviousSPOTLIGHT fi nancemiddleeast.com30 | October 2025 THE REGULATORY PIVOT BNPL’s expansion has drawn regulators’ attention. Across the US, Europe and the GCC, oversight is tightening, with a focus on consumer protection and aff ordability checks. “Regulatory tightening is already proactive,” Dubey noted. The US has extended credit card protections to pay-in-four loans, while the EU’s new Consumer Credit Directive explicitly brings BNPL into scope. The UK will introduce a full regime by 2026.” Esaian added that the Gulf states are already ahead. “In the GCC, [in countries like] the UAE and Saudi Arabia, they already license BNPL as short-term credit, requiring either direct authorisation or partnerships with banks,” he said. Australia is also bringing BNPL under it s Credit Ac t . These moves, he noted, are intended to ensure disclosure, affordability checks and stronger dispute rights, signalling BNPL’s entry into mainstream regulated fi nance. HOW MUCH DOES BNPL ADD TO HOUSEHOLD LEVERAGE? For now, BNPL remains a marginal share of overall household debt. Esaian explained: “BNPL’s macro footprint remains modest: obligations are short-dated, often autopaid and small relative to total household credit. In the UK, 86% of adults had no outstanding unregulated BNPL debt in May 2024; only 2% had GBP 500+ outstanding, suggesting limited aggregate leverage.” Yet he stressed the signifi cance for younger borrowers. “However, for Gen Z the eff ect is more material: in months they borrow, Businesses and economies should adapt accordingly.” To illustrate the generational lens, he even cited popular culture: “As the famous Dave Chappelle meme says— ‘modern problems require modern solutions’.” BUSINESS MODELS AND VALUATIONS UNDER PRESSURE For BNPL providers, the real pressure emerges not from culture but from economics. “Valuations are most exposed when defaults rise and funding reprices, because BNPL unit economics hinge on merchant fees minus credit losses and funding costs,” Dubey observed. He explained that when losses rise and merchant fees compress, profi tability comes under stress. Yet providers are not passive. “They tighten underwriting by segment, reprice merchant and consumer terms, and manage to contribution targets,” he said, noting that Affi rm had explicitly restored margins through such actions. Esaian highlighted the impor tance of funding diversification. “They also hedge through diversifi ed funding, warehouse lines, programmatic securitisations and forward-fl ow sales to transfer risk and preserve capacity,” he explained. However, he warned that discretionar y ver ticals like events and lifest yle, where there is no collateral, will feel volatility fi rst. But he emphasised t h e a d v a n t a g e o f s h o r t d u r a t i o n s . “Rapid throttling allows losses to be contained before they spiral.” $560 B the amount global BNPL transactions are expected to reach in 2025SPOTLIGHT fi nancemiddleeast.comOctober 2025 | 31 BNPL accounts for roughly 28% of their unsecured balances, tightening near-term cash fl ow.” Dubey reinforced this point, noting that while BNPL does not yet threaten systemic stability, it can act as a near-term drag on spending growth if obligations accumulate across platforms. STRESS SCENARIOS AND ECONOMIC SHOCKS What happens if economic conditions worsen? Dubey warned that BNPL is sensitive to employment shocks. “A 1–2 percentage points rise in unemployment would hit BNPL quickly, but not uniformly. Due to the nature of the loans, losses tend to spike early and then burn off as cohorts roll.” Esaian emphasised that lenders have levers to pull. “They can tighten approvals by segment within days, lower limits, shift volume away from discretionary merchants, reprice merchant fees and use forward-fl ow or securitisation to transfer risk,” he said. However, he stressed that funding costs rise immediately when warehouse lines and ABS spreads reprice, compressing already thin margins. For him, the main risk is not contagion but sharp, temporary shocks to lender profi tability. BNPL is evolving from novelty to mainstream, embraced by millions of young consumers who prize its flexibility. With global BNPL transactions projected to exceed $560 billion in 2025 and possibly $900 billion by 2030, the scale is undeniable. Defaults remain low relative to credit cards, repayment rates are high and regulatory oversight is tightening before cracks become systemic. The bigger story is cultural. As Dubey put it, “These patterns show a preference for smoothing cash fl ow and celebrating micro-moments, not nec e ssaril y o v er - e x t ension.” Esaian stressed that the real test will be managing accumulation and ensuring transparency. “The genuine watchpoint is opacity across lenders and loan-stacking by heavy users.” Could BNPL become the next subprime? The answer, for now, is no. But as with all fast-growing fi nancial tools, the key lies in vigilance, understanding the culture driving demand, ensuring regulation keeps pace and recognising the risks before they compound. The danger lies in stacking such commitments, which over time can constrain budgets FINANCE AWARDS fi nancemiddleeast.com32 | October 2025fi nancemiddleeast.com32 | October 2025 FINANCE AWARDSFINANCE AWARDS fi nancemiddleeast.comOctober 2025 | 33 The Finance Middle East Awards 2025 brought together some of the region’s most infl uential fi nance leaders for an intimate gala dinner at Prime68, JW Marriot Marquis, Dubai. After months of careful evaluation, the evening was a chance to honour outstanding achievements, celebrate innovation and connect with the people shaping the future of the fi nancial services industry. This year’s winners represent the very best of Middle Eastern fi nance—visionary leaders, innovative companies and resilient institutions driving progress across banking, fi ntech, investment, trading, sustainability and more. Their accomplishments are setting new benchmarks for excellence and redefi ning what’s possible in our sector. fi nancemiddleeast.comOctober 2025 | 33 FINANCE AWARDSFINANCE AWARDS fi nancemiddleeast.com34 | October 2025 Since securing i t s Dubai Financial Ser vices Authority (DFSA) license and launching in late 2024, ASB Capital has mobilised $ 4 .7 b i l l i o n i n a s s e t s u n d e r m a na g e m e n t . Th e D u b ai - b a se d company stands out for its hybrid structure and its unique ability to deliver institutional-grade investment solutions with boutique agility—a combination rarely seen in the region’s asset management space. ASB Capital launched with a ready-built platform, a clear multi-asset strategy and $4.5 billion in starting assets under management (AUM), backed by investor demand and trust from the beginning. In its fi rst year, ASB Capital advised on and structured two major capital markets transactions. These included the $1 billion sukuk issuance by Bapco Energies in Q1 2025, where ASB Capital served as joint lead manager and bookrunner. ASSET MANAGEMENT FIRM OF THE YEAR ASB CAPITAL Under Hichem Djouhri’s leadership, ASB Capital is redefi ning the role modern wealth management plays in the region. As Senior Executive Offi cer, he has led the fi rm through a period of rapid and disciplined growth, managing $4.7 billion in assets under management (AUM) and establishing ASB Capital as one of the most innovative and trusted wealth management platforms regionally. Under his leadership, ASB Capital advised on and structured two major capital markets transactions that reinforced the firm’s credibility. These included the $1 billion sukuk issuance by Bapco Energies in Q1 2025, where ASB Capital served as joint lead manager and bookrunner. Additionally, ASB Capital has created access to global equities and multi-asset products that meet the growing expectations of a new generation of investors who value purpose as much as profi t. WEALTH MANAGER OF THE YEAR HICHEM DJOUHRI ASB CAPITALFINANCE AWARDS fi nancemiddleeast.comOctober 2025 | 35 Alpheya is a first-of-its-kind AI-powered platform designed in the Middle East for the Middle East. This deep regional integration creates a unique advantage that cannot be easily replicated by global competitors. For example, Alpheya’s platform was developed with Arabic as a core language. This architectural decision enables seamless engagement with Arabic-speaking clients. This includes the critical ability to understand nuanced fi nancial terminology in context, right-to-left bidirectional interface elements and culturally attuned, authentic communication styles. The company has established itself as a transformative force in the Middle East’s fi nancial technology landscape through several key achievements this past year. Its strategic partnership with the Abu Dhabi Investment Offi ce (ADIO) shows its commitment to developing local talent. BEST USE OF AI IN FINANCE ALPHEYA With more than 231 companies, 267 investments, 29 portfolio ex i t s and 1 0 unicorns , including Flutterwave, OpenSea and SpaceX, Kube VC’s portfolio speaks for itself. Its most notable exits include S TA R ZP L AY, Lo co and Bany an. The UAE-based venture capital fi rm backs exceptional founders and categor y- def ining businesses and companies, focusing on investing in seed - s tage, earl y- s t age and later-stage businesses operating in B2B, commercial products, services, me dia an d te chno l o g y se c to r s . I t s p o r t f o l i o i n c l u d e s s p a c e , logistics, e- commerce, Web3 and more. Kube VC has been recognised and awarded locally and globally for its investments, portfolio and for being an innovator in the tech space. The Dubai company continues to innovate, inspire and set benchmarks in the region and beyond. VC FIRM OF THE YEAR KUBE VCFINANCE AWARDS fi nancemiddleeast.com36 | October 2025 Over the past year, Binance has achieved several signifi cant milestones that refl ect its growing infl uence in the MENA region. The company has played a pioneering role in shaping the Middle East’s crypto and Web3 landscape, actively driving the conversation around regulation, adoption and innovation in the fi nancial sector. The company secured a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority, enabling it to off er regulated services to both retail and institutional users in the UAE. What’s more, it launched a major user migration campaign to onboard local users and expanded its Dubai te a m to ove r 4 0 0 e m p l oye e s . Binance also welcomed a $2 billion investment from Abu Dhabi-based MGX. CRYPTOCURRENCY TRADING PLATFORM OF THE YEAR BINANCE Norman Tambach has had a transformative impact on the fi nance sector in the Middle East by redefi ning what it means to be a modern CFO, from delivering strong fi nancial results and executing major transac tions for Mashreq. He is a true leader and sees a vision beyond numbers. Over the past year, Tambach has delivered a series of milestone achievements. One major highlight was the sale of 65% stake in Neopay, Mashreq’s digital payments subsidiary. Completed in December 2024, this transac tion generated AED 1.3 billion in net prof it. It is regarded as one of the Middle East’s most signifi cant private FinTech deals. Under Ta mbach ’ s guidanc e , Mashreq achieved record-breaking fi nancial results for FY 2024. Total assets grew 11% year-on-year to AED 267 billion. CFO OF THE YEAR NORMAN TAMBACH MASHREQFINANCE AWARDS fi nancemiddleeast.comOctober 2025 | 37 The Abu Dhabi Securities Exchange (ADX) stands out for many reasons, from its size and the depth of the exchange’s liquidity. As the largest in the UAE and the second-largest exchange in the MENA region, the ADX benefi ts from high daily turnover and strong international participation. In February 2025, the ADX launched the ADX Group and a new business model to transform and future-proof its thriving capital market, advancing Abu Dhabi’s investment landscape. This included introducing the new Post Trade division, comprising Abu Dhabi Clearing (AD Clear) and Abu Dhabi Central Securities Depository (AD CSD). The ADX has consistently outperformed the MSCI Emerging Markets Index by growing 86% over the past fi ve years. In the past decade, the ADX has more than doubled (118.1%) while the MSCI Emerging Markets Index, by comparison, only increased by more than a fi fth (21.8%). Al Ansari Exchange (AAE) is the UAE’s largest remittance and foreign exchange company and continues to be a leader in the region. From 2024 to 2025, the company had a number of key milestones, including the launch of MoneyExpress remittance service with UnionPay in the UAE. This made Al Ansari Exchange the fi rst exchange company in the entire GCC region to integrate directly with UnionPay’s infrastructure, streamlining remittances through a fully digital, real-time interface ensuring speed, transparency and user convenience. Additionally, it introduced a new cash payout service for Involuntary Loss of Employment (ILOE) insurance claims in partnership with the ILOE’s Insurance Pool PSC. As of Q1 2025, Al Ansari Exchange has 270 branches in the UAE—twice the branch strength of the nearest competitor. This contributes to its 98%+ customer satisfaction rate. FINANCE INNOVATION OF THE YEAR ABU DHABI SECURITIES EXCHANGE (ADX) CURRENCY EXCHANGE FIRM OF THE YEAR AL ANSARI EXCHANGEFINANCE AWARDS fi nancemiddleeast.com38 | October 2025 Zurich International Life Middle East stands out for combining strong business performance with deep community impact. Zurich goes beyond innovation, with access, education and empathy being core focus points to make complex financial topics relatable to customers. Community wellbeing combined with its digital-fi rst strategy have led to a signifi cant impact. The Zurich Advisory Network (ZAN), Zurich’s proprietary advisory channel, has 5x growth in three years, with over 120 advisors, now Zurich’s largest distribution channel in Dubai. What’s more, it is capable of scaling and plans are in place to move into other emirates and across the GCC. In early 2025, the ZWS and DEWS Zurich Workplace Solutions (ZWS) had 68,000+ employees enrolled and over 2,100 employers engaged, including DIFC. INSURANCE COMPANY OF THE YEAR ZURICH INTERNATIONAL LIFE MIDDLE EAST Astra Tech has rewritten the rulebook for what a fintech company can be — even in a rapidly evolving digital economy. Since acquiring Botim in late 2022, Astra Tech has turned Botim from a once-simple VoIP platform into a popular regional digital lifestyle superapp that integrates core fi ntech off erings directly into the daily routines of millions. Botim has over 150 million registered users and an active user base across 155 countries. Botim AI is also the fi rst conversational fi nance assistant embedded int o a mains t r e am communications app. Astra Tech was the fi rst fi ntech platform in the UAE to integrate the Aani instant payment system—a Central Bank of the UAE initiative for real-time peer-to-peer payments. Astra Tech’s impact on the Middle East’s finance sector is multi-dimensional with inclusive services across demographics. FINTECH COMPANY OF THE YEAR ASTRA TECHFINANCE AWARDS fi nancemiddleeast.comOctober 2025 | 39 Dr. Saeeda Jaff ar is leading Visa’s strategic direction in the GCC. As Senior Vice President and Group Country Manager for over three years, she has remained focused on ensuring Visa stays aligned with national agendas, staying ahead of shifting consumer expectations and reinforcing Visa’s role as a long-term partner to governments, regulators and fi nancial institutions. She brings more than 20 years of experience in the Middle East, Europe and the United States to her role. What makes Dr. Jaff ar stand out is her ability to combine strategic thinking, operational focus and international experience with cultural fl uency and market insight. As an Emirati leader, and one of the most senior women in the regional payments industry, she brings both cultural understanding and local credibility to her role. WOMAN IN FINANCE DR. SAEEDA JAFFAR VISA Award collected on Dr. Jaff ar’s behalf by Salima Gutieva, Country Manager of Visa UAE Over the past year, Tickmill has achieved signifi cant milestones, particularly in the MENA region, where trading volumes exceeded $135 billion alone. This marks 54% year-over-year growth. The company has expanded its copy trading capabilities through integration with SoFinX, giving clients access to over 10,000 signal providers. Additionally, Tickmill launched a unique interest programme on unused client funds and maintained strong client engagement through regional promotions and educational initiatives. It stands out because it combines low trading costs, deep localisation in key regions like MENA and a strong commitment to trader education and transparency. Tickmill has positively impacted the Middle East’s finance sector through these pillars by off ering a strong regional presence, Arabic support and consistent outreach. TRADER’S CHOICE PLATFORM TICKMILLNext >