Now I have all five transcripts. Here are the web posts:
TARIK ERK — MENAT REGIONAL HEAD AND SENIOR EXECUTIVE OFFICER ABU DHABI, BINANCE
Title:
Binance B Stocks Hit $500 Million in AUM in Weeks — Now They Are Live in the UAE
Summary:
Tarik Erk, MENAT Regional Head and Senior Executive Officer Abu Dhabi at Binance, joins Rhonda Ibrahim on Wall Street to Mena as the exchange brings its B Stocks product — tokenised versions of US stocks trading 24/7 — live in the UAE, following a global launch in June that attracted $500 million in AUM within weeks.
His explanation of what a B Stock actually gives an investor is precise: not direct US equity ownership, but a tokenised representation of the underlying stock held in custody, with price exposure, potential dividend entitlement, and 24/7 on-chain trading flexibility. The product was deliberately brought inside ADGM securities law — not around it — through licences including exchange, clearinghouse, and broker dealer, established in January this year.
On who is actually driving demand, his data is specific: nearly 90% of volume is coming from emerging markets where investors previously had too much friction or too high a cost to access US equities. And nearly half of users are Gen Z — digitally native, already familiar with Binance, and using it as their natural entry point into US stocks.
Meta description:
Binance MENAT head Tarik Erk on launching B Stocks in the UAE, why 90% of demand comes from emerging markets, and why putting tokenised equities inside ADGM securities law was the right approach.
Imagine buying a piece of Nvidia at midnight on a Saturday from Abu Dhabi. Starting at just $5, that is now real for eligible investors in the UAE. Binance has launched B Stocks here — tokenised versions of US stocks that trade 24/7. The rulebook behind it is not written in New York. It is written in Abu Dhabi. Joining me is Tarik Erk, MENAT Regional Head and Senior Executive Officer Abu Dhabi at Binance. Tarik, welcome to the show.
Thank you so much for having me. Pleasure.
B Stocks launched in Bahrain in July. Why Bahrain first?
We launched our global business in June. The challenge from there is what other markets can we do this in at a local level. We assess market by market — whether this is a product that has regulatory authorisation, whether we need to get approvals, and whether this is suitable for the local market. Bahrain was assessed to be able to do it fairly quickly after the global launch, which we were very happy about. And then to have it live in the UAE from September is something we are quite excited about.
Why the UAE and why now?
From the global launch we learned the significant demand and growth this product was experiencing. Within several weeks we saw about $500 million in AUM on our platform. The demand was certainly there — mostly from crypto-native traders and users wanting exposure to this asset class. The UAE is one of the leading crypto adoption markets, but also keen on having exposure to US equities. And as a regulated exchange within the UAE under VARA, we had the infrastructure to support a localised launch.
Binance could have gone a lighter regulatory route. Why put this inside ADGM securities rules?
With traditional financial products, there is a level of maturity with higher expectations when it comes to equities. As we expand more into the TradFi space, ADGM had the setup to enable the launch of these types of products. In January of this year, our exchange, clearinghouse, and broker dealer licences went live — giving us the infrastructure to build on that, as well as the technology entity to do the tokenisation of US stocks. We basically had all angles of the product, distribution, and exchange infrastructure built. This is best in class to do it for a global customer base.
If I buy a Tesla B Stock, what do I actually own?
It differs from a direct US equity product. You are buying the tokenised version — a representation of the underlying equity, which is then in custody through ourselves or a partner. You are able to trade this 24/7 receiving price exposure, which is the most important part of investing in a US stock. You have some limited rights when it comes to voting shares, but dividend distribution is something you may also be entitled to. And this has on-chain capabilities — deposit, withdraw, and more trading flexibility since it is 24/7.
Tokenised stock volume went from $137 million in January to nearly $8 billion in August. Who is driving that demand?
We are seeing this being driven significantly from emerging markets — almost 90% from growing markets where people may not have had access to these products before. There was so much friction or high costs to do so. We are eliminating those barriers. We are also seeing it largely from Gen Z — nearly half of our users doing so were Gen Z. They are digitally savvy, crypto native, and very familiar with the Binance platform. For them it was the perfect way to access this asset class because they were already trading or using our products.
What has the UAE gotten right when it comes to regulation?
This is not just hyperbole — this is one of the top markets where we are able to operate a digital asset business. That starts with the transparency to operate in a regulated space. VARA now has over 55 licensed entities operating in its ecosystem. ADGM also has a significant number of exchanges, custodians, and tokenised licensed firms. That gives you the confidence that you can run the business here, localise the products you want to offer, and get banking access to have fiat on and off your platforms. That combination may seem obvious, but it is not available everywhere. The UAE is very forward looking and it is definitely a national priority.
Thank you so much.
Tags:
Tarik Erk, Binance, B Stocks, tokenised equities, VARA, ADGM, UAE, Bahrain, emerging markets, Gen Z, digital assets, TradFi, Rhonda Ibrahim, Capital Markets Wall Street to Mena
SID SINGH — CEO, CURINOS
Title:
Getting a New Bank Customer Now Costs 126% More Than in 2018 — AI Is the Only Fix
Summary:
Sid Singh, CEO of Curinos, joins Johnny Fernandez on Wall Street to Mena as the data and analytics firm — which helped one bank bring in $1.6 billion in new deposits without offering higher rates — makes the case that banks are at an inflection point: AI is moving from back office chatbots into deposit decisioning, and the banks that figure that out first will win.
His most striking data point is on customer acquisition cost: getting a new checking customer today costs 126% more than it did in 2018. The reason is structural — large national banks are winning market share through scale, fintechs are nipping at the lower end, and regional banks are squeezed in the middle. Add to that 20 million consumers actively switching accounts, and four accounts per switcher on average, and the scale of the problem becomes clear.
On what banks should actually do, his answer is precise: stop prospecting for new customers and start finding deposits inside their own existing base. AI-powered deposit decisioning — identifying which customer is likely to open an account, fund balances, or move — is where Curinos sees the real opportunity. And with the Databricks partnership, the timeline from data to outcomes has compressed from six to twelve months to a matter of weeks.
Meta description:
Curinos CEO Sid Singh on why customer acquisition costs have doubled since 2018, how AI-powered deposit decisioning brought one bank $1.6 billion in new deposits without higher rates, and what the Databricks partnership changes for banks deploying AI.
Banks have spent heavily on AI but most of it is still chatbots and back office work — not tools that help banks grow. Getting new checking customers now costs more than twice what it did in 2018. And when banks merge, some customers take their money and leave. Joining me is Sid Singh, CEO of Curinos. Sid, thanks for being with us today.
Yeah, thank you.
How much of AI in banking is actually making decisions today and how much is still a test run?
Bank CEOs are telling me — we are not buying tokens, we want to buy business outcomes. Banks are evolving from using AI in the back office and simple task automation into customer decisioning oriented around outcomes. That means AI in deposit decisioning — who is likely to open an account, who is likely to fund balances. We are seeing some green shoots, but still very early days.
What should banks be asking to make sure they are getting a real return on AI investment?
There is huge pressure on banks to drive organic growth. Cost of acquisition has doubled. Consumer behaviour has changed — agents are now looking for bank deals on their behalf. It is no longer a consumer shopping for rates. It is a consumer's agent. How does a bank compete in that era? Banks have to get sophisticated in agent-oriented behaviour. Having data on your consumer becomes even more important than ever before.
Getting a new checking customer now costs 126% more than in 2018. Why?
Two trends. First, large national banks are winning more market share because of their scale. Smaller fintechs are nipping away at the lower end. Regional banks are squeezed in the middle — not enough size, not enough data, not enough technology. Second, consumers are more aggressive in switching accounts. There are about 20 million switchers — people likely to move their bank accounts. Inside that population, four out of every switcher has at least four accounts. Cost of acquisition has seen a big increase and the ROI is not panning out. Banks have to become more sophisticated in finding deposits inside their existing consumer base rather than always prospecting new customers.
When banks merge, why do customers leave and how do banks keep them?
Our data shows that above a certain M&A deal size — $5 billion and above — 11% of deposits can actually leave. Doing due diligence not just on credit quality but on deposit quality is incredibly important. Customers leave because integration sometimes does not go as well as planned, communication is not as clear, and the product proposition is not as joined up. Banks need to focus on deposit quality, the product proposition, and a real integration experience. One plus one should equal eleven.
You helped a bank bring in $1.6 billion in new deposits without offering higher rates. How?
That is an example of authentic AI. Banks have been fairly sophisticated in deposit pricing — how to offer the right price to the right customer. But there is still opportunity. AI is moving banks into deposit decisioning — which customer do I market to, who is likely to move their account, who is likely to fund a new account with balances? By combining the bank's own data, Curinos data, and third-party signals, we can build best-in-class data models that drive $1.6 billion in new deposits — not a single rate offer, all incremental.
What does the Databricks partnership mean for banks trying to put their data to work?
If everyone uses the same AI models, everyone becomes mediocre. The differentiator is data. Our partnership with Databricks allows us to take data from different parts of a bank — even those still using legacy infrastructure — through a layer that ingests it and shortens the path to outcomes from six, nine, or twelve months to literally a few weeks. Banks can now see AI-led value in days.
What are you seeing in Middle East bank consolidation?
There is continued pressure on banks to drive deposits. Higher interest rates are a mixed blessing — you can drive loan growth, but there is pressure to offer higher deposit rates to keep low-cost deposits. We expect the same consolidation trend to continue — not to accelerate significantly, but to continue both in the US and the Middle East.
Thank you so much for joining us.
Yeah, thank you for having me.
Tags:
Sid Singh, Curinos, bank AI, deposit decisioning, customer acquisition, bank mergers, Databricks, AI banking, deposit growth, regional banks, Johnny Fernandez, Capital Markets Wall Street to Mena
HATIM ABDELKHALEK — DIRECTOR WEALTH AND PORTFOLIO MANAGEMENT, VAULT WEALTH
Title:
Vault Wealth Is Overweight Emerging Markets and Adding Uranium — Here Is Why
Summary:
Hatim Abdelkhalek, Director of Wealth and Portfolio Management at Vault Wealth, joins Rachel Pether at the ADX as the firm — regulated in both the UAE and Saudi Arabia — shares its current asset allocation view and explains why three distinct investor profiles in the GCC are all arriving at the same conclusion: they need professional help.
His current positioning is specific and contrarian in places: overweight emerging markets especially in Asia, adding private infrastructure as a resilient yield-generating asset, adding to commodities including gold, and holding a satellite position in uranium — not as a speculative play, but as a way to gain exposure to the AI trade through the nuclear energy that will power data centres.
On what makes Vault's client base distinct from a traditional private bank, his breakdown is precise: three profiles dominate — the over-cashed investor with 85% of liquid wealth sitting idle, the over-concentrated investor who kept buying real estate until they realised the mistake, and the self-made investor who accumulated considerable wealth but now needs professional advice to take it further. All three are underserved by the existing system.
Meta description:
Vault Wealth's Hatim Abdelkhalek on being overweight emerging markets and adding uranium as an AI trade, why 85% of GCC liquid wealth sits in cash, and how private market fund minimums have collapsed from $5-10 million to $25,000.
With central banks shifting rates, geopolitical risks, and market volatility still very much in focus, Vault is helping GCC investors navigate a changing landscape — from resilient yield-generating portfolios to greater access to private markets. Joining us is Hatim Abdelkhalek, Director of Wealth and Portfolio Management at Vault Wealth. Hatim, welcome to Capital Markets Wall Street to Mena.
Thanks for having me.
With central banks adjusting rates and ongoing geopolitical noise, what is the Vault house view on global asset allocation for the rest of the year?
It has been an interesting year. From an equity markets perspective, the S&P 500 and MSCI All Country World Index are both positive, up 14 to 15% year to date. What has been challenged is fixed income — bond markets have been negative for the year. The Bloomberg Global Aggregate is negative, challenged by central bank rate hikes in the US, eurozone, and Asia. In terms of where we see opportunities: we are currently overweight emerging markets, especially in Asia. We have been adding more private infrastructure to client portfolios — resilient assets that generate income and yield, and there is a big appetite for yield here in the region. We have also been adding to commodities. Gold remains one of the biggest holdings in central bank balance sheets. And we have a small satellite position in uranium — because it could be viewed as a way to play the AI trade. Uranium will be used in nuclear energy that powers data centres. In terms of underweights, we have been underweight high yield because spreads are way too tight and do not warrant the extra credit risk. And we have stayed away from private credit for now.
Tell us about the typical client profile at Vault and how it differs from a traditional private bank.
I would categorise our clients into three segments — all high net worth individuals, entities, or family offices, typically in the UAE and Saudi Arabia since we are regulated in both. The first profile is the over-cashed investor. In North America 85% of liquid wealth is typically invested. Here in the region it is actually 85% in cash. These are people creating a cash drag that is preventing them from reaching their financial objectives. The second profile is the over-concentrated investor — it is not uncommon here for people to buy the first property, the second, the third, the fourth, and then realise they have made the mistake of overweighting real estate which can become illiquid in periods of stress. The third profile is the self-made investor — people who have accumulated considerable wealth themselves and now need professional support to diversify further and enhance risk-adjusted returns.
How does Vault construct resilient portfolios that balance yield with long-term capital preservation?
We look at portfolio construction as core and satellites. The core portfolio is very well diversified across regions and sectors — stocks, bonds, and low cost ETFs, typically Ireland-domiciled and traded on the London Stock Exchange to avoid US estate tax and the full 30% withholding tax on dividend distributions. Around that core we add satellite positions — commodities, specific sectors we believe in. For example, a sector we are overweight is healthcare. If you look at Japan, they have sold more adult diapers than baby diapers for the past ten years in a row — that is an attractive opportunity for a long-term capital allocator. And we can also add private market funds as a satellite position.
Private markets have traditionally required very large minimum investments. How is Vault working to democratise access?
There has been a lot of appetite for private market funds from institutional investors. Abu Dhabi Investment Authority — not too far from where we are sitting — is one of the biggest allocators of capital and has been gradually adding to private market funds. We have seen that appetite from retail and high-net-worth investors too. A few years ago you needed $5 to $10 million to access these asset classes. Now asset managers are democratising access through feeder funds with minimums starting at $25,000 to $125,000 — giving access to strategies that were out of reach for most investors just a few years ago.
My pleasure.
Tags:
Hatim Abdelkhalek, Vault Wealth, asset allocation, emerging markets, uranium, private markets, gold, GCC investors, portfolio construction, feeder funds, Saudi Arabia, UAE, Rachel Pether, ADX, Capital Markets Wall Street to Mena
JOE STICCO — CO-FOUNDER, CRYPTEX FINANCE
Title:
Cryptex Finance Tracks 92% of the Crypto Market — Here Is What It Is Showing Right Now
Summary:
Joe Sticco, Co-Founder of Cryptex Finance, joins Johnny Fernandez on Wall Street to Mena as the firm's crypto digital market cap index — covering 36 digital assets and approximately 92% of the crypto market excluding stablecoins — offers the clearest available read on where the market actually stands.
His most important point is on what regulatory action has already changed: Bitcoin is up over 30% in three months on the back of guidance from the SEC and CFTC alone. In July, the SEC passed a rule expanding generic listing standards — allowing 15% of an asset or fund to be any digital commodity. That opens the door to new types of products and expands what institutional and retail investors can hold.
On what the index actually tracks and why stablecoins are excluded, his answer is direct: stablecoins are a phenomenal tool for payments but are designed to maintain a fixed value — which makes them inherently unsuitable for an index designed to track market movement. Instead the index covers all the major categories: layer one networks, L2 infrastructure, centralised finance, memes and community assets, and innovation.
Meta description:
Cryptex Finance Co-Founder Joe Sticco on his index tracking 92% of the crypto market, what the SEC meeting revealed about regulatory direction, and why the next big financial data company will be built for indexes not individual tokens.
The SEC and CFTC are pushing ahead on their own, writing new rules for crypto trading and tokenisation. Joining me is Joe Sticco, Co-Founder of Cryptex Finance, whose firm's index tracks about 36 digital assets — approximately 92% of the crypto market outside of stablecoins. Joe, if regulators are making the rules instead of Congress, can the next administration just undo what is being done right now?
Absolutely. Rules and regulations are not law. However, Congress continues to make progress on numerous conversations. It is difficult to determine what happens from a legislative perspective over the next two years. But in the meantime we have 24 months of knowing that rules and regulations are here. I imagine the space is going to use that time to do as much as it can in terms of innovating and trying to keep the US as the hub of financial development for the world. In two years it could be a very different climate depending on who wins the White House.
If someone owns Bitcoin or Ethereum today, what changes for them?
For Bitcoin and Ethereum, fundamentally nothing has really changed. What has changed is a more accommodative regulatory environment, and you are seeing asset prices start to reflect that. Over the last three months Bitcoin is up over 30%. Ethereum has been doing incredibly well. That is just on the back of guidance and regulatory structure coming out of the agencies. I don't necessarily know if long-term it makes much difference for assets like Bitcoin or Ethereum — Bitcoin as digital gold and Ethereum as a world supercomputer are going to continue to be in incredibly high demand. But the overall trend has been positive and the market has been happy with the regulations.
In simple terms, what is tokenisation and why should the average investor care?
Tokenisation allows assets that trade on traditional exchanges to be moved and used on the blockchain — which increases their efficiency and immensely increases speed. You are seeing things moving towards 24/7 trading. Crypto markets trade 24 hours a day, 365 days a year — that is going to be changing for traditional markets too, and tokenisation is a big reason why. Whether stocks, bonds, real world assets like gold, commodities, currencies — these are all things that will continue moving on-chain over the next several quarters. There is already billions of dollars transacting on tokenised assets in a very short period of time. Regular investors should be interested because it will only increase the efficiency and speed in which they can transact. Very bullish on it overall.
You met with the SEC. What did you learn about where regulators are headed?
The SEC is very interested in making sure America stays the financial hub of the world. The meetings were incredibly productive. In July, the SEC passed a rule expanding generic listing standards — previously limited, but now 15% of an asset or fund can be any digital commodity. That opens up innovation in terms of what you can create and build, and what investors can hold. What they are doing around tokenisation, what they are doing around explaining blockchain and digital assets in a simplified way so everyday people can understand — not just institutions — it has really been remarkable to see. Given the climate we saw a couple of years ago versus where we are today, it is literally night and day. I commend both the SEC and the CFTC for the incredible work they are doing.
Your index tracks 36 cryptocurrencies. Besides Bitcoin and Ethereum, what should people know about the rest?
The crypto digital market cap index is a sector-stratified, multi-tiered index. Instead of going purely off market cap, we tried to provide as broad an index as possible. Thirty-six digital assets across all tiers — major layer networks, L1, L2 infrastructure, centralised finance, memes and community assets, and innovation. We ran them through a sampling model and effectively created an index that provides about 92% of total diversification in the space, excluding stablecoins. Indexing has been on Wall Street for decades — it is not something you really see in the digital market space just yet because the space was still growing. But now that all these different aspects of blockchain are happening, there is going to be a need for asset diversification. We deployed this index on February 20th. It is live at crypto.finance.
Why leave out stablecoins specifically?
Stablecoins are a phenomenal tool for transferring capital and making payments. But they are always going to be set to a fixed value — and an index should be designed to track the entire space as a whole. A stablecoin is not a useful tool for such a vehicle because it is designed to maintain a fixed value. In the future you will definitely see indexes built around stablecoins — a basket of them to mitigate risk from a single issuer or to find yield across the space. But it is left out of our index because it is designed to maintain a fixed value.
If someone is watching this and wants to buy crypto for the first time, what is the one thing they should know?
Always manage risk efficiently and adhere to your own level of comfort. Whether that is dollar cost averaging over a monthly, weekly, or annual period — always stick to where you are comfortable. But think about indexes as well, because indexes will provide diversification on a level that single digital assets cannot. Digital assets are historically very volatile and an index will try to mitigate some of that volatility and provide more constant movement over a set period of time. Do your own research and do not rely solely on social media platforms where it is very difficult to determine who is who and what is what.
Thank you so much for joining us.
