Bitcoin industry optimistic amid bitter battle for scaling solution
Lured by the prospect of a tax-free salary, abundant job opportunities and relatively high standard of living, foreigners have come to the UAE in droves and made it their home. The UAE is considered the most liberal country in the Gulf and many expats use it as a base from which to commute to jobs in more bitcoin industry optimistic amid bitter battle for scaling solution countries such as Saudi Arabia and Kuwait. Thousands of other expats work in well-paid jobs in the UAE itself and enjoy a lavish and cosmopolitan lifestyle.
Many others leave their families behind and work as taxi drivers and construction labourers, earning higher wages than they would back home so they can send their children to school. However, with a steep rise in living costs, increased efforts to nationalise the workforce and persistently low oil prices, changes are afoot. Many expats are leaving the UAE, by choice or otherwise, amid increasing economic uncertainty.
Companies can no longer justify paying big salaries to Western employees and are looking to recruit from elsewhere to cut costs. Or, bitcoin industry optimistic amid bitter battle for scaling solution are simply downsizing. Oil and gas, construction and related industries have been especially hard hit. In neighbouring Qatar, state-run Qatar Petroleum laid off 1, foreign workers this year as part of restructuring, while pan-Arab TV news station Al Jazeera closed its American channel in April and laid off around staff, most of them in Doha.
In Saudi Arabia, thousands bitcoin industry optimistic amid bitter battle for scaling solution jobs are being axed at construction behemoths such as Saudi Oger and Saudi Binladin Group, two of the biggest expat employers in the region. And in Oman, thousands of labourers are being sent back to their home countries due to a lack of projects, with one anonymous manager telling a newspaper in June that his camp in Sohar had gone from to 12 workers in the space of a few months.
With governments and companies terminating contracts across the region, global service providers such as engineers, bankers, lawyers and consultants — many of which use the UAE as their Middle East base — are at the sharp end of retrenchment plans.
Meanwhile, living costs are rising. Abu Dhabi was ranked 25th, up from 33rd in Housing and utility costs in Dubai have risen by 3. The story of expats abandoning their cars at Dubai airport in when the global financial crisis hit is well remembered by many. But recruiter Trefor Murphy, CEO of Cooper Fitch, warned in June there could be a fresh exodus of expats as the oil price slump sends ripples through the region.
While any move to quit the UAE is undoubtedly less dramatic now than it was inmany people bitcoin industry optimistic amid bitter battle for scaling solution at the coalface of expat life tell Arabian Business there has been a noticeable increase in the number of people leaving within the past 12 months.
Saudi Binladin Group has laid off about 77, foreign employees. Abhilash Nair, regional manager of the removals division at ISS Worldwide Movers, says requests for outbound international moves increased by percent between July and July There has been a smaller increase in inbound requests, of around percent. The cost of education was up 5.
Al Jazeera Network announced a 10 percent reduction in workforce. A source from the American School of Dubai says withdrawal rates the number of students taken out of the school are running approximately percent higher than in previous years. This does not necessarily mean families are leaving the UAE, the source says, but concedes: One sector with valuable insight into corporate recruitment practices is human resources.
Firms are dealing with a rise in repatriation as a result, she says. But the government has escalated plans and some people are finding themselves without jobs earlier than anticipated. The absence of official statistics showing expat arrival and departure patterns in the UAE makes it difficult to calculate the number of departures without caveats.
For example, many would-be expats arrive on a tourist visa that they later convert to residency. The closest statistical picture available at the time of writing came from immigration services firm Fragomen, which compiled figures exclusively for Arabian Business indicating an overall increase in residency visa cancellations between and At the same time, the number of new residency permits dropped from representing 69 percent of cases in July to 52 percent this year see table.
July figures were used as that is the peak month for arrivals and cancellations ahead of the academic year, Fragomen says. The client database comprises companies from all industry sectors, not just oil and gas. ADNOC plans to cut 5, jobs by the end of the year. Dubai Expo is one of the driving factors for this optimism, says Masri. The event is expected to lead to an increase in development projects in the country, creating more thannew jobs and boosting industry. Radha Bitcoin industry optimistic amid bitter battle for scaling solution, founder of lobby group Detained in Dubai, says: Expats are in a precarious position in that they usually have no backup or support, and in our experience unemployed expats struggle to survive more than ninety days without defaulting on rent and other obligations.
Jonathan Macpherson, deputy chairman and chief operating officer COO of the British Business Group, says group membership continues to rise by around percent each year and there remain plenty of opportunities for British businesses in the UAE. It is estimated that expatriates account for more than 50 percent of the labour force in most of the GCC countries. The medical profession appears to be somewhat cushioned from the economic slowdown.
Kaneez Nabijee, CEO of recruitment and licensing body Doctors in Dubai, reports a rise in demand for doctors in the UAE — she says her client base has risen 50 percent between and as the government invests in the healthcare industry by building new hospitals and clinics. She notes a rise in UK doctors moving to the UAE because they hate working within the cash-strapped National Health Service NHSwhich is increasingly forcing doctors to work punishing hours for pitiful salaries.
Membership has risen by percent in the past 12 months, he says. If you run away from one country, you could find yourself in a worse situation somewhere else. Others have noticed a demographic shift towards fewer Western expats and more from Asia and the Arab world rather than an outright exodus.
The anonymous recruiter says: Gulf companies are looking for alternative, cheaper sources of labour even if the skill set is less advanced. I think what we are seeing is a rebalancing of the market to more sustainable levels from one that has overpaid for many years.
New expats are far more likely to be single than married with children as companies seeks to cut down on visa costs, adds Brian Cummins, founder of expat support network Abu Dhabi Paddy. With its year-round sunshine, exciting lifestyle and business prospects the UAE is certain to remain a major destination for expats for years to come. However, economic uncertainty in the region is clearly prompting significant structural shifts and more expats could be making life-changing decisions in the weeks and months ahead.
Imran Serugo Lugo, business development manager at health insurance firm Lifecare International:. My previous job had good career prospects, but house price inflation was rising quicker than I could save.
So when the opportunity to work in the UAE, where it is tax-free and a better quality of life coupled with good career prospects, it seemed silly not to. My new job was in construction marketing but Bitcoin industry optimistic amid bitter battle for scaling solution realised that the change in industry and international move was extremely stressful. I was lucky to have great friends who helped me, as insider knowledge is crucial. I was lucky as my rent stayed the bitcoin industry optimistic amid bitter battle for scaling solution but I heard lots of stories of landlords doubling rents on existing tenants.
There was a definite feeling of expats being priced out and the job market had simply stopped moving. I had lots of good times in Dubai but I was fed up of always looking for cheaper deals. The UAE expat's dilemma The slowing economy has left ripples of uncertainty across the Gulf, hitting the job market and causing living costs to escalate. For many people who moved to the UAE to cash in on its abundant prospects, it no longer makes sense to stay. Fri 12 Aug Subscribe to our Newsletter.
UAE's Etihad vows to delivermeals per year to charity 22 May Saudi Arabia intercepts new missile fired from Yemen 21 May bitcoin industry optimistic amid bitter battle for scaling solution UAE President adopts law to promote charitable work 16 May Ramadan set to start on Thursday, working hours announced 15 May Saudi Arabia shoots down missile fired from rebel-held Yemen 15 May Bahrain strips of nationality over 'terrorism' 15 May
The Case for Reform — which acknowledged that despite the availability of passporting under the UCITS and AIFMD regimes, various impediments levied at a national level stifled the seamless cross-border distribution of EU-regulated fund products across member states.
These restrictions, NCI calculated, added 1. NCI notified EU and UK regulators about this anomaly and the detrimental impact it was having on boutiques raising EU funds at a time when regulations and growing operational requirements were eating into margins. In Marchthe EC came up with a set of proposals designed to expedite cross-border distribution of EU regulated fund products.
To summarise, the proposals do not exactly tally with what NCI or other industry associations had in mind, mainly because they introduce even more obligations and complexities for firms marketing into the EU to deal with.
Arguably, this is the exact opposite of what was being called for by the industry. Nonetheless, there are some small wins for asset managers to take home, primarily around local regulatory costs and charges. The bitcoin industry optimistic amid bitter battle for scaling solution report said that while this change was modest, it was welcome, bitcoin industry optimistic amid bitter battle for scaling solution view shared by NCI.
The lack of EU-wide standardisation has always meant that pre-marketing in one jurisdiction i. Having not previously demarcated where the boundaries for pre-marketing actually were, the EC has sought to instil some clarity under CMU for the benefit of its member states and fund managers. In addition, pre-marketing does not allow managers to share draft prospectuses or offering documents with investors.
This latter proposal is certainly more constraining than the existing approach taken in the UK where bitcoin industry optimistic amid bitter battle for scaling solution is permissible under pre-marketing rules to share draft documentation with investors — provided prospects are not obliged to enter into a binding agreement afterwards.
In the short-term, the rules are likely to rile the UK, which takes a fairly tolerant attitude towards pre-marketing versus other constituents in the EU27, but its lasting impact may be felt elsewhere, especially among third country managers. Many non-EU firms including UK managers post-Brexit have expressed alarm that legitimate practices under reverse solicitation could well be outlawed under the new pre-marketing rules.
This leaves few options for third country managers looking to run EU money after Brexit. Firms can either comply with AIFMD and then build the appropriate infrastructure around it, or just assiduously study the pre-marketing rules being put forward by the EU and ensure they do not break them i. Advancements in technology bring benefits, but boutique asset managers need to embrace change in a way that is considered and not impetuous. While fin-tech is an exciting premise, fund managers must ensure they do not get overwhelmed by the hype that some of these innovations have generated.
This will require asset managers to be engaged on fin-tech matters, but equally pragmatic so as to reduce the risk of wasting money on products that deliver limited or bitcoin industry optimistic amid bitter battle for scaling solution value to their businesses and clients.
Fin-tech innovations like Blockchain and AI offer a number of advantages, but asset managers need to be selective about how and where they integrate this technology into their organisations. Such providers need to be avoided. Furthermore, not all inefficiencies within a business warrant a fin-tech intervention. Existing software providing automation can solve many of the current operational inefficiencies which are present across the industry.
Spending money on fin-tech when it is untested and expensive is not a sound business judgement, so boutiques may want to wait until the technology becomes more commoditised and homogenised before adopting it. The risks posed by innovative technologies to businesses are only now beginning to be understood.
As such, human intervention is still necessitated when managing these new technologies. While a lot has been written about robotics removing jobs in the middle and back office, there will still need to be human oversight to check that the data being inserted into these AI programmes is accurate, alongside the trends that are identified by the software in order to spare fund houses from serious losses.
Ensuring technology is future-proofed against embryonic risks is also key. Take Blockchain, for example. Blockchain theoretically protects the data it holds through encryption and cryptography, but concerns are growing about how effective these defences will be as and when quantum computing enters the mainstream. Service provider risk is a serious issue for managers when working with fin-tech firms. While banks are cushioned by balance sheet capital, many fin-techs are reliant on VC or private investor funding, with a limited runway to achieve success.
With fin-techs aggressively burning through these cash reserves, many are anticipating a consolidation of providers. As such, managers need to make sure they work with fin-techs which have a long-term strategy and strong balance sheets.
Regulators have been highly supportive of disruptive technology and are encouraging financial services to innovate, but abuses will not be tolerated. The big tech industry has been left rattled after data mismanagement was exposed at Facebook, and some financial services firms are understandably nervous about whether some of their own big data strategies could incur scrutiny. Adopting a strategy which puts client data at risk of being misused would be a very dangerous approach for any manager to take in the current political environment.
While boutiques should not prematurely implement innovative technology without a clear-cut strategy, they cannot afford to ignore the lurking competition which could potentially challenge the industry.
The big tech companies are moving into financial services courtesy of open banking rules. Apple and Amazon already facilitate payments, while Facebook has obtained an electronic money license in Ireland. These firms are undoubtedly identifying ways to tap into asset management to complement their existing services.
For boutiques to succeed in the future, they must be willing to face this new competition head on, and not bury their heads in the sand. History bitcoin industry optimistic amid bitter battle for scaling solution shown in many industries that large incumbents can struggle to deal with disruption if they move too slowly and focus on protecting their existing business.
Boutiques are smaller, nimbler and more innovative, giving them an excellent advantage. The evening was structured as follows. Firstly, I gave a brief introductory presentation on DLT, including some usage cases across industries such as banking, insurance, music and public services. The common perception of DLT bitcoin industry optimistic amid bitter battle for scaling solution its usage in Bitcoin, yet that is merely one usage case and moreover presupposes that public blockchains will dominate.
The transformative effect runs more deeply and is likely not yet fully perceived, just as early use-cases of the internet in the late s were not necessarily those that thrived: This was followed by a panel discussion featuring three expert panellists: Liliana talked about how the traditional IPO market can be disrupted by the processes used in Initial Coin Offerings ICOstransforming the operation of capital markets and empowering individual investors: SupraFin is a leader in this space.
Nick commented on how DLT can be used to automate middle and back-office functions, but how there bitcoin industry optimistic amid bitter battle for scaling solution be an awareness of vested interest in resisting change. Rather, investors may ultimately access securities and the custody chain directly, a usage case that EquiChain is developing.
Richard commented on the need for changes in organizational culture and collaboration models to create and develop solutions that incorporate DLT and other technologies such as Artificial Intelligence AI bitcoin industry optimistic amid bitter battle for scaling solution the capacity to be self-critical: Another interesting topic discussed was how DLT, and the security it can give, could allow emerging economies to leapfrog legacy economies, a process assisted by demographic change and a modern dependence on the state in Western countries.
I walked away feeling excited about the future yet thinking that the asset management space, and financial services generally, will change rapidly in the face of technology: Panels such as these are a good opportunity to consider major changes in our industry and make us rethink certain assumptions.
For instance, it may not be Brexit or regulation that turns out to be the biggest threat and opportunity to asset managers, but instead the adoption of disruptive technologies such as DLT and AI, amongst others. Furthermore, the insightful questions from the industry audience put paid to the view that asset management is conservative and resistant to change; instead they demonstrated an appetite for innovation. The word conditional here is very important because the transitional arrangement will only be formalised if the bitcoin industry optimistic amid bitter battle for scaling solution treaty is fully agreed.
To summarise one AIMA attendee, "it is an agreement conditional on an agreement. If no withdrawal agreement is ratified, bitcoin industry optimistic amid bitter battle for scaling solution Hard Brexit in March beckons.
Despite all of the vainglorious media reports over the last 48 hours, it is very difficult to see what has actually changed. EU regulators — conscious of this misplaced optimism - have been at pains to stress that the risk of a no-deal is not a remote possibility, but something which organisations should still be actively provisioning bitcoin industry optimistic amid bitter battle for scaling solution.
On the basis that there is unlikely to be any certainty around Bitcoin industry optimistic amid bitter battle for scaling solution until early next year, the decision to relocate will have to be made blindly. However, regulators at the AIMA event warned UK fund managers and banks that establishing shell companies inside the EU to game market access will not be tolerated post-Brexit. A number of EU regulators have also told managers that authorisations could take time if submissions all occur concurrently, and are recommending that firms send over their applications by mid The other big risk for asset managers is fragmentation.
Recent statements from EU regulators have been revealing. While fragmentation is not ideal, many EU regulators seem resigned to the fact it will happen, and have urged firms to plan for it. For boutiques, this risks adding more costs to their operations if they are marketing into the UK and EU.
Managers should start factoring these potential costs into their businesses, and build buffers accordingly. However, some NCI members are warning that certain daily dealing products are at risk of facing a liquidity mismatch, causing significant damage to their reputations.
Nonetheless, there have been warnings that macroeconomic conditions — most notably in the fixed income market — could present liquidity challenges for UCITS managers running bond funds. While not a UCITS, a high-yield mutual fund in the US shuttered in after it failed to satisfy client redemption requests during the bond market volatility.
Similar outcomes for UCITS cannot be ruled out if fixed income trading conditions take a turn for the worst. The growth of alternative UCITS operated by hedge fund managers typically replicating their flagship products albeit under more regulated conditions is also a worry for some NCI members, mainly because they believe unsuitable or illiquid strategies are at risk of being distributed under the UCITS banner.
If markets were to seize up, and redemptions grounded by one of these firms, the UCITS brand could be seriously undermined. However, it is important to note that most hedge funds running UCITS will do so bitcoin industry optimistic amid bitter battle for scaling solution the confines of the rules, while regulators are very proactive at flagging strategies down which they believe are unsuitable for the brand.
Equally, esoteric or complex strategies should not be misinterpreted as being illiquid in nature. NCI members also expressed misgivings about the proliferation of daily dealing open-ended property funds. It was well documented that a handful of such funds were forced to temporarily suspend redemptions following the shock Brexit vote, and its immediate hit on UK property prices.
Despite these funds having large cash reserves to satisfy redemptions in ordinary market conditions, these holdings are not always sufficient during periods of high volatility. In extremis, firms could be forced to unwind property in fire-sales at uneconomic prices causing widespread losses for end clients. Even if a property fund was able to sell its underlying investments, it would be very difficult not to suspend redemptions as it is physically impossible to offload a building in a single day to a buyer.
In response, some NCI members feel regulators bitcoin industry optimistic amid bitter battle for scaling solution scrutinise the liquidity terms offered by daily dealing property funds. NCI will produce a white paper exploring whether or not some fund types including alternative UCITS, daily dealing open-ended property funds and certain ETFs are at risk of facing a liquidity mismatch, a scenario which if played out would undoubtedly result in serious damage to the industry and its standing among investors.
NCI will be consulting with its membership on this paper shortly. Having begun its life as a fairly unimposing piece of technological infrastructure supporting the then peripheral and arguably mysterious world of cryptocurrencies, Blockchain is now seen as being one of the biggest potential enablers of cost reduction and efficiency in financial services, including fund management.
Bitcoin industry optimistic amid bitter battle for scaling solution managers — at least in the short term — are likely to find Blockchain technology being increasingly used in client and regulatory reporting, corporate actions, proxy voting and automation of transactional processes in the distribution cycle. The elimination of intermediary costs — certainly in the custody chain — will bring cost savings for managers which can be passed on to customers.
Boutique asset managers will not be omitted from the Blockchain revolution. As fiduciaries, however, fund managers have a responsibility to investors to mitigate operational risk, and this applies to how they use Blockchain.
System upgrades and transformations rarely go ahead without some form of inconvenience or impediment to the end client. The legacy technology supporting the fund management industry and their service providers can be antiquated, making it very difficult to introduce new systems without causing massive disruption. If Blockchain is to work, it must be able to operate with legacy infrastructure, which can be decades old.
This may require service providers to maintain their existing technology simultaneously to rolling out a Blockchain solution in parallel. A dual infrastructure should help avoid IT meltdowns as and when Blockchain becomes more customary in financial services, but the cost of running two systems may result in the industry and its customers being saddled with higher fees during that interim or transition period.
Given the gravity around unwanted disclosure of confidential information and cyber-crime, most fund managers do not support the idea of a public Blockchain despite the efficiencies it will bring.
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