If I was a CEO of a BNPL FinTech..
Recently, I took a 7 hour flight from Dubai to Geneva, and as often happens, somewhere between choosing another forgettable in-flight movie and inevitable mid-flight boredom, my thoughts drifted—toward the bigger picture, as they often do.
Specifically, I found myself reflecting on the experiences and events I took part while in Dubai, which led me to think about the contrasting differences between the regulatory environments in Europe and the UAE, and how those differences impact businesses—particularly fintech companies. (Yeah, I know. I was a bit bored you see..)
In Europe, fintech companies operate within one of the most stringent regulatory frameworks in the world. Compliance isn’t optional; it’s an intricate, deeply entrenched system that requires constant attention. The UAE, on the other hand, offers a more flexible and fast-evolving regulatory landscape—something that’s incredibly attractive to startups and innovators. But, as with anything, this flexibility comes with its own unique set of risks.
And that got me thinking what I know about risk management, and how could my daily work be different if I was working there: what if I were running a fintech company? What if I was a CEO managing the expansion of a Buy Now, Pay Later (BNPL) company from the highly-regulated European market into the UAE? What challenges would I face? What risks would keep me up at night?
Before I knew it, I had spent half the flight mapping out these challenges in my head. If you’ve ever found yourself daydreaming about managing a company during a long flight, then you might appreciate this one.
So, here’s how I’d approach the risk landscape of running a FinTech business, and the lessons I’d take with me—whether in business or life.
Risk Management: More than Just a Business Problem
Expanding into new markets is thrilling, but it’s also filled with uncertainty. And risk management? It’s not just a corporate buzzword; it’s a necessity—whether you’re running a fintech business or simply navigating personal growth.
For example, let’s start with cybersecurity. In Europe, companies must meet the rigorous requirements of GDPR and PSD2, which are designed to protect both customers and companies from data breaches and fraud. Expanding into the UAE means stepping into a different regulatory environment, one that’s still evolving. While the opportunities for growth are huge, the risk landscape changes—and that’s something you have to prepare for.
What’s the more personal takeaway here? Whether it’s your career or a side project, when you step into new territory—whether that’s a new industry, job, or even a new country—be prepared for new risks. Stay aware of the changes, and ensure that your preparations are solid enough to handle them. For instance, if you’re launching a freelance business in a new market, you may need to deal with unexpected tax regulations or client expectations that differ from what you’re used to. Or perhaps you’re transitioning to a leadership role in a different sector—suddenly, the industry norms you’re familiar with might not apply, and you’ll need to build new strategies to manage team dynamics or project timelines. Even on a personal level, moving to a new country can mean navigating complex visa processes or dealing with cultural differences that affect your daily life and work routines. In all these cases, it’s about anticipating potential challenges and adjusting your plans to stay on track and meet your goals.”
Data Privacy: Consistency is Key
One of the most challenging aspects of both business and life is managing privacy—especially in today’s world where information flows freely and rapidly. In my imagined scenario, I considered how a fintech company expanding from Europe’s strict GDPR regulations into the UAE would handle customer data and trust. Data privacy isn’t just a regulatory issue; it’s a trust issue. While the UAE might offer more flexibility compared to Europe’s strict privacy rules, that doesn’t mean you can lower your standards. For instance, a fintech company still needs to ensure that sensitive customer information—like transaction data or financial records—is just as secure, whether the law explicitly mandates it or not.
The same principle applies to your personal or professional life. Whether you’re navigating your career or managing your online presence, the way you handle your information (or your “data”) matters. It’s not just about compliance—it’s about trust. Consistency is key. How you handle things in one area of your life should be in line with how you handle things elsewhere. Whether in business or in life, you can’t afford to slack off when it comes to protecting your reputation, integrity, or the trust of those you interact with.
Fraud & Unfamiliar Territory
In Europe, fintech companies have honed their fraud detection systems over years of regulatory tightening and evolving threats. But when entering a newer, less regulated market like the UAE, they’re confronted with entirely different fraud patterns—tactics that might seem foreign or even primitive, but can still cause serious damage if underestimated. It’s a whole new game, and those who assume the same playbook will work everywhere risk leaving themselves exposed.
Now, think of this in the context of your personal life. There are moments when we step into new, unfamiliar territories—whether that’s a new job, a new project, or even a new relationship. And just like in business, what worked before might not work again. The strategies and defenses you relied on in the past may not be suited to the new challenges ahead.
The lesson? Don’t fall into the trap of thinking you can keep doing things the same way forever. When faced with unfamiliar situations, it’s essential to stay flexible and ready to adjust. Maybe it’s a career change where the skills that once propelled you forward no longer hold the same weight, or a new personal goal where the old routines don’t deliver the same results. The key is to recognize when the rules of the game have shifted and to adapt your approach accordingly.
In both business and life, it’s the ability to pivot, to adjust strategies and anticipate challenges, that often separates those who stagnate from those who thrive.
Technology: A Double-Edged Sword
Of course, no conversation about modern business would be complete without mentioning AI. Generative AI has transformed operations—from automating customer service to detecting fraud in real-time. But here’s the thing: as much as AI can make processes more efficient, it’s not a silver bullet. If used carelessly, AI can introduce challenges you didn’t anticipate—such as biased decision-making or gaps in cybersecurity. Think of an automated system that flags transactions for fraud—if the algorithm isn’t tuned correctly, it could mistakenly target legitimate transactions, causing unnecessary delays.
The same is true in life. Technology can be a powerful tool, but if you rely on it too heavily, it can become more of a crutch than a solution. Whether it’s managing your workload through apps or automating tasks in your daily routine, remember: it’s not just about having the tool, but using it with intention. You can streamline processes, but don’t let technology replace the human judgment and adaptability that keep things running smoothly.
The Bigger Lesson: Operational Resilience
So what’s the overarching takeaway? Whether you’re running a business or simply trying to level up in your career or personal life, the key is to build resilience. In fintech, operational resilience means making sure your business can withstand unexpected challenges—whether that’s downtime, cyber threats, or market shifts. But in life, it’s about being ready for whatever curveballs come your way and having the ability to recover and push forward.
Resilience isn’t something you build overnight. It comes from understanding your environment, recognizing potential risks, and knowing how to adapt when things don’t go as planned. Whether you’re navigating the tightly regulated markets of Europe or seizing new opportunities in the UAE, the same principle applies: you’ve got to stay flexible, keep learning, and be willing to adjust. The ability to grow through challenges—not despite them—is what sets you apart, whether in business or in life.
The End: No growth without risk
As the plane began its descent into Geneva, I couldn’t help but reflect on the mental journey I’d just taken—imagining myself as a fintech CEO, even though, to be clear, I have no real experience in running a fintech. Still, it’s fascinating how the challenges businesses face—expanding into new markets, managing risks, or adapting to evolving regulations—aren’t so different from the personal challenges we all encounter. Whether in business or life, there’s always a need to navigate uncharted waters.
And while my “CEO moment” may have been purely theoretical, the analogy rings true: staying prepared, adaptable, and willing to learn from each new challenge is essential, no matter the context.
At the end of the day, growth—whether personal or professional—always carries some risk. But it’s how we manage those risks that ultimately determines our success.
