In the run-up to one of the MENA region’s most anticipated blockchain events, Future Blockchain Summit 2023, we sat down with Anil Sethi, CEO of Creed&Bear, the event’s strategic sponsor, to shed light on the implications of artificial intelligence (AI). and machine learning (ML) in the trading world.
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Creed&Bear is a Dubai-based fintech company with roots in Switzerland that specializes in the development of automated trading algorithms using AI and ML.
In an exclusive interview with Sethi, we explored how far trading software solutions have come:
What trends do you see in the current landscape of digital asset trading, and how can firms capitalize on these opportunities?
Some positive trends to note are firstly the continued spotlight on AI technology, and secondly there is hope on the horizon that BTC prices will climb back in 2024 when it is time for Bitcoin’s halving event*. With constantly fluctuating prices in today’s market, it is a good time for participants to leverage AI to perform predictive analytics to quickly understand risks, economic conditions and market sentiment, and to export AI solutions to new digital financial instruments knit.
*(The Bitcoin halving is an event that occurs every four years, where mining rewards are cut by 50 percent. The next halving is expected to occur in 2024, at which point miner rewards will be reduced to 3,125 BTC.).
Can you share how Creed & Bear’s trading software processes data?
Our proprietary algorithms use AI and ML to collect large amounts of historical and unstructured data and extract information from these datasets in real-time, something the sector has never been able to do before. The software we built in-house can read seven billion transactions per microsecond and can manage and execute a trade in less than four nanoseconds. In our world, what’s better than being the fastest one to make a move?
From traditional banking (which is generally more risk averse) experience, what are your thoughts on the implications of AI solutions on the financial sector?
Let me put the use of AI in digital commerce into perspective. I have spent the last 20 years trying to find solutions for clients – for them to have the best risk returns in their portfolios. And it can be a challenging journey for people who have invested in the markets today.
Performance in the markets was a catastrophe and the 60-40 model of investing did not work. So, when I met the partners at Creed&Bear, and they showed me these AI solutions, it was almost like electricity to me in that it will change everything. It could change the way we approach decision-making, investing and interpreting data.
There is a quote made by engineer and statistician W. Edwards Deming, “Without data, you’re just another man with an opinion.” In data we find the truth; we find the very strong ability to predict the next move in the markets.
What we achieved through C&B on portfolios was almost shocking to someone coming from the traditional sector. But that’s the power of AI.
What excites you about this year’s Future Blockchain Summit?
By participating in last year’s Future Blockchain Summit, we were able to increase our visibility in the sectors of technology and finance in the MENA region. Most importantly, it has enabled us to build strong, long-term business relationships with key executives and decision makers here.
This year we are excited to showcase the result of our research and development, the power of our unique approach and the potential value capture posed by our algorithmic trading solutions.
What can we expect to see from Creed&Bear at the Future Blockchain Summit?
We hope to give you a glimpse into our vision for the future. We want to show you what the future of commerce looks like and how much more advanced it can be. In pursuit of that, I will be doing some speaking sessions on digital asset trading and risk management, which I hope will spark more dialogue around digital asset trading. My colleagues Andrea Nardon and Flavio Villa will present workshops and participate in panel discussions on AI, ML, quantum computing, and how to use such technology to trade faster and enjoy better returns.
The fintech space is developing rapidly, especially in Dubai. What is your long-term vision for Creed & Bear?
The long-term vision is to become the industry leader in providing software solutions for digital asset trading. We will continuously push the boundaries of the application of AI, ML and quantum computing to empower our clients with advanced algorithms, enabling each of them to gain a competitive edge in the market.
How do you see the fintech space in Dubai developing?
It was only recently that we saw the crypto industry’s most turbulent times, but around the same time, Dubai strengthened its foothold in the industry through a strong regulatory framework, the Virtual Asset Regulatory Authority (VARA), the first of its kind , to release. welcome crypto innovation. In addition to this, we also have the Dubai Multi Commodities Center (DMCC) accelerator program that helps drive research and development of fintech solutions in the region. I believe that Dubai has laid a strong foundation for much faster blockchain adoption than anywhere else in the world. This enabling environment has driven the accelerated development of blockchain technologies. We are now building breakthrough technology that could completely transform the financial world. I see more similar technologies taking over the fintech space, especially institutional adoption.
Can you provide a concise summary of your background and expertise in the financial industry?
I bring 23 years of experience in banking and wealth management with esteemed institutions such as EFG (Middle East), UBS, HSBC, J. Safra and BNP Paribas. Over the past decade, my journey and primary focus has been dedicated to shaping the financial landscape of the Middle East market.
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