Main topics covered:

• The impact of geopolitical conflicts on business risk strategy
• The evolution of AI in financial crime prevention
• How Themis’s AI platform democratizes due diligence for all-sized businesses
• Increasing regional adoption of AI for compliance in the GCC
• The role of AI in detecting dual-use goods and sanctions violations
• The future of automated due diligence and conversational AI
• Practical advice for CEOs and policymakers amid ongoing conflicts

Timestamps:

00:02 - Introduction to Disruption and geopolitical context

00:42 - The current Middle East ceasefire and risk landscape

01:09 - Dickon Johnstone’s background and role at Themis

01:52 - The founding story of Themis in risk management

02:43 - Themis’s digital platform for financial crime prevention

03:55 - The challenge of managing multiple risk systems in finance

04:56 - Themis’s integrated end-to-end risk management solution

05:41 - Impact of recent geopolitical tensions on business strategies

06:35 - Elevated risks: cyber fraud, financial crime, and sanctions

07:25 - The threat of front companies and proxy networks in the GCC

08:37 - Screening for sanctions and dual-use goods in trade

09:27 - The importance of anti-money laundering controls during conflict

10:20 - Managing supply chain risks including dual-use items

11:59 - The technology behind Themis’s AI-driven risk platform

12:40 - The role of AI in staying agile amidst global instability

13:07 - Features of Themis’s AI platform (criminal records, ownership, and sanctions)

14:09 - Visualizing network risk and behavioral analysis with AI

15:24 - The growing threat of AI-enabled fraud, deepfakes, and identity manufacturing

16:50 - The rapid evolution of generative AI and illicit uses

17:20 - The emergence of fraud and money laundering as a service via AI

18:11 - Challenges in detecting AI-crafted scams and fake identities

19:13 - The importance of AI as a force for good versus criminal misuse

20:01 - How AI enhances human decision-making, not replaces it

20:52 - Democratizing due diligence for small and large enterprises

21:51 - The increasing regulatory focus and shifting board priorities

22:16 - Regional adoption: GCC’s move from followers to leaders in AI compliance

23:46 - The impact of conflict-driven risk awareness on corporate behavior

25:40 - Anticipated acceleration of AI adoption from ongoing geopolitical conflicts

26:29 - The role of data aggregation and real-time screening in risk mitigation

27:34 - The future of integrated, conversational, and voice-enabled risk platforms

35:58 - Strategic advice for leaders navigating instability and emerging threats

36:13 - The importance of investing now in advanced risk management systems

37:20 - The global impact of financial crime and organized illicit activities

38:16 - Protecting the environment, society, and national security through AI

39:13 - Final thoughts: Disruption, innovation, and building resilience

Resources & Links:

• Themis
• UNODC Global Money Laundering Report

Topics Discussed:

• The shift from cryptocurrency hype to tangible production use cases in financial infrastructure.
• Core differences between backed digital assets and unbacked cryptocurrencies.
• The evolution and application of CBDCs and stablecoins across different geographies.
• Why the Middle East provides a unique opportunity for innovation, driven by efficiency and foreign investment, compared to regions driven by financial instability.
• The importance of developing compliant, institution-grade infrastructure to capture future market share.

Useful Timestamps:

• 00:02 - Introduction to Born to Disrupt.
• 01:12 - Welcoming Stephen Phillips and discussing his transition from telecoms to blockchain engineering.
• 08:05 - Analysing public perception surrounding cryptocurrencies and stablecoins.
• 13:34 - Defining the core difference between backed and unbacked digital assets.
• 17:15 - Examining CBDC adoption drivers in Africa versus the European Union.
• 25:16 - Exploring the Middle East's approach to digital asset innovation and regional growth.
• 30:08 - Discussing the shift from pilot fatigue to live production ecosystems.
• 41:18 - Strategic advice for startups and institutions entering the token economy.

Links & Contact:

• Disrupts: www.disrupts.com
• Mingzulu: www.mingzulu.com
• Connect with Stephen (SMAN) Phillips: https://www.linkedin.com/in/sman13/

Recording from the US, Dubai, and the UK, the trio dives into the next evolution of legal tech: moving beyond static contract management to dynamic performance tracking.

Ulf shares candid insights from his exit to DocuSign and his return to the founder's grind. He dissects the current AI landscape, warning against the "noise" of constant hype and emphasizing that AI is an enabler, not a psychic solution for undefined business problems. The conversation also covers the "Digital Mirror" concept—empowering individuals to automate their own workflows—and the potential for outcome-based pricing models to reshape vendor relationships.

Topics Discussed:

• The Founder’s Journey: From big tech to Seed Software and back to the start-up grind with Digital Mirror.
• The Value Gap: Why most companies lose value after the contract is signed and how to fix it.
• AI Reality Check: Navigating the hype cycle and why "bad data in" still means "bad data out."
• Remote vs. Office: The importance of "tribal knowledge" and the water cooler effect.
• The Digital Mirror: How personal automation can create a "mini-me" for productivity.

Timestamps:

• 00:02 – Intro and Welcome
• 03:02 – The entrepreneur’s itch: Why Ulf returned to the arena
• 05:28 – Comparing the AI revolution to the PC and Smartphone eras
• 16:05 – Introducing Simplement: Tying contracts to invoices and performance
• 25:32 – Engaging the C-Suite: How to sell disruptive tech to legacy businesses
• 31:17 – The politics and potential of outcome-based pricing
• 39:16 – Lessons learned: The value of patience and ignoring social media noise
• 44:01 – defining the "Digital Mirror" concept

Links & Contact:

• Disrupts: www.disrupts.com
• Mingzulu: www.mingzulu.com

Connect with Ulf Zetterberg:  https://www.linkedin.com/in/ulfzetterberg/

Takeaways:

• AI is a multiplier of existing enterprise capabilities, including risks.
• Data governance and security are crucial for successful AI implementation.
• Avoiding 'POC theater' is essential for real business value.
• Education and executive alignment are key to AI success.
• Sandbox environments foster innovation and experimentation.
• AI is not a silver bullet; it must integrate with existing technologies.
• The Middle East is becoming a hub for AI and tech talent.
• Responsible AI requires addressing biases in training models.
• Regulatory frameworks are evolving to support AI adoption.
• Talent development is critical to bridging the AI skills gap.

The conversation explores the real challenges and opportunities of CVC in emerging markets, highlighting the early resistance she faced from corporate leadership, the cultural and language barriers between corporates and startups, and the tactical approach she used to win trust, demonstrate value, and drive commercial outcomes.

Nada explains how she shifted corporate mindsets by aligning innovation strategy with business priorities, creating commercial integration pilots, and using measurable success data to prove the strategic and financial ROI of startup collaboration. She also dives into how CVC can serve as both a market-entry tool and R &D engine, particularly in complex, diverse regions like Africa where markets, regulations, and cultural norms vary significantly.

A key theme throughout is Africa’s mobility revolution. Nada discusses Egypt’s ambition to lead locally manufactured electric vehicles, the growing opportunity for autonomous mobility solutions, and how GB Corp is building bridges between African markets and global innovators by co-investing with local VCs, scouting across borders, and enabling technology transfer into the continent.

Closing the episode, Nada reflects on her proudest milestones, including securing her organisation’s first unicorn fintech investment and witnessing the cultural shift where internal teams now actively request startup partnerships, proving the success and necessity of CVC for Africa’s economic and innovation future.

Geir begins by recounting his journey from an engineering background into the world of finance. After a decade trading derivatives at Goldman Sachs, he joined BlackRock during the global financial crisis to help grow its ETF business in the Nordics. He later led ETF distribution across Asia Pacific and built sustainability teams in Singapore before founding Northwind in Abu Dhabi in 2023. His new venture focuses on product design strategy, distribution strategy, and content marketing with a global outlook.

Explaining ETFs in simple terms, Geir describes them as funds that trade like stocks, combining the diversification and transparency of index funds with the liquidity and convenience of equities. This low-cost innovation, now a $17 trillion industry, has transformed how investors build portfolios. While ETFs are widely adopted in the US through advisory models, Europe and the Middle East have traditionally relied on bank-distributed funds. However, technology and mobile trading platforms are rapidly changing that landscape, with a new generation of self-directed investors embracing ETFs and savings plans.

The conversation moves into thematic investing, an approach that focuses on long-term megatrends rather than short-term market cycles. Geir explains that Northwind identifies sustainable themes—not fleeting fads—through deep research, blending active insight with index transparency. He outlines how recent years have rewarded concentrated bets on companies like Nvidia and Bitcoin, but stresses the importance of core-satellite portfolio design, where a stable core is complemented by high-potential themes.

From there, the hosts explore the fourth industrial revolution, where technology, energy, and security are becoming deeply interconnected. Geir introduces his framework called T-E-S-T—Technology, Energy, and Security Triangle—arguing that modern innovation is driven by exponential R&D spending across these domains. He traces how conflict and geopolitical competition have historically spurred scientific breakthroughs, from the transistor to the internet, and how today’s tech giants like Nvidia, Microsoft, Google, and Meta are outspending governments in R&D. This surge, he believes, is fuelling the next wave of disruption, powered by AI and quantum computing.

The discussion then delves into quantum computing, a topic Geir explains with remarkable clarity. Unlike traditional binary computing, quantum systems leverage “qubits,” which can exist in multiple states simultaneously, enabling exponential processing power. While still in its early stages, quantum computing could soon outperform classical computers in complex problem-solving—potentially by 2027 to 2029, according to research from MIT and Stanford.

Applications range from drug discovery and materials science to financial modelling, logistics optimisation, and climate simulation. Quantum could also revolutionise encryption and communication, making ultra-secure networks possible while posing new cybersecurity challenges. Geir highlights the convergence of AI and quantum as particularly transformative, enabling faster drug development and real-time simulation of molecular behaviour. As he notes, “It’s power in, intelligence out.”

The episode closes with reflections on how innovation cycles are repeating—governments once owned the first computers, and now large corporations are leading the next leap. Geir predicts that within a few years, data centres will house CPUs, GPUs, and QPUs (quantum processing units) side by side, accessible to all through cloud computing.

Looking ahead, Northwind is developing new “all-weather” thematic strategies, expanding beyond purely tech-driven themes to uncover durable global investment trends. Based between Abu Dhabi and Asia, Geir sees the Middle East emerging as a powerful innovation hub bridging East and West.

Bingham shares his personal journey through the Middle East, reflecting on more than two decades of experience across Europe, Asia, and the GCC. Having returned to the region for the third time, he speaks passionately about what keeps drawing him back, a sense of ambition, purpose, and collaboration that defines the UAE and Saudi Arabia’s approach to growth.

The conversation explores the rise of biotech as the Gulf’s next frontier, and why Bingham believes it could become one of the most important sectors in the region’s economic diversification story. While fintech has taken much of the spotlight in recent years, he argues that biotech is where real disruption and opportunity now lie. As part of this vision, Taranis Capital has launched Saudi Arabia’s first biotech incubator, working with global partners from Switzerland, Germany, and India to localise cutting edge research and manufacturing within the Kingdom.

The incubator focuses on late stage companies that are already close to bringing solutions to market but often lack the financial and operational support to cross the finish line. By giving them a base in Saudi Arabia, the initiative helps drive knowledge transfer, localisation, and the creation of a national biotech identity. For Bingham, this is not just about investment returns, it is about creating sustainable, home grown capability and helping position the GCC as a global hub for science and innovation.

A major theme of the discussion is the role of government and private collaboration. Bingham highlights how Saudi Arabia’s Vision 2030 has made biotech one of its national priorities, focusing on three key pillars, research and development, manufacturing, and intellectual property transfer. He explains that successful partnerships in the region depend on “boots on the ground” and genuine cooperation with local experts and institutions. Without that local commitment, he says, international ventures rarely succeed.

The episode also explores how the biotech and digital sectors are increasingly connected, particularly through the use of AI and data infrastructure. Bingham describes his work in establishing prefabricated, off grid data centres designed to power next generation applications in both technology and science. These modular, sustainable systems provide a faster and more efficient alternative to traditional hyperscale facilities, helping countries like Saudi Arabia and the UAE build data independence while accelerating digital transformation.

Darko begins by reflecting on his journey, from spinning out startups from the Australian government to building a profitable managed services business in the UK, serving clients such as Warner, Macquarie and Baker McKenzie. His early investments led to successful trade exits and eventually into corporate finance and private equity. The COVID-19 era became a period of growth for his boutique firm, which funded over twenty deals exceeding $200 million in syndicated investment and half a billion in debt. The move to Abu Dhabi, he explains, was driven by both family and business opportunities, as the region’s investment scene began to mature.

The conversation turns to the private equity and M&A landscape in the GCC. Darko observes that while the region has made impressive strides, the market remains relatively immature compared with OECD economies. Small and medium-sized enterprises, in particular, face liquidity and financing challenges, with limited access to factoring, leasing and traditional bank loans. He highlights the “funding chasm” between early-stage VC and growth-stage private equity, noting that while capital is abundant, it often comes with restrictions that make it difficult for SMEs to scale.

Simon and Grant note the rise of fintech lenders such as Beehive, Forus Invest and Lendo, which are helping bridge that SME finance gap. Darko agrees but stresses that despite this progress, access to mid-sized capital remains limited. “There’s definitely a gap in the middle,” he explains, suggesting that relationship-driven M&A and sector-specific investment strategies are key to success in such an opaque market.

When asked about investor behaviour in the GCC, Darko offers a striking metaphor: “It’s like flying through space—you either float endlessly or suddenly get pulled into a vortex that moves you forward fast.” While the region is awash with capital, he cautions that it takes persistence and strong relationships to access it. Investors are becoming increasingly selective, and success often depends on trust, credibility and local presence.

The discussion moves to perceptions of private equity as predatory. Darko’s response is pragmatic: “All finance is mercenary to an extent.” He describes how some accelerators and lenders impose onerous terms on founders, often taking excessive control or charging high fees. His advice to entrepreneurs is simple but powerful: “If you don’t need investment, don’t take it.” Founders, he argues, must prioritise governance, understand voting rights and maintain control over their future options. He encourages them to think long term about their equity and exit structures rather than chasing vanity valuations for social media acclaim.

As the conversation shifts to the broader ecosystem, Darko notes that policy reforms and long-term national visions—such as Saudi Arabia’s Vision 2030 and the UAE’s 2071 plan—are creating fertile ground for alternative asset managers, hedge funds and private credit firms. This convergence of capital, policy and talent will, he predicts, mature the financial ecosystem in time.

However, talent shortages, particularly in engineering and AI development, remain a major barrier. While the region attracts global expertise, there is still a shortage of local technical talent to sustain the rapid digital transformation underway. Many firms continue to rely on offshore teams in Europe or India while keeping commercial operations in the Gulf.

The episode closes with a discussion on AI investment and infrastructure, where Darko divides the opportunity into four segments: data centre construction, energy supply, venture-backed AI applications, and managed service providers. He predicts that the biggest winners will be companies managing high-quality AI infrastructure and offering “GPU-as-a-service” solutions. For enterprises, he says, the real value will come from integrators who can translate AI hype into measurable business outcomes.

The hosts end by reflecting on the Middle East’s transformation—from a region once dismissed as “too small” for tech investment to one now driving global innovation and attracting sophisticated capital. As Grant remarks, “Once again, the Middle East is a crucible for the global economy.”

Across the conversation, Darko Atijas captures the entrepreneurial pulse of the region: pragmatic, ambitious and increasingly global. His message to founders is clear—focus on fundamentals, build relationships, and don’t take money just because you can. In a region where opportunity moves in sudden bursts, resilience and strategy remain the ultimate disruptors.

Mark Dymock's journey is a study in disruption. Originally trained in traditional finance, his early career saw him working in M\&A roles at GE Capital and later Standard Chartered. But a pivotal moment came when he decided to move beyond the confines of traditional banking to understand how financial services truly operate across people, process, and technology. That leap eventually took him into the world of innovation and ventures. As he explains, joining Standard Chartered Ventures was a personal act of disruption – a deliberate pivot from corporate conformity to entrepreneurial experimentation.

Now based in Dubai, Mark sees striking parallels between Singapore in 2009 and the UAE today. Both represent fast-growing innovation hubs fuelled by strong government vision, energetic entrepreneurial communities, and an appetite for disruption. The decision to base SC Ventures in the UAE reflects both a strategic bet on regional growth and a commitment to building long-term relationships and impact from within, rather than flying in and out.

Mark outlines the unique model that distinguishes Standard Chartered Ventures from most corporate venture capital units. While many banks limit innovation to tech pilots or minority investments, SC Ventures takes a full-stack approach. The team not only invests in startups but also builds new ventures from scratch, often led by former bank employees who spotted a gap and wanted to fix it. These founders are incentivised with equity and backed with early-stage capital, infrastructure, and commercial expectations. It’s a model that blends the scale of a global bank with the hustle of a startup studio.

A major focus for SC Ventures is digital assets, where Standard Chartered has been an early mover. With ventures in custody, tokenisation, and stablecoin payments, Mark sees blockchain technology as critical to the future of wholesale finance. But the team’s remit goes far beyond crypto. They are exploring opportunities in SME finance across the GCC, fintech infrastructure in Africa, and the rise of Dubai as a global wealth hub.

Mark also speaks passionately about fintech's potential for real impact. He highlights a venture in Uganda offering loans to help parents pay school fees – a service that has financed 36,000 students in just nine months and remains profitable. These are the kinds of practical, scalable, and socially meaningful disruptions that he believes will define the next chapter of financial innovation.

Throughout the conversation, Mark, Grant, and Simon reflect on the importance of regulatory engagement and long-term commitment to the Middle East. For founders and funds hoping to raise capital from the region, Mark is clear: you need to show up, incorporate locally, and align with regional visions like Saudi Arabia’s Vision 2030. Capital will follow conviction, but fly-in-fly-out models no longer cut it.

As the episode closes, the trio return to the idea that banking, despite all the change, is still on day two of its disruption journey. The podcast’s title, *Born to Disrupt*, remains as relevant as ever. And with leaders like Mark Dymock helping to rewire institutions from within, the future of financial services looks far from finished.

This episode is a must-listen for anyone interested in how legacy institutions can evolve, how innovation ecosystems scale, and why the Middle East is becoming a global testbed for what comes next in finance.

In the latest episode of the "Born to Disrupt" podcast, hosts Mark Walker and Simon welcome Michael Lints, a partner at Golden Gate Ventures, to discuss the intricacies of venture capital in emerging markets, particularly in the MENA region. Michael, who has a background in technology and venture capital, shares his journey from working at ING Group to co-founding a tech startup in the Netherlands, and eventually joining Golden Gate Ventures in Singapore. His passion for technology and entrepreneurship led him to venture capital, where he finds fulfillment in supporting founders and being at the forefront of technological innovation.

Michael elaborates on the similarities and differences between the venture capital landscapes in Southeast Asia and the MENA region. He notes that both regions initially see the emergence of business-to-consumer companies, but cultural nuances play a significant role in business dealings. In the MENA region, relationships are paramount, and building trust through personal interactions is crucial. Michael shares anecdotes about the importance of establishing a presence in the region, highlighting the need for long-term commitment and relationship-building.

The conversation delves into the perception of the Middle East as a hub for capital rather than innovation. Michael acknowledges this stereotype but points out the growing recognition of the region's potential for innovation. He cites examples of companies relocating to the Middle East to tap into its burgeoning tech ecosystem, driven by government initiatives and a focus on sectors like AI, data centers, and healthcare.

Michael also discusses the strategic decision to establish a fund in Qatar, despite the region's smaller ecosystem compared to Abu Dhabi or Dubai. He praises Qatar's regulatory framework and the deep relationships formed with local families, which have become investment partners. The conversation touches on the challenges and opportunities of investing in the Middle East, emphasizing the importance of targeting top-tier players within specific markets and the potential for companies to expand regionally and globally.

The hosts and Michael explore the role of venture capital in bridging markets, particularly between Asia and the Middle East. Michael highlights the importance of partnerships and collaborations with local brands, banks, and family offices to facilitate market entry and expansion. He emphasizes the concept of "smart money," where venture capital firms provide more than just funding, offering strategic support and insights to portfolio companies.

As the episode concludes, Michael shares his excitement about various sectors in the Middle East, including data centers, food security, healthcare, and cybersecurity. He envisions a future where localized healthcare ecosystems and robust cybersecurity frameworks play a pivotal role in the region's development. The hosts express their gratitude to Michael for sharing his insights and wish him success with his fund, highlighting the exciting opportunities in Qatar and the broader MENA region.

This episode of "Born to Disrupt" offers a comprehensive look at the evolving venture capital landscape in the Middle East, shedding light on the region's potential for innovation and growth. It underscores the importance of cultural understanding, relationship-building, and strategic partnerships in navigating this dynamic market.