From a Canadian startup to a key player in the global financial evolution

Bridging Two Worlds

While many were retreating from crypto in 2018, three friends with deep roots in capital markets saw something others missed: the foundations of a new financial system taking shape. They founded Aquanow with a bold vision—to build the infrastructure connecting traditional markets with the digital asset frontier.

“Before Aquanow, I was trading equities, focused on the intersection of technology and markets,” says CEO Phil Sham. “We saw early that crypto wasn’t a fad—it was a new asset class where the best parts of finance could be reimagined.”

What sets Aquanow apart is the team’s ability to empathise with clients. “Coming from traditional finance gave us a unique perspective,” explains Sham. “We understood the stringent requirements financial institutions face—from regulatory compliance to risk management. But we were also immersed in blockchain’s innovative potential. This dual expertise allowed us to build bridges between these worlds in a way that pure crypto natives or traditional finance veterans couldn’t achieve alone.”

From Liquidity Provider to Global Infrastructure

Fast forward to 2025, and Aquanow has transformed into a leading financial infrastructure provider with over 120 employees, powering digital asset services for over 300 institutional clients across 50 countries and processing billions in monthly volume.

Today, the company’s comprehensive service offerings are comprised of four essential building blocks:

• Trade: Advanced trading infrastructure with deep liquidity pools and low-latency execution
• Pay: Solutions that allow businesses to accept and process digital asset payments
• Send: Secure and efficient cryptocurrency transfers across platforms and regions
• Hold: Institutional-grade custody services ensuring maximum security and compliance

This evolution has positioned Aquanow at the center of institutional crypto adoption—particularly in regions embracing digital asset innovation, like the Middle East.

A Foundation of Trust

“When a bank with millions of customers decides to offer crypto services, they’re essentially extending their trust to us,” explains Sham. “We take that responsibility incredibly seriously. Our systems are designed with multiple layers of redundancy, sophisticated security protocols, and rigorous testing methodologies familiar to any enterprise IT department.”

Aquanow’s technology stack features advanced encryption, real-time monitoring systems, and advanced anomaly detection capabilities. The company maintains 99.99% uptime across its core services, with automated failover mechanisms that detect and respond to potential disruptions before they impact end users.

“Compliance isn’t an afterthought for us—it’s built into our DNA,” Sham emphasizes. “From day one, we’ve designed our systems with regulatory requirements in mind, working closely with authorities across multiple jurisdictions to ensure our infrastructure meets or exceeds their standards.”

This proactive approach has been particularly valuable in the Middle East, where authorities are crafting thoughtful frameworks to govern digital assets. Aquanow maintains a dedicated compliance team that continuously monitors regulatory developments worldwide, embedding controls directly into its infrastructure—from robust KYC/AML procedures to real-time transaction monitoring.

The UAE: A Strategic Focus for Growth

Among Aquanow’s global expansion efforts, the United Arab Emirates and wider MENA region have emerged as a particular focus. The region’s progressive regulatory environment and growing interest in digital assets have created fertile ground for innovation.

“Around six years ago, we started expanding internationally, targeting markets with regulatory clarity and strong consumer demand. The UAE checked both boxes,” Sham notes. “I came here about four years ago to begin the licensing process, and since then, we’ve made significant progress.”

That progress culminated in February 2024 when Aquanow received a comprehensive Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA)—one of the most extensive awarded to a VASP in Dubai to date.

“Dubai’s Virtual Assets Regulatory Authority has played a significant role,” Sham explains. “They’ve proactively created a responsible oversight framework that allows innovative crypto concepts to become a reality. That clarity and openness have made it easier for companies like ours to build here.”

Powering Emirates NBD’s Crypto Journey

Perhaps the clearest sign of Aquanow’s growing influence is its landmark partnership with Emirates NBD, one of the Middle East’s largest banking groups with approximately $271 billion in assets.

Announced in early 2025, the collaboration enables Emirates NBD’s digital bank, Liv, to offer cryptocurrency trading through its Liv X mobile app—bringing digital asset access to a broad retail audience via a trusted banking platform.

“This partnership enables millions of users to buy and sell crypto like they access other financial services,” says Sham. “With that infrastructure in place, we can start layering on more services—tokenization, payments, cross-border transfers—all the things that blockchain promises but requires a solid foundation to deliver.”

What makes this collaboration particularly significant is Emirates NBD’s century-long history of serving customers in the region. The bank has spent decades building trust with its client base—trust that it’s now extending to digital assets through Aquanow’s infrastructure.

“When we partner with institutions like Emirates NBD, we recognize that they’re entrusting us with relationships they’ve cultivated over generations,” explains Sham. “That’s a profound responsibility. Our infrastructure has to be absolutely bulletproof, because we’re not just supporting a new product—we’re supporting the bank’s reputation and the trust their customers place in them.”

Enabling Crypto Payments in the UAE

While trading is often the first step for institutions entering the digital asset space, Aquanow’s work increasingly focuses on other sources of utility. In February 2025, the company partnered with Hubpay—a leading UAE-based cross-border payments platform—to launch the country’s first fully regulated crypto payment gateway tailored for businesses and SMEs.

The solution enables merchants across industries to accept cryptocurrency alongside traditional fiat, while addressing a major barrier to adoption: volatility.

“Volatility has always been a core concern for businesses considering crypto,” says Sham. “The key is giving them flexibility. Most of our clients aren’t trying to speculate—they want to offer customers the option to pay in digital assets while managing their treasury in fiat.”

Aquanow’s infrastructure supports instant conversion, allowing merchants to settle in either crypto or fiat at the point of transaction. “For example, a real estate developer in Dubai might accept USDC for a property but settle in AED,” Sham explains. “Our job is to remove exchange rate risk and operational friction so businesses can focus on what they do best.”

The Collaboration Ethos

Aquanow operates on the belief that advancing financial services requires close collaboration with existing institutions. The goal is to expand their capabilities while maintaining the trust they’ve built over decades.

“We don’t see ourselves as disrupting traditional finance,” Sham explains. “We see ourselves as enhancing it—providing infrastructure that allows institutions to embrace new technology while staying true to their core values.”

This mindset shapes how Aquanow approaches partnerships. Instead of imposing a one-size-fits-all solution, the team collaborates with each partner to understand their unique needs, constraints, and goals.

“Every institution we work with has its own history, client base, and strategy,” says Sham. “Our role is to provide flexible infrastructure that adapts to their context—not the other way around.”

That same spirit carries through to regulatory engagement. Aquanow works closely with policymakers across jurisdictions, sharing insights to help shape clear, workable frameworks for digital assets, while accounting for regional nuance.

Expanding Access
As Aquanow expands in the Middle East, CEO Phil Sham sees the company’s role as foundational: enabling access, liquidity, and movement across the digital asset economy.

“At its core, crypto is about distribution,” he says. “People need the ability to on-ramp and off-ramp between fiat and crypto. Once that’s solved, everything else—from tokenized assets to borderless payments—becomes possible.”

This vision aligns with the UAE’s ambition to become a global hub for digital finance. Regulatory clarity and rising institutional interest have created a fertile environment—one Aquanow is helping to catalyze.

“Every time a traditional distributor enters the space, they bring thousands—sometimes millions—of users with them,” Sham notes. “That’s where the network effects start. If a fintech in the UAE enables crypto trading and one in the Philippines does the same, we can power remittances between them.”

With large expatriate populations relying on cross-border transfers, the impact is tangible. By reducing cost and complexity, Aquanow’s infrastructure aims to lower friction and expand access to financial services across the region.

The Invisible Infrastructure

As Aquanow continues to expand, the company is guided by a somewhat counterintuitive measure of success: invisibility. The most effective infrastructure, in Aquanow’s view, is infrastructure that users don’t even notice—technology that works so seamlessly that it fades into the background.

“Our ultimate goal is to make the underlying complexity of blockchain technology invisible to end users,” explains Sham. “When someone sends money to family overseas, they shouldn’t need to understand blockchain consensus mechanisms. They should just know that the money arrived instantly, at minimal cost, and with complete security.”

This philosophy shapes how Aquanow designs its solutions. The company focuses relentlessly on user experience, working with its institutional partners to create interfaces that feel familiar and intuitive, even as they leverage the revolutionary capabilities of blockchain technology.

“Traditional fintech wallets and crypto wallets are converging,” Sham observes. “In the future, people won’t need to know they’re using crypto to send money—they’ll just know it works. That’s the direction we’re heading in.”

A Foundation for the Future

Aquanow, once a startup navigating difficult market conditions, has proven its long-term commitment to reshaping financial infrastructure. Through the development of enterprise-grade technology, embedded compliance, and deep institutional collaboration, the company has positioned itself as a key enabler of financial innovation—particularly in markets like the UAE, where trust and transformation go hand in hand.

“The businesses that succeed will be those that move early, build the right partnerships, and stay agile as the regulatory and technological landscape evolves,” says Sham. “We’re proud to provide the infrastructure that makes that possible—secure, compliant systems that let institutions explore digital assets without compromising their core values.”

As the UAE cements its role as a global digital asset hub, Aquanow is helping to turn ambition into execution—bridging the gap between today’s financial system and tomorrow’s possibilities.

As data becomes the lifeblood of modern organizations, Qlik’s agnostic platform spanning data integration, quality, analytics, and AI/ML enables enterprises to make smarter, faster decisions, no matter where their data resides. We spoke with James Fisher, Chief Strategy Officer at Qlik, about how the company is helping businesses unlock AI’s full potential globally, while deepening its commitment to the UAE with the launch of Qlik Cloud on AWS bringing speed, sovereignty, and strategic growth to the region.

You’ve been in the industry for over 30 years. What is it about this moment in data and AI that really excites you, especially here in the UAE?

I’ve been in the industry for over 30 years, started out at PwC, spent nearly a decade at SAP, and then joined Qlik. Honestly, I’ve never seen a more exciting time for data, analytics, and AI. The pace of innovation is incredible, and what really stands out is how committed governments and organizations— especially in the UAE—are to tapping into AI’s full potential. From big public initiatives to a thriving startup scene, there’s real momentum, and Qlik is right at the center of it all.

You wear many hats at Qlik—what does a typical day look like for you?

My role is about making sure our customers get real value from their data—using analytics and AI to drive meaningful outcomes. As Chief Strategy Officer, I help shape Qlik’s vision, build the right partnerships, and steer our growth strategy across areas like products, M&A, and even broader priorities like sustainability and diversity. I also spend a lot of time keeping up with market trends. It’s a busy role, but what I enjoy most is how cross-functional it is—it lets me connect innovation with real business needs.

Qlik’s mission is to help customers ‘do data differently.’ Can you unpack what that means in practice—and how your strategy role helps turn that vision into impact?

Our mission is to help customers get the most out of their data to tackle big, real-world challenges. When we say, ‘do data differently,’ we mean rethinking how data—structured or unstructured—is accessed and used, wherever it lives. On the strategy side, I work closely with our product teams to stay ahead of market trends, and with our services and customer success teams to ensure we’re truly partnering with clients. And that collaboration mindset is something I truly value—it makes Qlik feel like a trusted advisor, not just a vendor.

How do you ensure that your global capabilities align with the specific needs of markets like the UAE?

For Qlik, adaptability is key. We really focus on listening— whether it’s to our customers, partners, or the broader market. In the UAE, we’ve been active for years and have a solid customer base, which gives us valuable insights into regional needs. We also set up a global AI Council, including a member based here, who works closely with local companies and government entities. This helps us adapt our global strengths to deliver real, local value. It’s not just about the product—it’s about how we approach the market, offer training, and engage with the community to reflect local nuances.

With major shifts happening in analytics and data integration, particularly the surge in AI investments in regions like the UAE, how has Qlik evolved its technology to stay ahead of the curve?

Qlik has been in this space for over 30 years. From the beginning, it was about helping customers turn questions into insights by pairing human curiosity with machine intelligence. That is essentially an AI problem—and it has been core to our platform since day one. Over time, we’ve evolved our technology to be cloud-native on AWS, expanded our data integration capabilities, and made it easier for everyone in an organization, not just analysts, to access insights and take action. In markets like the UAE, where AI investment is booming, we’re in a great position to support that momentum. A key part of our strategy has been democratizing data access so that teams across all departments—sales, marketing, HR, finance, and more—can leverage it, not just analysts.

How does Qlik ensure it supports each organization’s unique data and AI journey without disrupting what’s already in place?

Our approach is simple—we’re here to enable, not disrupt. Every organization is on a different path with different needs, whether that’s industry-specific, company size, or their own pace of digital adoption. That’s why flexibility and openness are a big part of how we operate. We don’t ask customers to start over—we work with what they already have and help them get more out of it. A great example is in highly regulated sectors, where security and hybrid environments are a must. We meet them where they are, and build from there. That’s how we earn trust and become long-term partners.

Organizations are juggling data across cloud, on-prem, and even the edge—how does Qlik stay flexible enough to handle all that?

Data today is vast and varied. For years, most analytics solutions focused only on structured data; but about 80% of an organization’s data is unstructured. At Qlik, we do both. Our platform allows us to reach data wherever it is—in cloud apps, in on-prem systems, or even at the edge. That openness allows us to solve real-world problems, not just run analytics in silos. And we are not limited by any single cloud provider. Customers can choose what works best for them—AWS, Azure, Google Cloud—and we will be right there with them.

As someone steering strategy at a data and AI company, how do you personally approach using data to guide big decisions—and what advice would you give to leaders trying to cut through the AI hype?

As Chief Strategy Officer, I see data as the lifeblood of any organization, it’s behind every smart decision we make. At Qlik, we use our own analytics and AI technology to shape our strategies. We build a team with the capability to understand what problems we want to address the right use cases we want to drive, and what data we need to get there—and then making sure we can actually access that data. My biggest piece of advice? Don’t get swept up in the AI hype. Start with a real business problem. Then ask: what data will help me solve this, and how do I get it? Strategy isn’t something you set and forget. The best strategy leaders are the ones who stay humble, curious, and ready to pivot.

What recent launch or initiative is Qlik most excited about in the UAE?

We are announcing the availability of Qlik Cloud on AWS in the UAE. This is a big milestone. It enables innovation and AI-driven value while ensuring robust data sovereignty— customer data stays within the country’s borders. It also boosts performance and latency for applications running locally. This is a major step in helping our clients generate real-time insights and act on them with confidence.

What long-term plans does Qlik have for the region?

We are here for the long run. We are often asked, “Where will Qlik be in five years?” And the answer is simple, we will be right here, growing with our customers. We are expanding our partner network, building up our regional team, and investing in training and enablement. We have only just scratched the surface of what AI can offer, and we are committed to helping customers realize that potential through long-term partnerships. As the region continues its digital transformation, we want to be a steady, trusted enabler—helping organizations turn complexity into clarity.

Exclusive Interview with Ravi Menon, Chairman of Sobha Group

As the Chairman of Sobha Group, your leadership has been essential in shaping the company’s success in the UAE. How did you establish Sobha Realty as a top brand in the UAE’s competitive market?    

Success doesn’t come overnight, especially in a market as competitive as the UAE. When Sobha Realty entered the market in 2003, it was never about scale, it was about setting a new standard for excellence and quality. Sobha Realty has always been about building a track record of unwavering commitment, meticulous planning, and an unshakable belief that quality should never be compromised.

Sobha Realty today is well-founded in legacy; one that my father, PNC Menon, dedicated himself to establishing every day of his career. Before I inherited the reins as Chairman, I tried to absorb every lesson he imparted and the values that define Sobha Realty today. This foundation has allowed me to push the brand forward while staying true to what sets us apart.

At Sobha, we don’t just build homes, we create living experiences that last for generations. When buyers and investors choose Sobha Realty, they choose reliability, trust, and enduring values. Principles that we hold close to heart and that guide us in our journey, I truly believe that our market leading position is a result of our commitment to excellence but also the team’s collective efforts to embody the purpose driven attitude that drives Sobha Realty. We are here to help create lasting legacies, celebrating craftsmanship and focusing on our ethos “Art of The Detail”. Our people always have, and will continue to be, the driving force of our success locally and globally.

Can you share your insights on the key strategies that have been pivotal in scaling Sobha Realty from its inception to the prominent position it holds today?

Without a doubt, the key driver of Sobha Realty’s success has been our unique “Backward Integration” model. By overseeing every stage of the development process, from conceptualization to completion, we ensure the highest standards of craftsmanship and precision. Sobha Group has verticals across the construction and development process, with over 500 in-house architects and designers, more than 30,000 technicians in Sobha Constructions, and our glass façade and furniture factories across the country, that we leverage to deliver unmatched quality and ensure timely delivery. Our modular factory in Ras Al Khaimah is a prime example of this model, allowing us to produce high-quality components efficiently while maintaining full control over quality. This approach guarantees our ability to maintain a track-record of timely delivery of our projects.

Beyond construction, strategic location selection is now synonymous with Sobha Realty masterplans. Our developments’ locations are selected with Dubai’s urban vision and plan in mind, offering strong investment potential and long-term value gain. Additionally, our customer-first approach ensures our developments cater not just to market demand but to evolving homeowner expectations.

However, success in a competitive market such as the UAE requires robust collaborations. Our extensive network of channel partners has been instrumental in expanding our reach, enabling us to connect with the discerning buyers and investors who seek reliability and excellence.

Today, homeowners seek more than just a property, they want a lifestyle. How is Sobha Realty adapting to these changing expectations in design, amenities, and community living?

Homeowners today are looking for living experiences, not just spaces to live in. At Sobha Realty, we focus on creating homes that blend functionality with luxury. Our ‘Art of The Detail’ philosophy ensures every aspect, from spacious layouts to premium materials, enhances daily living.

Beyond residences, we build communities designed to create meaningful connections. Sobha Solis in Motor City for example has been designed to offer an active, wellness-focused lifestyle. With the world’s first Arsenal-branded gym, landscaped podiums, and wellness amenities, the project promises residents a rarified living experience at what is now considered the neighbourhood of the future. Sobha Siniya Island meanwhile takes the living experience to a new level, offering a natural island retreat that blends luxury with pristine nature.

We have also recently introduced Sobha’s first fully furnished residences, ensuring a seamless, turn-key living experience. As a leader in the luxury real estate sector, wellness-focused spaces, and waterfront communities, Sobha Realty continues to redefine modern living, bridging the gap where comfort, design, and experience come together effortlessly.

Given the challenges the real estate sector has faced in recent years, how have technological innovations and smart construction practices influenced Sobha Realty’s growth trajectory and helped the company remain resilient while scaling its operations?

The real estate landscape is evolving rapidly, and staying ahead of the curve means embracing technology, and sustainable solutions that enhance our efficiency while keeping our promise of quality. The future of real estate will see a shift in how projects are executed, and we are already investing in cutting-edge technology to streamline processes.

At Sobha Realty, innovation is a core principle that drives every stage of our developments, from conception to handover. By integrating robotics into labour-intensive tasks, we can enhance precision, reduce human error, and improve overall efficiency, ensuring that every development meets an even higher level of quality.

As a masterplan developer, our commitment to sustainable innovation is evident in developments like Sobha One, the first project outside Singapore to receive the Green Mark Platinum Super Low Energy certification, reflecting our focus on energy efficiency, reduced emissions, and smart resource management. Additionally, at Sobha Siniya Island, we are looking ahead with future-ready infrastructure, such as incorporating helipads for air taxis in alignment with the UAE’s vision for next-generation urban mobility and pioneers of air taxi transportation.

By merging technology, sustainability, and craftsmanship, we redefine luxury real estate, providing the building blocks to develop smarter, greener, and more future-ready communities.

As Sobha Group continues to grow under your leadership, what do you see as the next big step for the company, especially in terms of sustainability and community development?

As we continue to strengthen our presence in the UAE, we are also setting our sights beyond, with upcoming expansions locally in Abu Dhabi and globally in the United States and Australia. These markets represent new opportunities to bring our signature craftsmanship and sustainability-driven approach to a wider audience.

However, I believe true growth is more than just entering new markets. Just as my father wanted before me when he was Chairman, I would also want to leave a lasting impact. Sobha Realty has always believed in giving back to the communities that have supported us and that will continue. Guided by the philanthropic vision of my father, our commitment is reflected in our education, community, and women’s empowerment initiatives. From building free schools and providing housing for families in need, to launching programmes that create opportunities for women, we are dedicated to fostering real change.

The Sobha Endowment University, for example, will make quality education accessible to all, as well as our pledge to build an Endowment University campus in Dubai for AED 400 Million, these initiatives reflect our dedication to empower youth. Beyond real estate, our partnerships with Arsenal FC and the International Cricket Council (ICC) represent a testament to a deep belief in the value of investing in youth development and sportsmanship on a global scale.

As we look to the future, we remain anchored by the values that define us: excellence, responsibility, craftsmanship, and a commitment to shaping a better world for generations to come.