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Creed&Bear CEO sheds light on upcoming Dubai blockchain event, the role of AI and ML in trading

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) on the trading world.

Creed&Bear is a Dubai-based fintech company with roots in Switzerland that specialises 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 capitalise on these opportunities?

Some positive trends to note are, first, the continuous spotlight on AI technology, and second, that hope is on the horizon for BTC prices to climb back up in 2024 when it's time for Bitcoin's halving event*. With constantly fluctuating prices in today's market, it's a good time for participants to leverage AI to run predictive analysis to understand risks, economic conditions, and market sentiments quickly, and to expand AI solutions to new digital financial instruments.

*(The Bitcoin halving is an event that happens every four years, where mining rewards get cut by 50 per cent. The next halving is expected to take place in 2024, at which point miner rewards will be reduced to 3.125 BTC.).

Could you share how Creed & Bear's trading software processes data?

Our proprietary algorithms utilise AI and ML to collate vast amounts of historical and unstructured data and pull information out of these data sets in real time, something the sector has never been able to do before. The software we've built in-house can read seven billion transactions per microsecond and can manage and execute a trade in under four nanoseconds. In our world, what's better than being the fastest one to make a move?

Coming from traditional banking (who are 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 trading in perspective. For the last 20 years, I’ve been trying to find solutions for clients–for them to have the best risk returns in their portfolios. And this can be a challenging journey for people who have invested in the markets today.

Performance in the markets has been a catastrophe and the 60-40 model of investment has not worked. So, back when I met the partners at Creed&Bear, and they showed me these AI solutions, it seemed to me almost like electricity in that it’ll change everything. It can change the way we approach decision-making, investing, and interpretation of data.

There’s 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 have achieved through C&B on portfolios was almost shocking for someone coming from the traditional sector. But that’s the power of AI.

What excites you about this year’s Future Blockchain Summit?

Participating in last year’s Future Blockchain Summit allowed us to grow our visibility in the sectors of technology and finance in the MENA region. More importantly, it enabled us to build strong, long-term business relationships with important movers and decision-makers here.

This year, we’re excited to showcase the result of our research and development, the potency of our unique approach, and the potential value capture posited 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 peek into our vision for the future. We want to show you what the future of trading looks like and how much more advanced it can be. In pursuit of that, I’ll be doing a couple of speaking sessions on digital asset trading and risk management, which I’m hoping will spark more dialogue surrounding digital asset trading. My colleagues Andrea Nardon and Flavio Villa will be running workshops and participating in panel discussions on AI, ML, quantum computing, and how to wield such technology to trade faster and enjoy better returns.

The fintech space is rapidly evolving, 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'll be continuously pushing the boundaries of the application of AI, ML, and quantum computing to empower our clients with advanced algorithms, enabling each of them to get a competitive edge in the market.

How do you see the fintech space in Dubai evolving?

It was just recently that we witnessed the crypto industry’s most tumultuous times, but around the same time, Dubai strengthened its foothold in the industry by releasing a strong regulatory framework, the Virtual Asset Regulatory Authority (VARA), the first of its kind, to welcome crypto innovation. In addition to that, we also have the Dubai Multi Commodities Centre’s (DMCC) accelerator programme that helps drive research and development of fintech solutions in the region. I believe that Dubai has laid down a strong foundation for much faster blockchain adoption than anywhere else in the world. This conducive environment has driven the accelerated development of blockchain technologies. We’re now building bleeding-edge technology that can 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, working with esteemed institutions such as EFG (Middle East), UBS, HSBC, J. Safra, and BNP Paribas. Over the last decade, my journey and primary focus have been dedicated to shaping the financial landscape of the Middle East market.