VezaTalks 023: Karim Sahyoun
Host:
Mario Milanovic
Guest:
Karim Sahyoun
34:00 Min
Listen on:
Host:
Mario Milanovic
Guest:
Karim Sahyoun
Karim Sahyoun is a digital transformation expert and has extensive experience working with government agencies and enterprises in the GCC (Gulf Cooperation Council) region to digitize and modernize their processes.
He has worked on various projects in the Middle East, including large-scale digitization and digital transformation programs for government agencies in Abu Dhabi.
Originally born in Lebanon, Karim grew up in Dubai and later moved to Canada to study engineering at McGill University. After working in Canada for a while, he moved to Haiti where he spent 11 years.
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Currently, Karim is based in Dubai and is involved in building startups in the FinTech and digital asset categories.
He works for a venture studio in Abu Dhabi, where he helps launch ventures in the digital asset and FinTech sectors.
Karim passionately spoke about Dubai and Abu Dhabi, in particular, having undergone significant transformations over the years, embracing digitalization and becoming attractive destinations for businesses and individuals.
The UAE has shown wise and progressive leadership, prioritizing the modernization of infrastructure, logistics, and security.
The government has successfully implemented mobile, e-government, and digital initiatives, continuously improving and adopting new technologies like blockchain and cryptocurrencies.
Karim explained that they approach these technologies with caution and regulatory frameworks to ensure compliance and mitigate risks.
Karim believes that the Middle East, including Saudi Arabia, is moving ahead in terms of digital innovation, while some Western countries are slower to adopt cryptocurrencies and blockchain due to legacy systems and concerns about disrupting established financial institutions.
The UAE and Saudi Arabia, with their rich natural resources, are actively diversifying their economies by promoting digitalization and building service-based economies to remain competitive globally.
Karim has witnessed the progress firsthand, particularly in Saudi Arabia, where public-private partnerships (PPPs) are being utilized to drive progress and overcome challenges in government entities.
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During his time working with Saudi Post, Karim was impressed by the empowered and highly educated young women who were leading the charge in digital transformation.
Karim spoke about his involvement in a project aimed at legitimizing cryptocurrency and addressing the security concerns faced by institutions when handling digital assets.
Leveraging IBM technology called personal computing, the project enables institutions to configure policies and delegation of authority, enhancing asset security.
This regulated and insured entity aims to provide much-needed assurance to individuals who invest in cryptocurrencies, eliminating risks associated with losing keys or falling victim to hacking.
While discussing the future of crypto, Karim emphasizes the significance of decentralization and encourages a subjective evaluation of different cryptocurrencies.
He acknowledges the emotional attachment people have towards Bitcoin as the first cryptocurrency and suggests reading its white paper to gain a deeper understanding.
Karim believes we are still in the early stages of crypto, similar to the invention of the wheel during the caveman era, and anticipates a rapid acceleration in the field.
The ability to securely transact and interact through the internet represents a watershed moment, and the possibilities of design, platforms, and applications in this realm remain uncertain but promising.
Drawing from his personal experiences, Karim reflects on his journey through various stages of digital transformation.
From digitally transforming his own business to promoting online communication and marketing via platforms like Facebook, he has consistently leveraged digital tools to improve efficiency and enhance business operations.
Karim acknowledges the challenges faced by businesses in adopting digital solutions, such as selecting the right tools and implementing them effectively.
He advocates for best practices and urges businesses, especially large enterprises and government entities, to embrace established software solutions like SAP or Oracle, as these not only provide industry-standard practices but also ensure quality and reliability.
Karim emphasizes the continuous nature of digital transformation, highlighting the need for businesses to constantly seek improvement and adapt to changing technologies.
Will the metaverse become our virtual office, enabling us to check into work from any corner of the globe?
The pandemic has underscored the feasibility of remote work and sparked thoughts about the possibilities of a more geographically flexible future. As we contemplate these changes, we must also consider the challenges we will encounter.
While some people insist on the importance of face-to-face interactions, there is a growing movement towards prioritizing wellness, both mental and physical.
Karim left us off with some advice for any startup saying successful startups, including the one he is currently associated with, must understand the significance of nurturing the well-being of its team to unlock their full potential.
It is not about exploiting individuals or forcing them into excessive work hours but rather about optimizing their performance by creating an environment conducive to their overall well-being.
VezaTalks aims to offer valuable insights and inspiration to help you navigate both the challenges and opportunities of entrepreneurship. Watch the Podcast now!
