Envisioning a future where fintech bridges continents, with Dubai as the launchpad for a seamless cross-border finance ecosystem

Published: Wed 8 Oct 2025, 10:23 AM

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International investor Sergey Entts - who holds interests in Dubai, Cyprus, and serves as shareholder and chairman of the board of the emerging Muras Bank in Kyrgyzstan, shared his vision for developing infrastructure to support cross-border investments in an interview.

Excerpts from the interview:

Question:

This year you acquired a stake in a Dubai-based financial company. Do you have serious plans for this market?

Answer:

Absolutely. My team and I are focused on building a robust cross-border ecosystem for securities trading. Our goal is to make undervalued securities from Central Asian countries accessible to international investors, while also enabling investors within those countries to tap into foreign markets. Right now, there are significant challenges, most of which stem from the lack of financial infrastructure. My personal mission is to make trading securities between, say, Kyrgyzstan and the UAE as seamless as ordering food online: fast, efficient, and powered by the full potential of fintech.

Question:

You mentioned Kyrgyzstan. You're building a bank there from scratch. Why in Kyrgyzstan specifically?

Answer:

The Kyrgyz market is compelling because of its growth potential. It's in a phase of active development. The country's financial authorities are taking meaningful steps to strengthen the sector and create a legal framework to support foreign investment. In 2022, Kyrgyzstan adopted an Investment Law that guarantees equal rights to both domestic and international investors, allowing foreign ownership of up to 20 per cent in Kyrgyz companies with full management and control rights. Another key factor for international investors is the growing emphasis on transparency and robust protection mechanisms. Back in 2014, the UAE and Kyrgyzstan signed a bilateral agreement on the promotion and mutual protection of foreign investments, which is a critical consideration for us and for our clients' exploring opportunities in Central Asia. For all of this to function effectively, the right infrastructure needs to be in place. And we're committed to helping build it.

Question:

What recent development in Kyrgyzstan's financial market do you consider the most significant?

Answer:

The most important milestone has been the state, acting as the lender of last resort, entering the debt market for the first time by issuing government securities. This is typically the starting point for building any mature securities market, and we're keen to be part of that process. Kyrgyzstan's debut sovereign bond issuance, totalling $700 million, essentially sets the benchmark for corporate securities in terms of yield expectations and legal framework.

Question:

Do you believe the Kyrgyz market will genuinely attract foreign investors, for example from the UAE, and that Kyrgyz investors will be able to work with international securities?

Answer:

I'm confident this market will be highly attractive, provided the right conditions are created for smooth entry. The securities of local companies are significantly undervalued, and that presents a real opportunity. UAE investors, in particular, are known for their openness to new markets and their appetite for being early entrants. They often set the tone for financiers across the Middle East, and their involvement can serve as a catalyst for broader regional interest. With proper infrastructure and regulatory support, both foreign investors and Kyrgyz market participants will be able to engage in cross-border securities trading in a way that's efficient, transparent, and mutually beneficial.

Question:

What stage is the creation of Muras Bank currently at?

Answer:

A few months ago, we received official approval to establish the bank, injected the required capital, and completed the registration of the legal entity and its securities. We're now in the operational setup phase which includes recruiting the core team, implementing the automated banking system, etc. Our next step is to submit the documentation for a basic banking licence, followed by applications for additional licences, including a brokerage licence.

Question:

Will your bank offer the standard suite of services-deposits, loans, and cards?

Answer:

Of course, those services are part of our strategic roadmap. But limiting ourselves to that alone would mean blending in with the competition. In today's landscape, that approach is not only ineffective, it can be entirely irrelevant. Our team brings deep expertise in both securities markets and banking, and we're focused on creating new forms of value. We aim to meet client needs that are still emerging - often invisible to others in the market. Thanks to our team's broad competencies, we're able to develop unique financial instruments, expand market offerings, and carve out a niche where we deliver real added value, rather than competing on price alone.

Question:

Throughout your career, you've taken unconventional paths-introducing new products, adopting and even creating cutting-edge technologies. That's demanding and costly. Why do it?

Answer:

For us, being first and being highly efficient go hand in hand and advanced technologies always prove their worth. Let me give you an example: about ten years ago, in one of our banking ventures, we became the first in the world to launch remote issuance of bank guarantees. That technology was eventually adopted by many major banks, but our early lead - and our constant monitoring of market shifts and ability to adapt quickly - allowed us to compete seriously with the largest banking institutions for many years.

Question:

What has become of that previous banking project?

Answer:

It's thriving. That bank still ranks among the top ten in its market, even though it's not a leader in terms of assets. A few years ago, my focus shifted toward international financial markets, so I sold my shares and stepped down from all positions to pursue new regions and ventures. In Kyrgyzstan, we identified a promising and largely untapped niche, which led us to launch a new bank there. And Dubai, well, it's a truly unique platform for cross-border investments.

Question:

What makes Dubai a unique hub for international investments?

Answer:

Dubai has earned its reputation as a global investment magnet. Strategically located between Europe, Asia, and Africa, the city offers access to mature and emerging markets. Its economy is truly diversified, now over 90 per cent driven by non-oil sectors such as tourism, real estate, finance, and technology, reflecting a deliberate shift toward diversification. Ambitious initiatives like the Dubai Economic Agenda 2033 (D33), which aims to double the economy within a decade, signal long-term growth. With more than 300 wealth and asset management firms headquartered in Dubai, investors gain direct access to private capital across the Middle East, Africa, and South Asia. Dubai's regulatory bodies - like DFSA and DIFC - have built a globally respected ecosystem that balances innovation with investor protection. All this allows UAE investors to increasingly look beyond traditional markets, setting trends for the broader Middle East. All this makes Dubai not just a hub, but a unique launchpad for international investment and global growth.

Question:

Alexey Skorodumov, a seasoned securities market expert with experience including Cyprus, recently relocated to Dubai. Will he be joining your project here?

Answer:

Alexey has always specialised in investment strategy and working with major exchanges, so his expertise is absolutely essential to our Dubai venture. He has already joined the Muras Bank team as a member of the board of directors. His role will be essential for building the new cross-border finance ecosystem, including between the UAE and Kyrgyzstan.

Question:

People rarely leave your team. Why is that?

Answer:

First and foremost, I treat those I trust with great care. And I'm very deliberate in selecting team members - making sure our values and goals align. I look for like-minded professionals who are results-driven, highly efficient, and among the best in their field. You don't part ways with people like that. And they don't tend to leave either, because they're genuinely passionate about the mission. Of course, I also make it a priority to create the most comfortable and supportive environment possible.

Question:

Can you share more details about your plans specifically in Dubai?

Answer:

I recently became a shareholder in a respected financial company here, but we're still at the very beginning of the journey. What's encouraging is the strong interest UAE investors are showing in cross-border initiatives, fintech-driven platforms, and emerging markets like Central Asia. Equally impressive is the level of regulatory support they receive at home - it sets a benchmark that other countries could learn from.

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