AMINA Bank’s Early Promise in the UAE
When AMINA Bank (formerly SEBA Bank) secured its Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) in early 2022, it marked a significant milestone for the Swiss-regulated crypto bank. At the time, its entry into ADGM was hailed as a key development for the UAE’s blockchain and crypto ecosystem. AMINA was seen as a pioneer poised to bridge traditional finance and digital assets in a region embracing blockchain innovation.
With its innovative offerings and regulatory approval under ADGM’s Financial Services Regulatory Authority (FSRA), AMINA had every opportunity to thrive. Its presence in a forward-thinking financial hub like ADGM gave it access to a robust, crypto-friendly environment and institutional investors keen on exploring digital assets.
New Leadership, New Challenges
Shortly after its promising start, AMINA Bank saw a change in leadership. The appointment of a new CEO was intended to steer the company into its next phase of growth.
However, the leadership change coincided with a period of growing internal instability. Sources close to the bank report that management shifts created a toxic work environment, eroding trust and morale among employees. This internal instability resulted in a mass exodus, impacting AMINA’s overall growth trajectory.
Notably, the General Manager of AMINA’s Abu Dhabi entity, a well-respected figure in the market, also recently stepped down. However, sources indicate that his resignation was not a contributing factor to AMINA’s decline. On the contrary, the GM rejected multiple other opportunities in the market out of his commitment to AMINA’s long-term vision, reflecting his belief in the bank’s mission.
Despite his dedication, AMINA’s actions revealed an unethical and chaotic decision-making process at the Swiss headquarters. While the GM was still officially registered as Senior Executive Officer (SEO) with the UAE regulators, AMINA brought in another professional—an experienced gentleman with impressive credentials—and insisted that he relocate to the UAE with his family of six. After uprooting his life and settling in the UAE, he was terminated just days before completing his three-month probation period, without any regard for his family status.
Similar abrupt and inconsiderate decisions plagued other teams as well. The Business Development team in the UK was recently fired, mere days before the new year, a particularly harsh blow for employees entering 2024 with no prior warning. In total, nearly 70 employees have been fired in the past couple of months, reflecting an unprecedented level of instability across AMINA’s global operations. These incidents highlight AMINA’s deepening instability and failure to prioritize employee welfare.
Misreading the Region: A Critical Failure
AMINA’s story is not unique among Western companies that enter the Gulf region under the false assumption that money can be found in the streets with little effort, performance, or innovation. This outdated mindset fails to recognize the rapid transformation of the UAE and the broader Gulf region into a demanding, competitive, and highly innovative market.
The days when mere credentials or a Western brand name could guarantee success are long gone. Today, success in the UAE and Gulf requires dedication, hard work, customer care, and innovation. The region’s financial and business environment is driven by cutting-edge ideas, execution, and measurable performance—not reputation alone.
Moreover, AMINA failed to appreciate the importance of understanding and respecting the local culture, where trust is built and maintained over time through genuine relationships and consistent performance. Thriving in this market requires earning trust through actions, not assuming superiority based on being Swiss, French, or any other Western background.
As a result, AMINA’s inability to align with local expectations and deliver on promises further eroded confidence among clients, employees, and investors alike.
Sygnum Bank: A Contrast in Success
While AMINA struggled to maintain its footing, Sygnum Bank, a similarly structured crypto-focused entity, officially entered the UAE market in March 2023. Like AMINA, Sygnum secured its license under ADGM’s Financial Services Regulatory Authority. However, despite its later entry, Sygnum’s approach to operations and management allowed it to flourish where AMINA faltered.
- Sygnum Bank successfully attracted institutional clients and strengthened its position as a trusted digital asset bank in the UAE.
- Its ability to navigate ADGM’s regulatory landscape while fostering a positive and efficient internal culture has been a critical factor in its success.
The contrast between the two extends beyond the UAE. AMINA’s struggles are not isolated to the Middle East—the bank is also losing ground to Sygnum in the APAC region, where Sygnum continues to scale its operations and strengthen its market position.
Internal Conflicts and Undermined Operations
AMINA’s toxic environment was not limited to poor treatment of employees. Reports indicate that the Swiss headquarters actively undermined the UAE branch’s performance, further contributing to its struggles.
One of AMINA’s biggest accounts, previously managed under the UAE portfolio, was moved directly to Zug, Switzerland, stripping the UAE entity of a critical asset. This decision not only weakened the UAE team but further reflects the lack of alignment and trust between regional operations and headquarters.
While the HQ might claim the UAE underperformed, such actions raise questions about internal motivations and transparency. These decisions made it nearly impossible for the UAE entity to succeed while further fueling employee frustration and mistrust.
AMINA Bank vs. Sygnum Bank: Key Differences
The contrast between AMINA Bank and Sygnum Bank becomes clearer when comparing their financial metrics for 2023:
| Metric | AMINA Bank (2023) | Sygnum Bank (2023) |
| Common Equity Tier 1 (CET1) | CHF 103.9M | CHF 97.1M |
| Total Risk-Weighted Assets (RWA) | CHF 162.7M | CHF 576.8M |
| CET1 Ratio | 63.84% | 16.83% |
| Total Capital Ratio | 63.84% | 16.83% |
| Liquidity Coverage Ratio (LCR) | 289.66% | 352.75% |
| Net Stable Funding Ratio (NSFR) | 231% | 210.68% |
| Leverage Ratio | 35.01% | 12.89% |
| Crypto RWA | CHF 19.1M | CHF 233.8M |
Why Did AMINA Lose Ground?
The contrast between AMINA and Sygnum highlights key challenges that undermined AMINA’s success in the UAE and beyond:
- Toxic Work Environment: Management changes and abrupt firings created a hostile and unpredictable workplace, leading to mass exits and a loss of critical talent.
- Misreading the Markets: AMINA underestimated the demanding business culture across its operational regions, failing to deliver the innovation, trust, and work ethic expected in competitive markets like the UAE and APAC.
- Leadership Gaps: Swiss headquarters actively undermined regional operations, moving major accounts and eroding the credibility of local teams.
- Unethical Practices: Disregard for employees’ welfare, including firing key hires shortly after relocation, damaged internal morale and external trust.
- Investor Exit Talks: Reports indicate that many investors in AMINA are now exploring options to exit the bank, reflecting growing disillusionment with its leadership and performance.
A Story of What Could Have Been
AMINA Bank had all the components needed to succeed in the UAE’s evolving digital asset ecosystem—regulatory approvals, market demand, and innovative offerings. Yet, internal missteps, a lack of regional understanding, and decisions made at its Swiss headquarters cost it valuable ground, allowing Sygnum Bank to thrive in its place.
Western companies must realize that thriving in the UAE and Gulf markets requires work, innovation, trust-building, and dedication. Reputation alone no longer guarantees success—it is performance, execution, and customer care that truly matter.
As the UAE and APAC regions continue to lead in blockchain and crypto innovation, AMINA’s story serves as a powerful reminder of how leadership, stability, and cultural understanding determine success in this fast-moving industry.
