Episode 82 with Syed Musheer Ahmed, Mark Nuttal, Jame DiBiasio and Charles d'Haussy 🎧 

Dubai has emerged as a global powerhouse for digital assets, but what makes the UAE’s approach so distinctive? In this episode of Regulatory Ramblings, host Ajay Shamdasani explores the meteoric rise of Dubai and its neighbors as hubs for virtual assets, agile regulation, and institutional adoption.

The conversation kicks off with Syed Musheer Ahmed and Mark Nuttall, who unpack why Dubai succeeded where others stalled. From the creation of VARA to the UAE’s execution-driven strategy, they examine how governance, tokenization, and risk assurance have shaped the region’s digital future. The discussion also looks ahead to Abu Dhabi and Ras Al Khaimah, asking whether these emerging hubs can replicate Dubai’s success.

Later, Ajay is joined by Jame DiBiasio and Charles d’Haussy, co-authors of Arabian Crypto, to discuss why now was the right time to write the definitive book on the UAE’s crypto revolution. They explore the UAE’s bold regulatory playbook, contrasting its speed and pragmatism with more conservative approaches in Hong Kong and Singapore. The segment dives into DeFi oversight, institutional adoption, and what traditional finance can learn from the region’s willingness to embrace innovation.

Topics discussed include:

• Why Dubai succeeded as a global digital asset hub
• Specialist vs. general regulators
• Outlook for Dubai, Abu Dhabi, and Ras Al Khaimah
• The UAE’s unique appeal for crypto entrepreneurs
• VARA and the balance between speed and prudence
• Insights from Arabian Crypto and why the book matters now
• TradFi lessons from the UAE’s bold approach
• Are GCC neighbors following the UAE’s lead?
• Licensing strategies: conservative vs. ADGM/VARA’s model

About Our Guests:

Syed Musheer Ahmed is the Managing Director of FinStep Asia and a former risk assurance lead at VARA, with a strong track record as a fintech and virtual assets ecosystem builder. Mark Nuttall is a Dubai-based executive advisor specializing in governance, risk management, and strategic leadership across MENA, APAC, and Europe. Jame DiBiasio, founder of JDB Advisors, is the author of Arabian Crypto and several other works on fintech, venture capital, and blockchain. Charles d’Haussy serves as CEO of the dYdX Foundation, having previously held the role of global head of business development at ConsenSys; he is a recognized fintech influencer and co-author of Block Kong. 

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Faculty of Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani.

For more details about the authors and links, please visit: hkufintech.com/rr

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode 81 with Donald Day and Philippa Allen 🎧 

In this episode of Regulatory Ramblings, we explore two timely and insightful conversations on the evolving regulatory landscape in Asia - from digital assets in Hong Kong to compliance challenges in Singapore and beyond. These discussions highlight how innovation, geopolitics, and risk are reshaping financial services across the region. 

Donald Day on Hong Kong’s Digital Asset Regulation

Donald Day, COO of a Hong Kong-based digital asset platform VDX and former crypto specialist and regulator at the Securities and Futures Commission (SFC), unpacks the Supplemental Circular on Intermediaries’ Virtual Asset-Related Activities, jointly issued by the SFC and HKMA.

Donald explains how the guidance expands the scope for licensed intermediaries to offer services such as staking, OTC trading, and in-kind fund subscriptions, while maintaining robust investor protection. He discusses Hong Kong’s cautious but progressive approach to regulation, the importance of commercial viability, and the city’s ambition to become a global hub for regulated digital assets. The conversation also touches on Hong Kong’s positioning relative to Singapore and the need for better promotion and education around digital finance.

Philippa Allen on Compliance, Wealth Migration, and Risk

Philippa Allen is the managing director of Regulatory Compliance, Asia at IQ-EQ. A compliance veteran, she has over 30 years’ extensive business and regulation experience in Asia. She reflects on the evolution of compliance as a profession and the growing complexity of risk management in today’s geopolitical climate.

The discussion covers:

• The influx of Chinese high-net-worth individuals (HNWIs) into Singapore and its regulatory implications.
• The blurred lines between compliance and risk, and the rise of RegTech.
• Stereotypes around Chinese wealth and the need for nuanced AML and PEP screening.
• The tension between FATF standards and commercial realities in private banking.
• The Dubai–Mumbai nexus and cross-border regulatory collaboration.
• The FCA’s expansion into Asia and the challenges of extraterritorial oversight.

Philippa also shares forward-looking insights on behavioral compliance tools, the importance of diverse skill sets in compliance teams, and the future of regulatory technology.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Faculty of Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani.

For more details about the authors and links, please visit: hkufintech.com/rr

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #72 with Ritu Bhasin and Jeiz Robles  🎧

At a time when DEI (Diversity, Equity, and Inclusion) efforts are being challenged in parts of the world, our guests in this episode make a compelling case for why inclusion still matters - and how it must adapt to remain relevant. Through two rich, regionally grounded conversations, this episode explores how DEI is not just a moral imperative, but also a strategic investment in building workplaces - and societies - where people can truly thrive. 

Together, the conversations examine: 

• Why DEI work is more than a checkbox - it's a strategic and cultural investment 
• How cultural values in Asia shape a different, often more resilient, approach to inclusion 
• What’s driving the pullback in the U.S. - and how organizations can respond 
• Why belonging is not just a personal goal, but an organizational responsibility 

In our Spotlight segment, Jeiz Robles, Director of Diversity, Equity and Inclusion at Community Business in Hong Kong, shares how DEI strategies are developed and implemented across Asia. She discusses why support for inclusion remains strong in the region - despite growing backlash in the West - and how communitarian cultural values like collectivism and harmony play a key role in sustaining long-term DEI commitments. Jeiz also reflects on her own advocacy journey and what it means to build inclusive spaces in workplaces that may appear homogenous on the surface. 

In our main segment, Ritu Bhasin, a global DEI expert and founder of bhasin consulting inc., offers a North American perspective. Drawing from her personal experiences as a daughter of Sikh immigrants in Canada and a former lawyer turned leadership coach, Ritu dissects the psychological roots of the backlash: fear, loss of privilege, and the scarcity mindset. She calls for a cultural shift - toward belonging, authenticity, and abundance - and explains how inclusion isn’t just a feel-good goal, but essential to innovation, talent retention, and social progress. Her insights are grounded in her bestselling book, We've Got This: Unlocking the Beauty of Belonging. 

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. 

 🔗 For more details about the authors and links, please visit: hkufintech.com/rr

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode #71 with Joshua Chu, Melizza Anievas, and Lucas Har 🎧

In this episode, we explore the intersecting challenges of financial regulation, geopolitics, and the evolving crypto landscape.

The initial Spotlight segment features Lucas Har (Risk & Compliance Product Manager, Dow Jones), joining us from Singapore to discuss the shifting dynamics of trade compliance, export controls, and sanctions—especially amid escalating US-China tensions. Lucas outlines how fragmented global trade networks, enforcement asymmetries, and regulatory blind spots have enabled evasion tactics—citing, for instance, the convoluted journey of Mercedes-Benz limousines into North Korea—as geopolitical pressures increasingly undermine coordinated compliance efforts.  He also shares what legal and compliance professionals need to know about dual-use goods, the role of shell companies, and how firms can improve due diligence to navigate today’s fractured trade environment.

The main segment brings in Hong Kong-based fintech lawyer Joshua Chu (Lecturer, HKU Space | Director, China Information Technology Development) and Web3 strategist Melizza Anievas (Co-founder & Executive Director, Women in Web3 Hong Kong) to dissect Hong Kong’s newly passed Stablecoin Ordinance and the broader push for clarity in global crypto regulation. Passed on May 21, 2025 - just one day after the U.S. Senate approved the GENIUS Act - the new law creates a licensing regime for fiat-referenced stablecoin issuers under the Hong Kong Monetary Authority (HKMA). It requires issuers to hold high-quality reserves, guarantee par-value redemption, undergo audits, and comply with AML/CFT measures.

The ordinance is part of a wider Asian effort to shape trustworthy, rules-based decentralized finance (DeFi) and tokenized infrastructure, supported by initiatives like Hong Kong’s Stablecoin Sandbox with participants including Standard Chartered and Animoca Brands.

The discussion expands to the under-regulated world of meme coins and contrasts their speculative risks with the regulatory burdens facing stablecoin issuers. Joshua and Melizza weigh in on how the U.S. GENIUS and STABLE Acts may reshape the stablecoin market globally - prompting some issuers to consider avoiding U.S. dollar references to sidestep extraterritorial reach.

As the conversation turns to innovation and compliance, Joshua argues that regulation mainly offers legal guardrails in a crypto space that has yet to deliver truly transformative products beyond early token models. Melizza reframes the "regulation hampers innovation" trope as a matter of communication strategy, emphasizing that much of the challenge lies in how projects present themselves publicly and to investors in different jurisdictions.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. 

For more details about the authors and links, please visit: hkufintech.com/rr

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode #70 with Mark Nuttal and Steve Vickers 🎧 

In this episode of Regulatory Ramblings, two distinguished guests offer rare, experience-based insights into the global forces shaping today’s regulatory, security, and compliance environments.

The first segment features Steve Vickers, former head of the Criminal Intelligence Bureau of what was then the Royal Hong Kong Police Force and now CEO of Steve Vickers & Associates. He delivers a stark assessment of the geopolitical risks across the Asia-Pacific region, focusing on the intensifying rivalry between the United States and China. Vickers outlines how U.S. retrenchment and China’s expanding assertiveness are contributing to a breakdown in the post-Cold War security framework, raising the risk of proxy conflicts, maritime tensions, and economic realignment.

For corporates and financial institutions in hubs like Hong Kong and Singapore, he warns of increased insurance costs, disrupted supply chains, and a patchwork of regulations that complicate cross-border operations. Yet, amid these challenges, Vickers emphasizes the need for strategic flexibility and risk preparedness rather than panic—highlighting that uncertainty, while dangerous, also opens space for opportunity.

In the second segment, Mark Nuttall, a former London Metropolitan Police detective and now a geopolitical and compliance advisor, reflects on the human-centered lessons from his years in law enforcement and how they apply to today’s world of financial compliance. From bouncing in nightclubs to leading serious criminal investigations and advising financial institutions across Asia, MENA, and Europe, Nuttall’s journey offers a compelling narrative of personal resilience and professional evolution.

Drawing from his policing experience, he stresses the value of pragmatism, discretion, and situational awareness—particularly in regulatory roles like suspicious activity reporting and risk assessment. Nuttall critiques the overuse of AI and automation in due diligence, warning that while technology has its place, it cannot replace human judgment in contexts where cultural nuance and real-world experience matter most. He also shares his concerns about overregulation, cautioning that excessive compliance burdens can stifle economies, fuel inequality, and even provoke instability.

Together, these two conversations offer a rich, dual perspective: one zoomed out on the geopolitical stage and its implications for economic systems; the other grounded in the day-to-day decisions of compliance professionals navigating complexity and consequence. Whether you're a regulator, risk officer, or just trying to make sense of a fractured world, this episode offers grounded, actionable insights from two veterans who’ve lived the reality of risk.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. 

For more details and links, please visit: hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode #69 with Nigel Morris-Cotterill and Patrick Dransfield 🎧 

In this two-part episode of Regulatory Ramblings, host Ajay Shamdasani is joined by two seasoned professionals who examine artificial intelligence from very different, yet deeply complementary angles: cultural, philosophical, and ethical on one hand; legal, compliance, and technical on the other. The result is a wide-ranging, thought-provoking conversation about the role of human intelligence in an increasingly automated world—and the dangers of outsourcing critical decisions to machines.

In the first segment, Patrick Dransfield—a legal marketing expert, author, and co-founder of the Managing Partners Club—discusses his essay Watched Over by Machines of Loving Grace, a title borrowed from a Richard Brautigan poem. Patrick, who holds a master’s degree in Chinese history, politics, and anthropology from SOAS (University of London) and a joint honours degree in English and History of Art from the University of Leeds, invites listeners to consider not only what AI is, but what it means to be human in a time of rapid technological change. Drawing on cultural history, classical Chinese philosophy, and his own professional observations, he contrasts Eastern and Western perspectives on the self, society, and intelligence. He explores the fundamental importance of human skills—such as relationship-building and generosity—in legal practice and business development, and how AI cannot replicate or replace these core human capacities.

Patrick argues that while the West often approaches AI with a moral and even quasi-religious fear of transgression—concerned with issues like sentience and ethical boundaries—China’s philosophical traditions tend to frame AI as a pragmatic tool, leading to more open development approaches such as open-source platforms like DeepSeek. He also critiques the prevailing “billable hour” model in law, suggesting that younger professionals will struggle most as automation reshapes entry-level tasks. Ultimately, Patrick makes a strong case for reviving and redefining human intelligence as the foundation upon which any meaningful use of AI must be built.

In the second segment, Nigel Morris-Cotterill—a veteran solicitor turned financial crime and compliance expert—discusses his provocative article, Computers Are Mechanized Psychopaths. He explains why this title is not just attention-grabbing, but literally accurate: computers, by their very architecture, lack empathy, nuance, and the capacity for moral reasoning. Yet society is increasingly empowering them to make life-altering decisions—about financial transactions, legal violations, online speech, and more.

Nigel warns against the blind trust placed in algorithms, which are often built by developers with limited contextual awareness or cultural sensitivity. He critiques the myth of “machine learning,” arguing that what’s being sold as intelligence is often just a large-scale execution of yes/no decision trees. He shares examples of how poorly applied compliance systems can lead to innocent people being debanked or flagged as suspicious based on flawed logic—without human intervention to correct these mistakes. His call to action is clear: AI should never be allowed to make unreviewed, consequential decisions about people’s lives.

Together, these two interviews offer a sobering but insightful view into the current state of AI and its intersection with law, culture, and ethics. While Dransfield emphasizes the need to understand ourselves before we build better machines, Morris-Cotterrill reminds us that those machines—no matter how sophisticated—must always remain subordinate to human judgment.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode #68 with Chad Olsen and Mark Nuttal 🎧 

In a world where politics and regulation intersect, compliance and legal professionals can no longer afford to ignore geopolitical risk. From the fallout of the U.S. withdrawal from Afghanistan to Russia’s war in Ukraine, the global regulatory landscape has been reshaped by conflict, sanctions, inflation, and cross-border disruption.

In this episode, host Ajay Shamdasani speaks with two experts who explain why understanding geostrategy is now a core part of legal and compliance work—not a nice-to-have, but a must-have.

Chad Olsen (Head of Forensic Services, KPMG China) discusses how regulatory expectations are shaped by political agendas, especially in the areas of sanctions, AML, and financial crime. Drawing on his dual background in finance and political science, Chad explains:

 - Why legal and compliance teams need geopolitical awareness
 - How FATF, U.S. DPAs, and other instruments are inherently political
 - Why understanding “why” a regulation exists is as important as “what” it requires
 -  Whether firms should hire IR or political risk specialists—or build internal capability
 -  How professionals can upskill themselves by staying informed and asking deeper questions

Mark Nuttall (Executive Advisor, Dubai) builds on this by offering a strategic risk perspective shaped by 25+ years in law enforcement, global advisory, and geopolitical intelligence. Mark shares:

 -  How global events impact compliance obligations and institutional risk
 -  Why FATF grey listing has real consequences for regulatory pressure and market perception
 -  The compliance officer’s role in navigating shifting norms, sanctions, and cross-border uncertainty
 -  The importance of total situational awareness for anyone responsible for governance or risk
 -  Why proactive scenario planning is more effective than reactive policy-following

The central question: In an era of rapid change, what must compliance and legal professionals do to stay relevant—and keep their organizations resilient?

Whether you’re in a law firm, bank, fintech, or multinational, this episode shows how geopolitics has become embedded in compliance. Understanding international developments isn’t a soft skill; it’s a core strategic competency.

Topics covered:
– Geostrategy and regulatory design
– Sanctions, FATF, and political enforcement
– Interdisciplinary compliance: law meets global affairs
– Upskilling for geopolitical fluency
– Strategic foresight in legal and compliance functions

Disclaimer: The views expressed in this podcast are solely those of Ajay Shamdasani, Chad Olsen, and Mark Nuttal.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. For more details and links, please visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode #67 with Nigel Morris-Cotterill, Oonagh van den Berg and Malcolm Nance

In this episode of Regulatory Ramblings, the panel tackles the Trump administration’s controversial move to suspend enforcement of the Corporate Transparency Act (CTA)—a key anti-money laundering (AML) initiative passed under the Biden administration. The decision, announced by the U.S. Treasury Department in early March, stated that it would halt all penalties and fines associated with beneficial ownership information reporting under current regulatory deadlines. Crucially, it also confirmed that no penalties would apply even after forthcoming rule changes take effect—effectively dismantling the mechanism meant to expose the real owners of shell companies.

The net result: the U.S. government will no longer require shell companies to disclose their beneficial owners, allowing wealthy individuals and corporations to hide their profits from public scrutiny. The CTA, passed in 2021, had required companies to submit ownership data to FinCEN (Financial Crimes Enforcement Network) as a means to tackle tax evasion and corporate cronyism. The rule's enforcement had already been frozen by a federal court order. Reacting to the Treasury’s announcement, President Donald Trump took to Truth Social, calling the CTA “an absolute disaster for Small Businesses Nationwide” and celebrating the suspension of what he described as “the economic menace” of beneficial ownership reporting.

This episode’s Spotlight segment features returning guest Nigel Morris-Cotterill, a renowned expert in counter-money laundering and financial crime compliance. He breaks down why the term “beneficial ownership” is a legal misnomer in corporate law and argues that the CTA was always set up to fail—especially in a country like the U.S. that has historically resisted full FATF compliance. Nigel discusses how this rollback affects compliance expectations in Asia-Pacific financial hubs like Hong Kong and Singapore, stressing that legal and compliance professionals in the region must remain vigilant. He also cautions that the rollback creates tension between U.S. and local AML standards, while selective extraterritorial enforcement by the U.S. is all but guaranteed.

Joining the discussion, Malcolm Nance and Oonagh Van den Berg weigh in on the global implications of the move. They explore whether this rollback represents a temporary pause for regulatory review or a tectonic shift in the U.S.’s approach to corporate accountability, transparency, and AML enforcement. Oonagh underscores that while the CTA imposed real burdens on SMEs, the abandonment of enforcement could signal a broader retreat from anti-corruption efforts—especially as the Trump administration also moves to suspend the Foreign Corrupt Practices Act (FCPA) and disband units focused on fighting kleptocracy.

Together, the panel explores pressing questions: Will deregulation lead to more illicit finance? Is this the start of a new multipolar world order where financial crime enforcement becomes political and transactional? They touch on how trade-based money laundering, sanctions evasion, and the exploitation of legacy systems like hawala continue to pose massive risks to financial systems.

The conversation ends with a consensus that blanket deregulation is not the answer. Instead, they call for smarter, more risk-based, tech-enabled regulation that moves beyond box-ticking and uses modern tools—like AI and data analytics—to target the real threats. It’s a sobering yet thought-provoking discussion on what may be the beginning of a global recalibration in financial crime compliance.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode #66 with Henri Arslanian (Nine Blocks Capital Management) and Andrew Fei (King & Wood Mallesons)

This episode opens with Andrew Fei discussing recent US crypto regulatory developments. Then, Henri Arslanian, a leading voice in global crypto circles, shares his insights on the Trump administration’s decision to establish a cryptocurrency strategic reserve made up of Bitcoin, Ethereum, Solana, XRP, and Cardano. “This really may start paving the way for other countries to look at potentially acquiring Bitcoin as part of their strategic… their own basket of reserves,” he said, referring to the ripple effect the U.S. reserve move could have on global sovereign crypto adoption. 

In the Spotlight segment, Andrew discusses with Regulatory Ramblings host, Ajay Shamdasani, the implications of recent US regulatory developments for Asia, the Mideast, the rest of the world such as the GENIUS Act and the recent White House Crypto Summit in Washington, DC. 

Henri then shares his thoughts on the Trump administration’s decision to create a reserve composed of Bitcoin, Ethereum, Solana, XRP, and Cardano. While acknowledging it is a significant step forward for crypto, he said the move is not without criticism because it begs the question why certain virtual assets were chosen for the reserve and not others. 

Reflecting on the 2024 US Presidential Election, Henri stressed that concerns over which party would be friendlier to the industry was partly why the recent US presential election swung in Donald Trump’s favor because for many single-issue voters, the future of digital currencies was their paramount concern. In that sense, it could be said that 2024 was the election that the crypto bros bought.   

Henri also shares his thoughts on what it means for the rest of the world if the US creates its own crypto reserve, stating the entry of institutional and sovereign players hints at a more distributed global adoption trend.  

While the idea of a strategic reserve for critical assets or commodities is not new, it is curious as to why President Trump did so now when he was vehemently against crypto during his first term (2017-21). The popular press has suggested that Silicon Valley power players such as Peter Theil, Marc Andreessen and Elon Musk helped Trump change his mind and brought him around to the cause. 

As Henri himself wrote in a recent piece on LinkedIn: “We should expect criticism—rightly so—regarding how the included coins were selected for this reserve. Bitcoin makes complete sense. One could also argue for ETH and perhaps SOL. However, the inclusion of XRP and ADA will likely be questioned.”  

Additionally, Solana and Ethereum are two platforms used by many American firms including important companies like Visa and Blackrock.  

As Henri noted in his recent article, the presidential action prohibited the purchase of additional crypto without a specific executive or legislative action. Simply put: “the U.S. is not going to buy new Bitcoin but rather keep the 200,000 BTC it already holds mainly via the seizure of Silk Road assets and the recovery of the Bitfinex hack.” 

Moreover, mainland China purportedly holds around 190,000 Bitcoin, primarily acquired through its 2019 seizure from the PlusToken ponzi scheme, and the UK allegedly owns 60,000 seized Bitcoin. 

For more about our guests, please visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode #65 with Tom Fox & Malcolm Nance, plus Philip Rohlik 

This episode is devoted to discussing the recent executive order signed by US President Donald J. Trump instructing the Department of Justice to halt enforcement of the decades old, much-dreaded Foreign Corrupt Practices Act (FCPA) pending a one-year review. In our initial “Regulatory Ramblings Spotlight” segment, we speak with Philip Rohlik, an American attorney in mainland China with the law firm Debevoise & Plimpton to get a sense of what the president’s decision means for Hong Kong and the broader Asia-Pacific. 

Following that, we have a lengthier chat on the global implications of President’s Trump’s move with Tom Fox, a veteran compliance and anti-corruption lawyer, noted FCPA specialist and podcaster, as well as Malcolm Nance, a former US naval intelligence officer, counterterrorism specialist and author. 

About the guests. Philip Rohlik is a counsel in the Shanghai office of Debevoise & Plimpton LLP. He is a member of the firm’s White Collar & Regulatory Defense and International Dispute Resolution Groups whose practice focuses on international investigations, securities law and dispute resolution. 

He is recognized by “The Legal 500 Asia Pacific – Greater China” (2024-2025) for his anti-corruption and compliance practice and has been described as “very thorough and hands on," and "excellent investigation lawyer". 

Based in Asia since 2011, Philip leads the firm’s dispute resolution team in Shanghai. He joined Debevoise in 2000, having received his J.D. magna cum laude from the New York University School of Law that same year. He received a B.A. summa cum laude with honors from St. Louis University in 1997. 

Tom Fox is based in West Texas and a prominent member of the compliance community and one of the most well-known legal practitioners when it comes to the FCPA. Over the past 15 years, he has been a general counsel and chief compliance officer. He is now an independent consultant, assisting companies with anti-corruption, anti-bribery compliance, and international transaction issues. 

He is also the author of the award-winning FCPA Compliance and Ethics Blog and the international best-selling book “Lessons Learned on Compliance and Ethics.” His podcasts have won numerous w3, Davey, Communicator, and Webby awards for podcasting excellence. 

Tom is the author of the seminal text “The Compliance Handbook,” now in its 5th edition published by LexisNexis. In addition to his blog and podcast, he is a columnist for “Corporate Compliance Insights” and a contributing editor to the “FCPA Blog.” He is a well-known and frequent speaker on compliance and ethics issues, social media use, and corporate leadership. 

In the interests of full disclosure, Tom is founder of the Compliance Podcast Network which also carries this program. 

Malcolm Nance is based in upstate New York. He was a 20-year veteran of the US Navy where he was an intelligence officer and cryptographer, and a Russian and Arab language specialist. In his capacity as a master chief, he was responsible for discipline all throughout the ranks. 

He is best known for his appearances on MSNBC where he warned about Russian interference in the run up to the 2016 and 2020 US Presidential elections. Malcolm is also a best-selling author – with his books “The Plot to Hack America,” “The Plot to Destroy Democracy,” “The Plot to Betray America” and most recently “They Want to Kill Americans” – all of which are well worth reading. Given the radical actions of the second Trump administration, his two most recent books seem eerily prescient. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

With guests Dr. Inna Amesheva (ESG Book) and Janet Ledger (Commuity Business)

In time for International Women’s Day on March 8th, Dr. Inna Amesheva and Janet Ledger explore the evolving role of ESG in regulation and inclusion. Dr. Amesheva, Head of ESG Regulatory Solutions at ESG Book, examines Europe’s push to simplify ESG rules, while Janet Ledger, CEO of Community Business, highlights how ESG drives diversity, equity, and inclusion (DEI) despite growing political backlash.

As companies navigate complex ESG regulations and rising calls for transparency, this episode examines the balance between reducing compliance burdens and maintaining sustainability standards.

The Omnibus Proposal: Simplifying ESG or Scaling Back Standards?

Dr. Inna Amesheva deep dives into the EU Omnibus Proposal, an initiative aiming to streamline ESG compliance by consolidating frameworks like the EU Taxonomy and CSRD. The proposal could reduce corporate reporting burdens by 33%, but critics argue it may weaken sustainability standards.

What’s driving this shift? Political and economic factors, including macroeconomic pressures and the impact of recent U.S. elections, are influencing the European Commission’s stance on ESG.

The discussion also touches on making some ESG metrics voluntary—a move that could ease compliance but raise transparency concerns. Additionally, changes to the Green Asset Ratio (GAR) could allow banks to use estimation models for non-European companies, potentially improving global ESG alignment but also sparking debate over data reliability and consistency.

ESG as a Driver for DEI

Shifting to ESG’s role in workplace inclusion, Janet Ledger shares her journey from working-class Australia to leadership in Hong Kong, emphasizing the strong link between ESG and DEI.

She explains how the social and governance pillars of ESG—covering workforce diversity, human rights, and board transparency—directly support DEI objectives. Companies that integrate both ESG and DEI tend to see stronger reputations, better talent retention, and competitive advantages.

Examples like mandated pay equity reporting in Australia and board diversity requirements illustrate how ESG frameworks can drive meaningful change. However, Janet warns against box-ticking approaches, stressing that genuine commitment and measurable action are key.

Navigating Backlash and Staying the Course

With ESG and DEI facing increasing political scrutiny, some critics dismiss them as “woke capitalism.” Despite this, younger employees and investors prioritize ESG-driven companies, seeing them as essential for long-term success.

Janet underscores the need for fact-based, rational communication to counter misinformation. She encourages businesses to stay the course, emphasizing that ethical business practices benefit all—driving performance, innovation, and societal progress.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. For more details and links, please visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

With guests Raoul Montgomery, Kirsty Crean, and Brian Yeung  🎧 

As the theme of this episode is compliance, we first hear from Raoul Montgomery and Kirsty Crean of executive search and recruitment firm Arion House in Hong Kong about hiring trends in the legal and compliance space post-Chinese New Year. 

Hiring in Compliance & Legal: What’s Driving the Surge in 2025? Raoul & Kirsty share the areas in which the financial sector is hiring – with insurance and crypto-compliance being key drivers for of employment. 

Kirsty and Raoul also share their thoughts on the degree to which firms are hiring legal and compliance staff at more senior levels versus more middle to junior ranks. Indications are that some banking and financial institutions and multinational corporations more broadly are moving more towards retainment mode. That is evidenced by the hiring freezes at some banks in the region. 

The conversation concludes with what it takes to be a good compliance officer – beyond just knowing the rules, regulations and general knowledge of the sector one seeks employment in. As our guests make clear that while a legal or accounting degree and/or experience will always put one in good stead, in-house/general counsel and compliance officers need soft skills, too.  

Inside Compliance: Balancing Risk, Regulation & Work-Life. Our discussion with Brian Yeung of Interactive Brokers delves into why he pursued a law degree. He also describes how he saw himself making a difference by becoming a compliance officer which, he recalls, occurred against the backdrop of the 2001 Enron scandal leading to the collapse of venerable accounting giant Arthur Anderson, the passage of the Sarbanes-Oxley Act (2002) in the US – which forever put a global spotlight on the importance of good corporate governance and the compliance profession writ large. 

It is a profession that Brian took well to; one he still finds years later to be incredibly stimulating and rewarding. As he avers “There is no typical day for me.” 

While sharing what his biggest challenges are, Brian stresses the importance of work life balance and considers himself profoundly blessed to usually be able to leave at a reasonable hour each day to spend time with his family after a long day at the office. He contrasts that with the life he might have had as a solicitor in private practice where the perpetual dread to rack up enough bllliable hours annually would likely have impacted his family life, notwithstanding the potentially higher rewards and prestige. 

While acknowledging that the compliance has long been associated with the legal and accounting professions, he does not believe one necessarily needs to complete a degree in either of those subjects to have a successful compliance career, what that although a law degree can be useful, an investigative mind is also a valuable asset to those considering entering the field. 

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. For more details and links, please visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode 80 with M. Konrad Borowicz, Syed Musheer Ahmed and Monica Jasuja 🎧  

In this episode of Regulatory Ramblings, we explore two transformative conversations shaping the future of global payments. From Swift’s bold move into tokenized finance to the legal complexities of cross-border payment systems, this episode dives deep into the forces redefining financial infrastructure.

Segment 1: Is Swift Breaking the Wall Between Traditional Finance and DeFi?
Swift - the backbone of international finance - has announced initiatives to upgrade its existing rails while building new digital rails for tokenized assets. What does this mean for the convergence of TradFi and DeFi? Our guests unpack the implications of blockchain adoption by regulated institutions, the rise of stablecoins, and the shift from messaging to settlement. They also debate whether blockchain truly solves correspondent banking inefficiencies and how financial inclusion fits into this evolving landscape.

Segment 2: Extraterritorial Frictions on Cross-Border Payments Laws
Cross-border payments are not just a technological challenge - they are a legal and geopolitical puzzle. Dr. M. Konrad Borowicz discusses his recent paper presented at the European Central Bank’s Legal Research Program Seminar, which examines frictions arising from settlement finality, data protection, AML/CFT compliance, and governance. We explore models of FX interlinking - bilateral links, multilateral hubs, and direct access - and why none offer a perfect solution. The conversation spans regional payment blocs, sanctions as a driver of fragmentation, and the tension between AML transparency and data privacy under regimes like GDPR. Konrad also shares why instant payment systems may hold more promise than stablecoins for lawful, efficient cross-border transfers.

Key Themes:

• Swift’s blockchain-based settlement and tokenization strategy
• TradFi–DeFi convergence and the role of stablecoins
• Legal frictions in linking global payment infrastructures
• Regionalization vs. globalization in payment systems
• Sanctions, sovereignty, and the geopolitics of finance
• Data privacy vs. AML compliance in cross-border transactions
• The promise of instant payments for retail users

Syed Musheer Ahmed is a fintech leader with 18+ years in capital markets and virtual assets. He co-founded the Fintech Association of Hong Kong and leads FinStep Asia, driving innovation across Asia’s financial ecosystem.

Monica Jasuja is Chief Expansion & Innovation Officer at Emerging Payments Association Asia. With 20+ years in digital payments and product strategy, she has led initiatives across global markets to build scalable, consumer-focused solutions.

M. Konrad Borowicz is Assistant Professor at Tilburg Institute for Law, Technology and Society. His research focuses on payments regulation and financial law. Before academia, he practiced finance law in London and now publishes widely on cross-border payment systems.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Faculty of Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani.

For more details about the authors and links, please visit: hkufintech.com/rr

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

With guests Dr. Oriol Caudevilla and Skip Schiphorst

The Green Belt and Road Initiative. Much has been said about the BRI, known in China as the One Belt One Road – and sometimes labelled the New Silk Road. A global infrastructure development strategy adopted by the Chinese government in 2013 to invest in more than 150 countries and international organizations, the scheme is composed of six urban development land corridors linked by road, rail, energy, and digital infrastructure, and the Maritime Silk Road linked by the development of ports.

The idea was simple enough, transport raw materials to China while carrying its manufactured wares to participating nations.

Dr. Oriol Caudevilla is a highly regarded voice on all things fintech. He fleshes out what he means by the “Green BRI” because on the surface, the concept seems almost seems counter intuitive as vast amounts of carbon/energy are expended to carry resources towards China and goods from it. As he points out, there are there green efficiencies and other benefits to be had from the BRI that will meaningfully impact the planet's climate.

Open-Source Intelligence (OSINT) and Non-English Language Online Research. Skip Schiphorst is course coordinator and an instructor for the Swiss-based firm I-Intelligence’s Arabic, Russian and Chinese open-source intelligence courses. He shares the importance of being able to search for OSINT in languages other than English and how it has a direct application to lawyers, compliance officers and investigators in regional hubs like Hong Kong and Singapore – and the banking and financial institutions and multinational corporations they serve. As he emphasizes, it is often easier to navigate the internet in Chinese than English due to simplicity in structure of the former language.

Skip describes what it was like to grow up in Switzerland as a young man of Dutch ancestry, his decision to join the Marines in 1997 and how his views on the world and the degree to which outside powers can use military force to change cultures and nations changed over the course of his service. He believes this to be the Asian century as many Western nations pursue more nativist and isolationist policies. 

He also talks about the value of OSINT and multi-lingual research for due diligence in a mergers and acquisitions context, as well as for know-your-customer searches in anti-money laundering, terrorist financing and sanctions compliance for banks.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. For more details and links, please visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

In our first episode of 2025, with a brand-new format, Regulatory Ramblings highlights two critical developments shaping Asia’s financial and regulatory landscapes.

In Episode 61, Hong Kong-based lawyer Ben Hammond unpacks the city’s upcoming Stablecoin Bill, a landmark regulation aimed at strengthening digital asset oversight while bolstering Hong Kong’s position as a global financial hub. Hammond reflects on the bill’s significance, how it fills regulatory gaps, and its potential to foster legitimacy and confidence in the stablecoin ecosystem. He also explores the broader challenges and opportunities the legislation presents for compliance, cross-border legal practice, and the evolution of digital finance.

Meanwhile, legal expert and political analyst Ross Feingold examines the extraterritorial enforcement of US laws under President-elect Donald Trump’s returning administration. Feingold addresses heightened sanctions, trade policies, and the ripple effects on financial hubs like Hong Kong and Singapore. Topics include escalating compliance costs, the dollar’s role in global trade, and the implications of Trump’s crypto-friendly stance for Asian markets.

With insights ranging from the Stablecoin Bill’s regulatory impact to Trump’s influence on Asia’s financial compliance, this episode provides a timely overview of the challenges and opportunities awaiting the region in 2025.

Our first guest, Ross Feingold, Head of Research at Caerus Consulting, brings extensive expertise in global risk management. A New York and Washington, DC-admitted lawyer, he has served as in-house counsel at Royal Bank of Scotland, Deutsche Bank, and J.P. Morgan. With over 20 years of experience in Asia, including Hong Kong, Singapore, and Taipei, Ross is fluent in Mandarin and has held roles as a lecturer, political analyst, and Asia chairman of Republicans Abroad. He is also a director of the Association of American Residents Overseas. In this episode, Ross discusses the implications of US extraterritorial laws under the incoming administration of President-elect Donald Trump.

Our second guest, Ben Hammond, managing partner at Ashurst Hong Kong, leads the firm’s financial services regulatory group, specializing in non-contentious regulatory practice. He advises clients on a wide range of regulatory matters, with a focus on digital economy initiatives. Notably, Ben guided Goldman Sachs in 2023 on its tokenization platform, GS DAP™, for issuing the world’s first government-backed tokenized green bond (HK$800 million) for the Hong Kong government. In 2024, he led HSBC’s support to the Hong Kong Monetary Authority on the world’s first multi-currency “digitally native” bond offering, underscoring his expertise in pioneering regulatory frameworks and digital finance innovation.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. For more details and links, please visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Replay: Ep #59 with Matthew Friedman (The Mekong Club)

Four decades fighting human trafficking and modern slavery – a diplomat reflects

As a former US and United Nations diplomat, Matthew Friedman has been a true warrior on the frontlines against modern slavery and sex trafficking for over four decades. He is an international human trafficking expert and the CEO of The Mekong Club, a non-governmental organization comprised of Hong Kong’s leading businesses which have joined forces to help end all forms of modern slavery. 

The Mekong Club is very active in the ESG space and is well versed at identifying red flags and appropriate metrics to gauge anti-human trafficking compliance. 

Previously, he worked for United States Agency for International Development and the UN in over 40 countries. Matt offers technical advice to numerous governments, banks and corporations working to eliminate all forms of modern slavery and is the author of fifteen books. In 2017, he won Asia’s prestigious “Communicator of the Year” Gold Award. 

His postings have taken him all over Asia from Nepal, Bangladesh, and to Thailand. The Mekong Club works with private sector banks, manufacturers, retailers and the hospitality sectors to do what they need to do in the fight against human trafficking and slavery. 

The topic of modern slavery – more colloquially referred to as human trafficking – is a bleak one. In this episode of Regulatory Ramblings, Matt chats with host Ajay Shamdasani on what the global banking and financial institutions and multinational corporations can do about the matter. 

The problem indirectly affects us all: estimates are that 50 million people in the world are currently in some form of slavery. Twenty-seven million of them are engaged in forced labor, of which 82% of this figure is associated with supply chains.  

The conversation begins with Matt sharing his background and what drew him to the cause of modern slavery. He also stresses that despite the Mekong Club being an NGO, it works with the private sector a great deal, perhaps more so than it does with other NGOs or state bodies. As he notes, there is a greater impetus to take action to effect change in the private sector than in the public sector. 

Working with the private sector is an approach that has served Matt and the Club well because as he puts it: “The private sector has a sense of urgency unlike the public sector. If a company does an audit on human trafficking and there is a problem, within fifteen minutes they will call a meeting of all the relevant stakeholders and work to remediate it. The private sector does more than traditional NGOs because they are closer to the action,” he said. He added, NGOs tended to intellectualize matters – often reducing them to purely academic or legal concerns. 

Reflecting on his four decades in the field, Matt also recounts what has changed about human trafficking and what has remained the same. As he points out, the evolution of human trafficking is interesting, going from forced manual labor to compelling enslaved persons to undertake more elaborate crimes such as scam farm and ‘pig butchering’ schemes. 

The discussion concludes with Matt sharing his views how the financial sector can protect themselves from becoming unwitting participants in human trafficking and the sex trade. There clearly is an intersection between money laundering, financial crime and human trafficking, he says, and it is something the UN Counter-Trafficking program was created to combat.

For more details and links, visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode #60 with Theodora Lau, Unconventional Ventures 

Based in the US, Theodora Lau or Theo as she’s known, is Hong Kong born and bred and the founder of Unconventional Ventures. Her firm’s mission is developing and growing an ecosystem of financial institutions, corporations, startups, entrepreneurs, venture capitalists and accelerators to make banking better, as well as to meet the often-unmet needs of consumers, including older adults and women. Connecting founders with funders – with a specific focus on underrepresented entrepreneurs is Theo’s mission. 

As part of her work, she regularly mentors and advises startups in both the financial services and healthcare/caregiving space. She is an advisor to B21 Ventures which focuses on entrepreneurs disrupting finance and health through artificial intelligence. 

Theo has been referred to by the American Banker as one of the “Most Influential Women in FinTech” and is one of few global experts providing authoritative insights on both the US vis a vis Asia.  

Besides being a best-selling author, Theo is an accomplished technologist and is much sought after for her unique insights on the success of super apps in Asia, the evolution of AI and the disparity in digital adoption between regions.

Theo regularly speaks on the topics of AI, gender equity, FinTech, inclusion, and longevity. She is a guest contributor for various top industry events, publications, and podcasts, including Fintech Futures, the American Banker, BBC, the Journal of Digital Banking, Harvard Business Review, Nikkei Asia, MIT Tech Review, Money20/20, Finovate, RISE, FinTech Week Hong Kong, Breaking Banks, Irish Tech News and the Forbes Technology Council 
 
She is the co-author of “Beyond Good: How technology is leading a purpose-driven business revolution” and co-author of “The Metaverse Economy” (both books are now available in paperback edition). Theo is also the host of One Vision, a podcast on innovation and fintech, runs a weekly LinkedIn newsletter called FinTech Prose on emerging technologies (such as voice-activated/enabled software and AI), inclusion, longevity, fintech, innovation, and using technology for good. Her monthly column on Fintech Futures explores the intersection of FinTech and humanity. 
 
As for her education, she holds a Bachelor of Science degree in chemical engineering from Rensselaer Polytechnic Institute (RPI) in New York, and a Master of Science in project management from George Washington University in Washington, DC.  

In this episode of Regulatory Ramblings, Theo discusses the evolving fintech landscape, the digital adoption gap between Asia and the US, and regulatory challenges. She reflects on her journey from growing up in Hong Kong to witnessing the rise of digital finance in the US, noting Asia's diverse fintech ecosystem, driven by tech giants like WeChat and Tencent in China and Japan's conglomerates.

Theo highlights why the US lags in digital payment adoption, with many still using cheques, compared to Hong Kong and countries like the UK and Australia, which are phasing them out. She explains how regulatory complexity and siloed systems in the US hinder progress, contrasting with global efforts like Project Nexus for seamless cross-border payments in Asia.

Addressing financial inclusion, Theo critiques overpromises by tech creators, noting 4.2% of US households remain unbanked. She emphasizes that tech adoption, not innovation, is the bigger challenge, with banks and regulators often slow to adapt. The conversation also covers the potential of AI and generative tools to drive inclusion globally, along with liability and competency concerns.

For more details, please visit:

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #58 with Huy Nguyen Trieu (CFTE) 🎧

Huy Nguyen Trieu is the author of the new book The AI-fication of Jobs. He is the co-founder along with Ms. Tram Anh Nguyen of the London-headquartered Centre for Finance, Technology and Entrepreneurship (or CFTE). As a global FinTech knowledge platform, CFTE opened its Abu Dhabi office earlier this year, in addition to its Singapore office. 

A leading voice in the world of AI, Huy’s book is the product of 10 months of effort and debuted at the recent Singapore FinTech Festival in early-November 2024. It explores how AI is reshaping the workforce. It moves beyond the common question of “Will AI take my job?”

Huy shares with Regulatory Ramblings host Ajay Shamdasani how his book provides a structured framework for understanding AI's impact from displacement to augmentation and how such changes and trends can be leveraged for future success and insights. It is an accessible, future-focused guide and a must-read for anyone interested in AI’s role in shaping careers, industries, and society.

As Huy puts it: “AI is a complex, personal topic – 85 percent of workers believe it will significantly impact their jobs. But understanding what that means is often confusing.”

Huy goes on to describe his professional background, being an engineer by training and an entrepreneur by nature. As a "big picture" person, he’s interested in the revolution in technology that is transforming finance – what he calls Disruptive Finance.

His passion, he says, is for building and growing businesses – especially in changing environments. It led him from being a tech CEO in New York to being managing director at an investment bank in London to being a founding partner at a Hong Kong-based accelerator in Hong Kong and now, as co-founder of the CFTE. 
Having previously, been a managing director at Citi, Huy grew a business that helped Europe's largest insurance companies, major pension funds and international banks to adapt to an increasingly complex environment.

He also adores teaching at scale, having co-created some of the largest FinTech courses in the world at Oxford University’s Said Business School, the University of Hong Kong University, Imperial College and now CFTE.
 
As CEO of The Disruptive Group, he’s developing a firm that builds innovative finance businesses which leverage technology and advises CEOs of large organizations. One of TDG's projects is the CFTE – and it is one that is dear to Huy’s heart, as he explains the impetus for the body’s creation.
 
“CFTE is the answer to a very simple question: as a professional in financial services, how do I acquire the skills to be future-proof?” Huy says. “We have created a platform that helps the industry acquire this knowledge quickly, from FinTech to artificial intelligence to open banking,” he concluded.

A key observation of the book is that AI and its massive impact on careers portends a shift that will give rise to a class of “supercharged professionals” – those who combine their skills with tech to thrive like never before. And then there are the “creative disruptors”; a select few poised to build entirely new industries from scratch. Huy urges us all to embrace this future, not just for ourselves, but to ensure the potential benefits of AI for everyone.

Regulatory Ramblings is led by Douglas Arner and brought to you by the HKU's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF Fintech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from the HKU Faculty of Law. 

Read more details at: www.hkufintech.com

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #57 with Eelee Lua, xcube. Eelee Lua is chief of staff and a director at xcube.co – a Singapore-based corporate venture studio. A seasoned business leader in the technology space, specializing in risk mitigation and strategic partnerships. Having entered the risk and compliance field 13 years ago, having previously held roles at AsiaVerify and the RISQ Group.

Eelee holds a board director accreditation from the Singapore Institute of Directors, and actively contributes to industry communities such as the Singapore FinTech Association and Women In Alliances.

Recently, she penned an article entitled “Circular Financial Identity – The Missing Piece for Financial Inclusion,” which forms the basis for this episode’s discussion. 

In this instalment of Regulatory Ramblings, Eelee talks to host Ajay Shamdasani about her piece and how financial inclusion remains a critical global issue, with approximately 1.4 billion people still lacking access to formal financial services. She also shared a little about Defy, an xcube company on a mission to address financial inclusion. Her observation that traditional financial systems often exclude marginalized populations, such as low-income individuals, women, rural communities, and refugees was what compelled her to write the article. Financial exclusion not only limits economic opportunities but also perpetuates poverty.

Yet, all is not lost and Eelee believes technology may yet deliver true financial inclusion. A promising solution to bridge this gap is Circular Financial Identity (CFI), she says, “which has the potential to transform financial inclusion efforts worldwide.” The key, she says is understanding CFI because “unlike traditional digital identities that rely on static information and centralized databases, CFI employs a dynamic, decentralized, and interoperable system” – thereby enabling “under-documented individuals, including refugees, to gradually build their financial identity by capturing their digital financial footprint across various domains such as earning, spending, borrowing, saving, investing, and lending.”

The circularity of data, particularly, the continuous accumulation and reuse of financial data create a comprehensive, robust, and evolving picture of their financial behaviour and capabilities, enabling access to a broader range of financial services, Eelee says.

(For more details about CFI, visit: www.hkufintech.com/regulatoryramblings)

Eelee also shares a little about her own background, upbringing, education and what launched her on a path to a compliance career. She also describes what xcube does as well as her own “moment of epiphany” when she realized that the world of cryptocurrencies and digital assets were something important that she needed to pay attention to in the years to come.

Looking ahead, while she thinks Web3 will have a marked impact on banking Southeast Asia and the Middle East, she cautions that many of the world’s financial institutions have yet to consider the interoperability and integration issues of how to use such technologies in the current world.

A resolute believer in the power of targeted use of technology to aid the perennial global cause of financial inclusion and bring about a more egalitarian world with a more level playing field, the conversation concludes with her reflections on a decade plus in the risk and compliance field, and her greatest lessons, challenges and regrets in that time.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #56 with Chengyi Ong (Chainalysis)

Chengyi Ong leads public policy in the Asia-Pacific region for Chainalysis out of from the firm’s regional headquarters in Singapore. Drawing on Chainalysis’ blockchain data analytics platform, she works with public and private sector stakeholders to distil developments in digital asset markets, and their intersections with global and regional regulatory trends. 

Prior to joining Chainalysis, Chengyi spent 13 years at the Monetary Authority of Singapore, holding roles in financial regulation and supervision, financial sector development, and central banking. She also served as the Advisor to the Executive Director for Southeast Asia at the International Monetary Fund. 

In this episode of Regulatory Ramblings, she talks to host Ajay Shamdasani about the intersection of money laundering, financial crime and cryptocurrencies. 

The conversation begins with Chengyi describing her upbringing, formative years, choice of career path and her time as a regulator at the MAS. She then goes on to talk about what Chainalysis does, its market position, and her interest in the digital asset sector. 

She shares her views on the rising levels of both crypto native and non-crypto native money laundering, why such trends are growing and the types of crimes emanating from Asia – making reference to key findings from Chainalysis’ recent report on the matter, including the 2024 Crypto Crime Report and the 2024 Crypto Money Laundering Report. 

Chengyi also discusses her thoughts on stablecoins being used for money laundering, what her firm’s report says about the destination of illicit funds and what the best ways are to prevent crypto native money laundering – especially in the Asia-Pacific. To that end, she is candid about what regional regulators should do to tackle this issue, noting that more needs to be done. What ensues is a deeper chat about what the role of regulators in ferreting out financial crime should be vis a vis cryptocurrency exchanges and financial institutions – the latter of which are financial gatekeepers in their own right. 

The conversation concludes with Chengyi reflecting on the arc of her career and how AML regulations have evolved in APAC over the years. She stresses that in an age of aggressive enforcement actions, sanctions and not insubstantial fines, it will be imperative for organizations to verify the entities that are transacting and engaging with. She offers some suggestions as to how they may do so. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep 55 with Angela Ang, Senior Policy Advisor, TRM Labs

Angela Ang is the Senior Policy Advisor at TRM Labs, a global blockchain intelligence company, and a former regulator at the Monetary Authority of Singapore (MAS). Having spent over a decade at MAS, she held the role of Deputy Director in charge of licensing payments and crypto service providers. Angela has also been recognized as a LinkedIn Top Voice for Finance in Asia for her leadership in digital asset developments.

In this episode, Angela reflects on her journey from growing up in Singapore to her education at INSEAD, and her early career at MAS, where she helped promote Singapore as an international financial hub. As a former regulator, she highlights the unique experience of policymaking at a high level and emphasizes that despite the intellectual rigor, regulators are still people, too.

The discussion shifts to TRM Labs and its role in blockchain intelligence. Angela explains that “Blockchain analytics is like Google Maps for blockchain,” helping clients understand blockchain data to combat fraud and financial crime. While blockchain’s ledger is immutable, clients often struggle to interpret it, and TRM adds context to provide a clearer picture.

Angela draws parallels between her work at MAS and TRM Labs, highlighting the compliance-centric and mission-driven nature of both organizations. She notes that TRM Labs’ nimbleness and entrepreneurial spirit, combined with its focus on integrity, attract former public sector staff.

Angela recalls her first exposure to cryptocurrencies and blockchain in 2015 while researching for MAS. She emphasizes the balance between blockchain’s promise and the risks associated with crypto speculation, echoing Singapore’s prudent regulatory stance on innovation vs. speculation. 

She also touches on Asia’s regulatory landscape, noting how the region leads in regulatory clarity. Singapore and Japan pioneered crypto regulation, recognizing the importance of creating robust rules to protect investors. She cites examples like Singapore’s crypto custody rules and Hong Kong’s virtual asset service provider licensing regime. 

Angela discusses the global trend toward tighter crypto regulation, with an 80% shift toward stricter controls and consumer protection. She points out that regulation is crucial for preventing illicit activity, but it requires sufficient enforcement and skilled people to ensure compliance. 

The conversation then covers the talent shortage in crypto compliance. While older compliance principles still apply, the unique challenges of blockchain technology require specialized expertise. Angela also discusses the importance of SupTech and RegTech, noting TRM Labs’ role in real-time blockchain monitoring tools for both compliance professionals and regulators.

Despite concerns about crypto-related crime, Angela highlights that only 0.63% of global crypto activity involves crime, a figure comparable to traditional finance. She notes that proper licensing and risk controls reduce crime in regulated jurisdictions and emphasizes that most exchanges now have some level of compliance.

Looking forward, Angela identifies market misconduct as an emerging issue in digital finance, with global regulatory bodies like IOSCO prioritizing it in their work.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #54 With David Caruso, Dominion Advisory Group

In this episode of Regulatory Ramblings, David Caruso, a former U.S. Secret Service agent turned global financial crime fighter, shares insights from his 30-year journey in AML and financial crime compliance. With an impressive career, including time as chief compliance officer at Riggs Bank, David recounts his pivotal role in uncovering corruption scandals involving Equatorial Guinea and former Chilean dictator Augusto Pinochet. These investigations sparked significant U.S. regulatory and legal actions, influencing AML enforcement on a global scale.

David reflects on the evolution of financial crime compliance, pointing to key regulations like the Bank Secrecy Act, USA PATRIOT Act, and FATCA. He critiques how the increasingly regulatory-driven focus has distracted AML teams from their primary mission. He also shares his concerns about international policy-setting bodies, such as the Financial Action Task Force (FATF), questioning whether new rules are truly effective in preventing financial crime or unintentionally stifling economic growth.

The discussion wraps up with David’s views on the limited success of sanctions against Russia, the potential of AI in AML/KYC compliance, and his policy recommendations moving forward.

David Caruso is the founder and managing director of Dominion Advisory Group, helping banks across the U.S., Europe, and Asia navigate financial crime risk and compliance. With a background as a U.S. Secret Service agent and a degree from George Washington University, he has been at the forefront of shaping financial crime compliance since 1996, advising global institutions and building AML programs at major banks.

For more details about the contents of this podcast, please visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #53 with Kapil Dhiman,  Co-Founder & CEO of Quranium

Mumbai-based Kapil Dhiman is the co-founder and CEO of Quranium. An entrepreneur to his core with a creative and artistic side – coupled passion for problem solving – Kapil is a seasoned leader with 12 years of diverse international consulting experience in dealing with enterprises, startups and funds. 

He is also a former Web 3.0 leader at PwC India and an award-winning CEO who crafted the Metaverse Startup of the Year 2023 from scratch. A distinguished global speaker and author, Kapil has helped over 20 startups in the Web3 ecosystem with their go-to-market (GTM) and product strategies. 

In this episode of Regulatory Ramblings, Kapil chats with host Ajay Shamdasani on how advances in quantum computing can compromise Blockchain transactional security and anonymity. 

Much has been said about quantum computing and how it is going to revolutionize the world – and part of that is reflected in the new Cold War between the US and China, with Beijing constantly eager to tout its advances in the field and with the American and European mainstream press clamoring about how the collective West is falling behind – in a manner almost reminiscent of the US response to the USSR’s 1957 Sputnik launch. 

Some, such as Kapil, contend that the security of cryptocurrency transactions can be breached by quantum computing, notwithstanding the much touted ‘National Security Agency (NSA)-level encryption’ that pollyannish virtual asset advocates say exists when using a Blockchain. 

Kapil shares a little bit about his background and the challenges of growing up in a military family with a father he was very temperamentally different from. Recounting the challenges of starting his own firm – and the joys and hurts of following an entrepreneurial path – and what he envisages for Quranium.

The discussion proceeds to define what exactly quantum computing is, and if it should be regulated across the board or whether each industry availing itself of such computers should devise their own rules. Kapil concludes it something each country will have to decide for itself – in much the same way artificial intelligence is being regulated globally. 

Kapil also shares his thoughts on the notion that AI will come alive once quantum computing reaches a mature state. He addresses the issues of whether there is a mismatch between computing power and the ability to use AI to its fullest potential. 

A lingering concern is that AI in its current state is not ‘real AI’ and that the purest version of AI will require more advanced quantum computing. 

The conversation concludes with Kapil remarking on what Web 3.0 means on a practical level, as well as dispelling the cliché that creative and artistic types such as himself are not practical and business savvy, stating that such things can be learned if one is diligent and motivated enough. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode 79 with Stanley Foodman and Viktoria Soltesz 🎧 

In this episode of Regulatory Ramblings, we explore two critical conversations shaping the financial and compliance landscape.

Part 1: Viktoria Soltesz on Banking Flows and Payments

We kick off with Viktoria Soltesz, founder of PSP Angels and the Soltesz Institute, who explains why businesses must understand banking flows to perform proper due diligence (2:37). Viktoria challenges the notion that blockchain and crypto are the ultimate solution (5:27), stresses the urgent need for financial education (7:23), and highlights why standards and ethics matter in payments (11:43). She closes with her vision for fairer global payment systems (13:38).

Part 2: Stanley Foodman on Crypto’s Compliance Crossover

Next, we sit down with Stanley Foodman, CEO of Foodman CPAs & Advisors, to discuss his LinkedIn article on why the line between digital assets and traditional finance no longer exists. Stan shares his journey from Miami’s Cocaine Cowboy era to the crypto frontier (22:05), explains why blockchain is a boon for law enforcement (32:02), and debates public vs. private blockchains (33:53). We then dive into crypto speculation, regulation (41:36), its political influence (50:12), and the compliance priorities financial institutions must embrace—breaking silos (56:20) and managing crypto on the balance sheet (1:05:55).

About Our Guests:

Viktoria Soltesz is an award-winning payments and banking expert, author of Moving Money – How Banks Think, and founder of PSP Angels and the Soltesz Institute.

Stanley Foodman is a CPA, CFE, CAMS-certified forensic accountant and compliance advisor with decades of experience in financial crime, risk management, and regulatory strategy.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Faculty of Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani.

For more details about the authors and links, please visit: hkufintech.com/rr

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #52 with Oonagh van den Berg (RAW Compliance)

Oonagh van den Berg, a seasoned international compliance professional, is the founder of RAW Compliance, a consultancy and training firm. With a legal background and two decades of experience in London, Hong Kong, and Singapore, Oonagh has become a respected figure in the compliance industry. Her upbringing in Northern Ireland during the violent era of "The Troubles" in the 1980s shaped her resilience and determination, leading her to a career as a lawyer, compliance officer, recruiter, consultant, and educator. 

In this episode of Regulatory Ramblings, Oonagh discusses with Ajay Shamdasani the critical role of artificial intelligence (AI) in combating financial scams, deepfakes, and sextortion. These issues have become increasingly prevalent, especially in the dark corners of Web3. Oonagh's perspective is deeply personal, as her 13-year-old daughter and friends recently fell victim to blackmail after sharing innocent photos on Snapchat. This experience has driven her to raise awareness and produce educational videos through RAW Compliance, targeting pre-teens, teenagers, and young adults to prevent similar incidents. 

A Europol poll highlights the growing use of AI by cybercriminals to commit complex and dangerous crimes. Malicious large language models (LLMs) are being utilized to craft scripts, phishing emails, and fraud advertisements, as well as to groom victims across language barriers. The rise of AI-altered and fully artificial child sexual abuse materials, which are increasingly realistic, has led to devastating consequences, including blackmail and suicides. 

Oonagh also touches on her firm’s groundbreaking collaboration with Nick Leeson, the infamous former Barrings trader, to support victims of financial scams and assist in asset recovery. Together, they aim to provide the necessary help and guidance for victims to reclaim their financial futures.  

She also criticizes banks for their insufficient efforts in helping scam victims, citing outdated technology and inadequate fraud detection systems. The scale of financial crime is alarming, with over 3.5 million people in the UK affected annually, leading to losses exceeding £1.2 billion. The problem is similarly severe across Europe and the US, with losses reaching billions of euros and dollars, respectively. 

The conversation explores how financial institutions can navigate evolving regulations, monitor for child sexual abuse materials (CSAM), and investigate human trafficking within both traditional and decentralized financial systems. Oonagh emphasizes the challenges of global technology use in combating these crimes and provides estimates on the total value of suspected CSAM transactions using fiat versus cryptocurrency. 

Oonagh concludes by highlighting the financial sector’s failure to take responsibility for anti-money laundering, human trafficking, and financial scams. She stresses the importance of understanding suspicious red flags and typologies that can aid in investigations, a crucial takeaway for both traditional financial crime compliance professionals and blockchain investigators. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #51 with Michael Borrelli (AI & Partners) and Anandaday Misshra (AMLEGALS)

In this episode, host Ajay Shamdasani discusses the EU AI Act with Michael Borrelli and Anandaday Misshra. The EU AI Act, the world's first comprehensive AI law, went into effect on August 1, 2024. The guests explore its global impact, particularly on compliance officers, in-house counsel, and businesses both within and beyond the EU.

Michael Borrelli is a Director at AI & Partners, leveraging over a decade of experience in financial services, compliance, and technology. He is passionate about responsible AI and serves in various advisory roles, contributing to AI and FinTech knowledge and best practices.

Anandaday Misshra is the founder and managing partner of AMLEGALS, a multidisciplinary law firm in India. With over 27 years of legal experience, he specializes in arbitration, data protection, taxation, and commercial litigation. Anand also discusses the implications of AI for India's information technology sector, highlighting the challenges and opportunities that AI regulations like the EU AI Act might present for Indian businesses and legal practitioners.

The episode also touches on concerns about the EU AI Act's potential extraterritorial reach, similar to the US Foreign Account Tax Compliance Act (FATCA). The conversation concludes with thoughts on whether the US might introduce its own AI regulations and the broader impact on India's growing tech industry.

For more details, please visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #50 with Syed Musheer Ahmed, Finstep Asia 

Syed Musheer Ahmed has two decades of extensive experience in the realms of capital markets, fintech and virtual assets – including a decade as a global markets’ trader, prior to coming to Hong Kong to attain his MBA from the University of Hong Kong and London Business School’s joint program. 

Since 2016, Musheer has contributed extensively to building the region’s fintech and virtual asset ecosystem, particularly as the co-founder and the inaugural general manager of the Fintech Association of Hong Kong. 

For the last five years, he has been the managing director of FinStep Asia – a firm which he founded to provide Venture building and empower cross-border bridges across Asia . In the interim, from October 2022 to January 2024, he served as a financial markets risk assurance lead as part of the foundational team of the Virtual Assets Regulatory Authority (VARA) in Dubai. 

In this episode of Regulatory Ramblings, Musheer chats with host Ajay Shamdasani about his background, growing up in India’s information technology hub, Bangalore, his initial training as an engineer and his stint as a regulator in the Mideast’s Manhattan. 

As the discussion progresses, Musheer reaffirms his faith in Hong Kong as a place for FinTech and crypto entrepreneurs, discussing what it is as about the city and the field that continues to attract and marvel him. 

He also stresses that in the evolution of FinTech, the field has long since passed the nascent stage and is no longer all that new and glamorous since the advent of iPhone in 2007 and Satoshi Nakamoto’s paper on Blockchain first released in in 2009. Yet, he acknowledges that technological innovation continues, as he shares his thoughts on the regulatory approaches taken across Asia by mainland China, India, Singapore and Hong Kong – and the similarities and differences between some of the major jurisdictions. 

While virtual assets which have evolved in some parts of the world, in others, they are still somewhat of a grey-zone. Musheer also comments on the prospects for cross-border crypto regulation in the Asia-Pacific or even internationally evolving to the level of harmonized rules, or even mutual recognition or common passporting – as was discussed a decade ago for the investment funds sector. 

He also shares his views on how the choice between stablecoins and central bank digital currencies (CBDCs) is not binary. Musheer emphasizes it is not an either-or choice because both fulfil different purposes. 

The conversation concludes with his assessment on the potential for Hong Kong and mainland China to collaborate with the FinTech and virtual asset hubs of the Middle East such as Dubai. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #49 with Dr. Andrew Mazen Dahdal, College of Law, Qatar University

Dr. Andrew Mazen Dahdal is an associate professor at the College of Law at Qatar University in Doha. He received his Ph.D. from the University of New South Wales, where he received an outstanding achievement award in 2014 for his dissertation on the necessity of historical analysis in constitutional interpretation.
 
Andrew has also taught constitutional and commercial law within Australia and Europe in both fulltime and adjunct roles. Writing on law, technology and global legal frameworks, Andrew is now focused on exploring the intersections between private and public law specifically by exploring the technocratic connections between constitutional and commercial legal frameworks.
 
This episode of Regulatory Ramblings features a discussion on his upcoming book entitled Digital Currencies and Public Law: History, Constitutionalism and the Revolutionary Nature of Money. In it he advocates for deeper engagement by public lawyers in digital currency developments which threaten dramatic changes in the relationship between individuals and government authorities.
 
As Andrew shares with our host, Ajay Shamdasani, no modern issue is more widely acknowledged and less understood than that of digital currencies. The voice of constitutional scholars, however, is crucially missing from prevailing digital money conversation. For example, private law scholars are grappling with the legal questions raised by digital currency models in property and contract. Alternatively, public law scholars have yet to appreciate the significance of the moment.

Andrew argues that the challenge of understanding the technical dimensions of digital money innovations has obscured the potential constitutional revolution that digital currencies represent. His book starts with the premise that ‘money’ is best thought of as a constitutional phenomenon. When seen in that light, it becomes clear that changes in the nature of money represent changes in political and constitutional arrangements.

The discussion elaborates on how and why that is so by examining episodes in history where the nature of money was linked to renewed constitutional settlements. The book distills a core set of principles linking aspects of monetary innovation such as technical control of the money supply to constitutional positions such as executive fiscal accountability. From such principles, a conceptual framework is proposed that translates the specific attributes of digital currency proposals into the language of constitutional dynamics.

Andrew also recounts what it was about digital currencies that initially piqued his curiosity as a constitutional scholar and ultimately, what compelled him to write the book. He also shares his thoughts on what he feels the book adds to an already crowded market place on the subject matter.

He concludes by saying that cryptocurrencies and virtual assets herald an opportunity for wholesale constitutional reform the world has yet to see. Andrew notes that certainly when it arrived on the scene and its most ardent advocates were anti-statist, anarcho-libertarians – and even to some extent today – the rise of Bitcoin and digital assets writ large can be scene as a political movement in search of an ideology.
 
Looking back on the development of money, Andrew said, every fiat currency has been a form of money, albeit stripped of its intrinsic value. Moving forward, he said, there was no way to have a robust conversation about money and digital change without interrogating competing monetary forms.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep 48 with Dr. Mariola Marzouk (Vortex Risk Ltd.)

In this episode of Regulatory Ramblings,  Dr. Mariola Marzouk, an AML expert who has co-founded Vortex Risk Ltd., shares her insights on trade-based money laundering (TBML), and her philosophy on financial crime prevention. She talks about her approach to leveraging RegTech, the importance of human judgment in AML, and her critique of the global financial regulatory landscape. She also discusses regulatory compliance technologies for their failure to effectively combat money laundering and argues that despite claims of innovation and disruption, these technologies focus more on regulatory adherence than understanding the complexities of financial crime. Marzouk contends that while these tools may expedite compliance processes, they do little to reduce criminal activities or address broader social injustices like poverty and sanctions evasion. She suggests a disconnect between industry claims and their actual impact on financial crime prevention.

Read more about this podcast and Dr. Mariola Marzouk at www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep 47 with Linda Jeng

Linda Jeng is a digital economy leader and strategist with over two decades of experience in FinTech, policy, and regulation. She is the founder & CEO of Digital Self Labs, a Washington D.C.-based Web3 advisory firm. Digital Self Labs is a cross-disciplinary advisory firm combining blockchain software expertise with policy and regulatory strategy. Linda helps clients design and implement innovative solutions that empower individuals and enable interoperability, transparency, and efficiency in the financial and digital sector. 
 
She is also a renowned scholar and educator, with affiliations at Georgetown University Law Center, Duke University Law School, and the Bank for International Settlements. She conducts cutting-edge research and teaches courses on open banking, digital identity, and decentralized finance (DeFi). and has authored several publications and contributed to influential books on these topics. She is a frequent speaker and commentator in the media, and a Forbes contributor. Linda holds a J.D. from Columbia Law School and a master's degree in EU and International Law from Université Toulouse Capitole. She speaks Mandarin Chinese, French and basic German. 

In this episode of Regulatory Ramblings, she talks to host Ajay Shamdasani about an op-ed piece she wrote which was published by Coindesk entitled “The Biggest Bank Heist in History Is Coming.” 

The premise and the focus of the discussion is that regulators are permitting banks to tokenize financial assets such as bank deposits, U.S. Treasuries and corporate debt. Yet, they want institutions to use permissioned networks rather than the decentralized blockchains that keep assets safe from hackers. 

As Linda stated in her article: “In February, the Office of the Comptroller of the Currency’s acting head Michael Hsu announced plans for new rules on operational resilience for large banks with critical operations, including third-party service providers. Critically, that wasn’t discussed, however, was that the rules would “treat the use of permissioned networks by the big banks to tokenize real world assets and liabilities, an omission that neglects critical new vulnerabilities for the global financial system.” 

A key theme of the conversation is that encouraging the use of permissioned networks over permissionless blockchains will inevitably lead to cybersecurity attacks “on a scale previously unknown as the financial system moves to tokenize trillions of dollars’ worth of real world assets and liabilities. The biggest bank heist in history is in the making.” 

“By contrast, most successful crypto hacks usually involve centralized protocols where hackers only need to hack the admin keys of only one or a few actors to gain control and steal digital assets. Similarly, permissioned networks are controlled by only a few parties, so they can be more easily hacked than blockchains maintained by thousands of validators. The concentration of attack vectors in the big banks that control these permissioned networks (or the central banks that control non-blockchain ledgers) is like sticking targets on their backs,” she said. 

Linda goes on to discuss how she ended up in the legal profession, what drew her to digital assets as a scholar and why she believes the worst attacks against banks have yet to come.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep 46 with Daniel Greenberg

Daniel Greenberg is the founder, president, and lead investigator of Greenberg Corporate Intelligence, a Washington, DC-based boutique investigations firm that commenced operations in March 2023. The firm offers research and intelligence services for private-sector clients such as support attorneys, private equity firms, hedge funds, and compliance teams.  

Dan has been working in the due diligence and corporate investigations field since 2010. Most recently, he was a managing director at Forward Risk, having previously worked at Kroll, Exiger and TD International. 

Beginning in 2018, Dan helped grow Forward Risk from a small, newly established company with a handful of employees to a premier firm with over 25 full-time investigators. Forward Risk was acquired in November 2022, and, after a transition period, Dan left to establish his own independent firm – GCI. 

He has a track record of uncovering hard-to-find facts, overcoming difficult challenges, and providing responsive service. His experience has mainly centered on investigative due diligence, shareholder activism support, litigation support, and competitive intelligence. 

Dan holds a B.A. in International Affairs from George Washington University and an M.A. in Middle Eastern History from Tel Aviv University. Dan is also Certified Fraud Examiner (CFE #: 869765). Dan is licensed as a Private Detective in the District of Columbia.  

The term due diligence is so often overused that in present colloquial vernacular, it is used as a quick, easy, and often lazy shorthand way of describing a plethora of background checks – varying from basic, perfunctory desk research to full blown investigations. 

To tackle such misconceptions, Daniel chats with Regulatory Ramblings host Ajay Shamdasani to clarify what “due diligence” actually entails, while describing his own path as an entrepreneur. 

Daniel shares his recollections about going to college in the US capital and later pursuing further graduate study - delving into the past of a long-troubled region in Israel. 

The conversation goes on to delineate why investigative due diligence is (or should be) of paramount concern to the world’s largest banking and financial institutions and multinational corporations, as well as whether traditional backgrounds such as law enforcement, military service or intelligence work are necessarily the best ways to get into such work in an age when many corporate investigators are ex-journalists or researchers. 

Daniel stresses that his firm’s approach to such work is focused on using open sources, public records, and interviews to identify and understand fraudulent behaviour and other risk issue. 

The discussion concludes with a reflection on the tragic events following Hamas’ incursion into Israel on October 7, 2023, and Daniel shares his expertise on how, with all the intelligence and technology Israel had at its disposal, even it was taken by surprise. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode #45 with guest John B. Quinn, Quinn Emanuel Urquhart & Sullivan, LLP

John B. Quinn is the founder and chairman of the nearly four-decade old Los Angeles law firm Quinn Emanuel Urquhart & Sullivan. The firm has been voted the world’s "most-feared law firm" ten times by independent research provider BTI Consulting, which surveyed over 300 key legal decision-makers at the world’s largest organizations.

In fact, in BTI’s annual survey - when respondents were asked the law firm that they least wanted to face as opposing counsel – Quinn Emanuel is consistently ranked number one as the world’s most feared litigation law firm.

Since 1986, John and his partners have built the largest law firms in the world devoted solely to business litigation and arbitration – which The Wall Street Journal called a “global litigation powerhouse.” In that time, Quinn Emanuel has grown to 35 offices in 12 countries on four continents, with over 1100 lawyers, generating more than $2 billion in revenue annually. In recent years, the firm has recovered over $80 billion for plaintiffs.

John also has ties to Hollywood, where, for 33 years, he served as General Counsel to the Academy of Motion Picture Arts and Sciences, the organization behind the Oscars. 

An avid mountain climber, Ironman triathlete and father of five, he is also the host of the popular podcast "Law, disrupted" - www.law-disrupted.fm. 

In this episode of Regulatory Ramblings, he chats with host, Ajay Shamdasani, about how he found his way into the legal profession, his representation of the Bank of China, Alibaba, AliPay, and Ant Financial – juggernauts on the mainland Chinese banking and fintech / digital payments scene – as well as his belief in Singapore's importance as a dispute resolution centre for the Asia-Pacific. He also comments on how Hong Kong stacks up against the Lion City in that regard. 
 
The conversation also covers the business rationale for Quinn Emanuel Urquhart’s focus on purely litigation and for not to representing the world’s largest money centre banks, notwithstanding the deep pockets for premium legal services that the world’s biggest financial institutions possess. It is an approach that has won the firm many plaudits amongst the plaintiffs’ bar writ large. 

John also shares his candid thoughts on Environmental, Social and Governance (ESG) concerns at a time when such considerations in corporate operations and investing are under attack – often from prominent figures in the business world. He also comments on what can be done on the level of policy and legal reform to lure more foreign direct investment to the Middle East and Asia Pacific. 

The discussion concludes with John commenting on his commitment to the arts and philanthropy and the importance of giving back to society when one attains a certain level of success – such as his longstanding service to the Academy of Motion Picture Arts and Sciences, opening the Museum of Broken Relationships in Los Angeles.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

In this episode of Regulatory Ramblings, Ron Yu and Donald Day chat with host Ajay Shamdasani on the potentially pernicious consequences of non-technically trained lawyers - specifically, those without degrees or substantial experience in science, technology, engineering or math (STEM) - offering advice in situations where technology is either implicated or at the core of the matter. The law can be unforgiving to those that are ignorant of its often arcane ways and ultimately, it is clients that pay for what lawyers either do not know or assume, the guests share. 

In an age of AI, machine learning and large language models (LLMs) – they do not go as far as to say lawyers need to learn how to code, but counsel need to understand the practical legal, business, financial and reputational implications of such technologies for their clients. 

Technology can, at times, change the rules of the game, Ron and Donald stress. Yet, they also point out that sometimes lawyers suggest contractual terms that are legally feasible but based on current technology, impractical – such as the Bitcoin 10-second consensus period: a performance requirement that is not possible to do. As our guests explain, if there are terms in a contract that are unworkable, it could lead to a lawyer killing a deal either out of ignorance of the underlying technology or a lack of commercial acumen. 

The discussion moves onto how rare it is to find those that are technically trained and also licensed, practicing lawyers. Clearly, the more technical a subject, the less likely an average dispute resolution practitioner at the typical multinational, Anglo-American law firm is going to be up to the task. Our guests acknowledge that leaves clients a very narrow field of specialists to choose from if they want to be represented by lawyers who both understand both the law and the underlying technology involved. 

Lawyers often view technology through the lens of the legal and regulatory compliance implications, with less focus on the implementation of a particular technology. How it will work, and how and where best to use it is an afterthought. As for cybersecurity, it is regarded as an IT issue, they say. If a lawyer overlooks the cybersecurity issues, Yu said, then they are glossing over important technical details which can harm a client. 

The conversation concludes on the point that when it comes to 'tech lawyers', it certainly seems that, generally speaking in APAC, those practitioners that market themselves well have the biggest platforms and the loudest voices and are, therefore, regarded as authorities in their respective fields. 

Clearly. there are times where there is no substitute for the right kind of technical background. For example, as Donald Day recalls, patent litigators not infrequently have to deal with solicitors who don’t understand the tech and those solicitors soon become a hindrance. 

Both guests underscore the lingering perception that it is not ideal to engage in IP-related litigation in Hong Kong because of the lack of talent; even if a specialist carefully explains something to a solicitor, the latter will invariably get it wrong or simply not understand the subject matter. 

Ronald Yu is the director and co-founder at MakeBell Limited. He is also a visiting fellow at the City University of Hong Kong's (CityU's) School of Law and a part-time law lecturer at Peking University. 

Donald Day is the chief operating officer of FinTech start-up firm VDX, which is building a digital asset eco-system for institutional investors.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode 43 with guest Jon Solorzano, Vinson & Elkins

Jon Solorzano is a Los Angeles-based attorney who serves as counsel and co-head of the environmental, social, and governance (ESG) task force at the law firm of Vinson & Elkins. Prior to this role, he served as senior director for legal and corporate development at the Clorox Company.

Beyond ESG, Jon is also a highly sought-after thought leader with significant expertise in related fields such as M&A, corporate governance, securities regulation, corporate and business development, consumer products, technology, human capital management, business financial strategy, and international matters for both high-growth start-ups and established Fortune 500 companies.

Few topics are as vexatious and polarizing in contemporary times as the acronym ESG. Legendary investors such as Warren Buffet and his second-in-command, the late Charlie Munger, along with other prominent corporate and finance figures, argue that ESG should not be a consideration in investment decisions.

Against this backdrop, Jon discusses with Regulatory Ramblings host Ajay Shamdasani why ESG matters to investors, companies, and society, alongside corporate social responsibility (CSR) and diversity, equity, and inclusion (DEI). He stresses that while these concepts and movements are related and overlap to some degree, they are not necessarily the same thing. Indeed, Jon notes that those who coined the term ESG might have garnered more support for their cause had they emphasized (G)overnance rather than (E)nvironmental, as even skeptics of global warming can appreciate the importance of well-governed companies and how that affects share prices.

Jon also shares insights into his upbringing, background, and path into the legal profession, as well as how, as a transactional lawyer, he ended up leading his firm’s ESG practice.

While acknowledging the concerns of ESG detractors and naysayers, Jon predicts that 10-15 years from now, the nature of the debate and discussion will be very different. By then, few will even question the importance of ESG to the world’s well-being, he says, as millennials and Zoomers take over the reins of society in developed countries.

A telling sign that Jon's predictions are accurate is that for younger investors, ESG definitely matters as a yardstick in gauging what constitutes a socially conscious and sustainable investment.

The conversation concludes by examining the extent to which ESG mandates intersect with financial regulation, and why banking and financial institutions globally need to take ESG as seriously as their regulatory compliance and risk management requirements.

NOTE: All related links are in the #RegulatoryRamblings page at: https://www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode 78 with Oonagh van den Berg, Prof. Peter Reuter, and Dr. Mirko Nazzari 🎧 

In this episode, returning guest and compliance expert Oonagh van den Berg discusses why current AI regulation approaches fall short, based on her LinkedIn article, “Rethinking AI Regulation: Why Current Approaches Are Falling Short.” She highlights the limitations of fragmented national laws, the need for a global AI rulebook, and the role of public education in shifting from blind trust to informed verification. Geopolitical pressures and coordination challenges further complicate regulation.

The conversation then turns to anti-money laundering (AML) with Professor Peter Reuter and Dr. Mirko Nazzari, authors of “How Well Does the Money Laundering Control System Work?” They explore the systemic limits of AML, including over-complex compliance, inefficiencies, and impacts on financial inclusion. The “firehose” of suspicious activity reports illustrates both the potential and challenges of intelligence gathering, often hindered by under-resourced agencies.

Reuter and Nazzari emphasize that AML is not just about preventing laundering but targeting predicate crimes. They examine tensions between enforcement, privacy, and effectiveness, and the growing costs and obligations in sectors like cryptocurrency. They also highlight uneven global implementation and the difficulty of reform, despite widespread recognition of system shortcomings.

The episode closes with reflections on improving AML through better data, academic research, and collaboration between regulators and the private sector, offering pathways for realistic, evidence-based reform.

Podcast Discussion Covers:

• Oonagh van den Berg: Why Current AI Regulation Approaches Fall Short
• Case for a Global AI Rulebook & Public Education
• Reuter & Nazzari: How Well Does the AML System Work?
• Simple Schemes, Complex Challenges - The Limits of AML
• Compliance Trap & Who Benefits from Broken AML Processes
• Scaling Back Enforcement: US Policy Shifts & AML Compliance Limits
• From Firehose to Insights: Value of AML Reports
• AML Overreach, Financial Inclusion, and Effectiveness
• Beyond the Label: AML as a Tool Against Predicate Crime
• Tension Between AML Enforcement, Privacy, and Practical Effectiveness
• Reflections on the Global AML System and Path Forward

About Our Guests:

Oonagh van den Berg – Founder of Raw Compliance, lawyer, and educator with experience across Asia, now based in Braga, Portugal.

Dr. Mirko Nazzari – Postdoctoral research fellow in Political Science at Università degli Studi di Sassari, Italy, specializing in AML, cybercrime, and public policy.

Professor Peter Reuter – Distinguished University Professor at the University of Maryland, Stockholm Prize in Criminology recipient, and leading authority on financial crime and policy evaluation.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Faculty of Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani.

For more details about the authors and links, please visit: hkufintech.com/rr

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode 42 - Jonathan Crompton, Reynolds, Porter & Chamberlain

Jonathan Crompton is a Hong Kong-based partner at the law firm of Reynolds, Porter & Chamberlain (RPC) where he helps companies and individuals navigate complex cross-border disputes and investigations involving their Asian operations, specialising in commercial matters (in particular for the retail industry), financial services and technology related disputes and cyber incidents.

And as the lead for RPC’s 'ReSecure' cyber incident response service in Asia, he advises local and multinational clients on cyber-attacks, data privacy and law enforcement investigations, as well as helping clients across the globe to recover money transferred to Hong Kong bank accounts as a result of cyber and other frauds.

Jonathan advises on all forms of disputes including litigation before national courts and arbitral tribunals operating under various rules (in particular, the HKIAC, ICC and UNCITRAL), and on investigations by regulators (notably financial services regulators such as the Securities and Futures Commission). His clients include senior individuals, asset managers, and leading multi-national corporations and brands. As a result of RPC's predominantly 'conflict-free' model for financial services disputes, Jonathan represents senior individuals and companies in claims brought by or against leading banks where other firms are often unable to act.

He is also a founding member of the Hong Kong chapter of the Crypto Fraud and Asset Recovery (CFAAR) network, the first global association for such professionals. The London chapter was launched in London in 2021, with the Hong Kong chapter formed in August 2022.

In this episode of Regulatory Ramblings, Jonathan chats with host Ajay Shamdasani about his background, upbringing and how he ended up in the legal profession. The bulk of the conversation, however, is devoted to data protection and digital assets, specifically the February raid of the offices of WorldCoin by the Hong Kong Office of the Privacy Commissioner (PCPD). They discuss the PCPD’s expression of concern about WorldCoin's collection and storage of iris scans in exchange for its WorldCoin token (WLD).

As Jonathan points out, the case was a clear example of the increasing intersection of personal data protection principles and digital assets. The conversation also covers his recent LinkedIn post in which he stated that the Privacy Commissioner Ada Chung’s action was further proof that she was flexing her existing powers – even before the amendments to the territory’s Personal Data (Privacy) Ordinance are expected to be enacted within the next year.

They also discuss what shape Jonathan envisages those amendments taking, as well as what cases he has seen in his practice in recent times involving virtual assets, digital contracts and cybersecurity, as well as related emerging methodologies, trends and themes.

USEFUL LINKS

Jonathan Crompton on RPC page and on LinkedIn
CFAAR – About Us
PCPD warning on World Coin Project

New book - FinTech: Finance, Technology & Regulation
HKU-SCF Fintech Academy
Asia Global Institute
Professional Certificate in FinTech

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Madhurima Mukherjee Saha
Partner, J Sagar Associates 

Madhurima Mukherjee is the New Delhi-based head of the J Sagar Associates law firm’s capital markets division. She has over two decades of experience in securities offerings in both the domestic and international markets – including initial public offerings (IPOs), further offers, rights offers, qualified institutional placements and block trades. 

Sometimes referred as India’s “queen of capital markets,” Madhurima has been part of some of the country’s highest profile capital raising efforts, including the 2010 Coal India IPO, which eventually raised over US$ 2.5 billion and remains one of India’s largest IPOs. 

Prior to joining JSA, she was a Senior Partner at AZB & Partners until April 2020. She has also worked with Luthra & Luthra as a national head and partner until 2013 and before that, she was a partner at the firm of Amarchand & Mangaldas & Suresh A. Shroff & Co, as a partner until 2006. 

Madhurima had taken credit courses and some seminars in Capital Markets at The West Bengal National University of Juridical Sciences and National Law School, New Delhi. 

Given that India is currently in strong growth mode compared to much of the rest of the world, it’s no surprise that such an environment has birthed a budding start-up scene. Indeed, in the three-plus decades since the Indian economy liberalized, even more young entrepreneurs have arrived on the scene – many with dreams of becoming publicly listed companies via the IPO route. Yet, being a developing nation, myriad challenges remain for start-ups seeking public listings in India, which Madhurima delineates in her chat this episode with Regulatory Ramblings host Ajay Shamdasani. 

She discusses how she found her way in the legal profession, her passion for working with startups and the challenges that they face in India beyond those of legal, regulatory, financial/liquidity and managerial issues. Madhurima stresses the challenges of getting and retaining talent, as well as the degree of governmental support – or the lack thereof – in the form of red tape, tax and support programs that Indian startups face. 

The conversation concludes with her views on how the Securities Exchange Board of India (SEBI) – the country’s capital markets watchdog – can improve securities and listing rules to make it easier for the country’s startups to go public. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep 40 - Neha Mehta, Founder & CEO, FemTech Partners

Neha Mehta is a member of the department of mathematics at Nanyang Technological University in Singapore. She also teaches in that institution’s Master of Science program in FinTech.

Among her interests are financial inclusion using FinTech as a vehicle to achieve it, as well as climate sustainability, innovating for a blue economy and greener future, and encouraging more women to enter the tech space – evidenced by her work with the group SG Women In Tech.

Neha is also a FinTech lawyer, former diplomat, and social entrepreneur, in addition to being the author of a new book called “One Stop” on the topic of Super Apps. 

As she points out new software applications are churned out every day to respond to meet people’s needs. “Super Apps,” she says, are apps that allow users to access several services from one single application. Super Apps like Grab and WeChat are gaining popularity and tech giants and FinTechs looking to stake their claim in this digital revolution. In “One Stop,” Neha traces the history of Super Apps and analyses the cultural differences in their adoption and popularity – and in some cases, the lack thereof – in the East versus the West. Through stories of well-known Super Apps and in-depth interviews with central banks, entrepreneurs, and FinTech industry experts, Neha’s book illustrates how the Super App revolution disrupts, innovates and creates opportunities. 

With the COVID-19 pandemic as a background highlighting the need to move to digital platforms, “One Stop” also examines how Super Apps can potentially create an inclusive and sustainable world for all, in a future that looks increasingly digital. 

With that as a launching pad, Neha shares with Regulatory Ramblings host Ajay Shamdasani about her upbringing in Bangalore, as well as how she first got interested in matters of financial inclusion, climate sustainability, the green economy and women in tech, and what she sees as the interconnections between them – namely, economic growth and good stewardship of the planet. 

The discussion also delves into creating talent pools in the tech entrepreneur and/corporate realms with an eye towards seeing more women at the decision-making table in boardrooms. A key part of the equation, Neha says, is getting more females enrolled in STEM subjects earlier in life. In that vein, she stresses the need for policy frameworks incentivizing parents of young girls to send them to schools which are focused on how they can be software engineers, or enter the emergent fields of artificial intelligence or data management. 

She goes on to share her views about the tech ecosystem and entrepreneurial environment in Singapore, drawing on her experiences. In 2019, Neha set up a company called FemTech Partners with the aim of representing women in tech – especially the fintech space. The focus was on how to make them financially resilient and receive the pro bono mentorship they need. 

The conversation includes Neha’s thoughts on being a member of the math faculty at NTU, as well as summarizing the key conclusions, observations and policy recommendations of her book. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Yesha Yadav is the Milton R. Underwood Chair at Vanderbilt Law School, the Robert Belton Director of Diversity, Equity and Community and , and Associate Dean in addition to being a Professor of Law and Faculty Co-Director of the school’s LLM program at Vanderbilt University Law School. 

Her research interests are in financial market and securities regulation, and corporate bankruptcy law – focusing on market structure, exchange design, payments, digital asset regulation, distressed debt and restructuring.  

Before joining Vanderbilt's law faculty in 2011, Yesha worked as a legal counsel with the World Bank in its finance, private-sector development and infrastructure unit, where she specialized in financial regulation and insolvency, and debtor-creditor rights. Before joining the World Bank in 2009, she practiced from 2004-08 in the London and Paris offices of Clifford Chance in the firm's financial regulation and derivatives group. As part of her work in the area of payments regulation, she advised the European Payments Council on the establishment of the Single Euro Payments Area. 

Since joining Vanderbilt, Yesha has served as an honorary advisor to India’s Financial Services Law Reform Commission and on the Atlantic Council’s Task Force on Divergence, Transatlantic Financial Reform and G-20 Agenda. She has served as a member of the Commodity Futures Trading Commission’s Technology Advisory Committee, where she sat on the Distributed Ledger Technology and Algorithmic Trading Subcommittees. 

She earned an MA in Law and Modern Languages at the University of Cambridge, after which she earned an LLM at Harvard Law School. She was a Vanderbilt University Chancellor Faculty Fellow for 2019-21 

In this episode of Regulatory Ramblings, she chats with host Ajay Shamdasani on the future of money and the shape currency and payment mechanisms will take in the coming decade. Money and payments have experienced a significant redesign over the last decade with money becoming increasingly digital cash use declining rapidly – especially since the pandemic, in countries like Sweden and urban China where cashlessness is the norm. 

Yesha shares her views on technologies combining digital banking and smartphones spurring a rapid restructuring of the payments architecture for everyday consumers and businesses. The conversation looks at the design of payment systems, the inefficiencies that exist even as such systems have been scaled – including financial exclusion for lower income communities and communities of color – as well as the efficacy of emerging digital asset solutions such as stablecoins, where tokenized representations of currencies like US dollar or the Euro move on rapidly computer networks (blockchains), transferring money in minutes and cheaply. 

The discussion moves on to exploring the risks emerging with a highly bank centric payments system (as is the case in the US less so in EU). As shown in the U.S. in March 2023, bank collapses mean that payment systems can also be disrupted (e.g., the collapse of Signature Bank caused a big disruption to the Signet payment system). Further, money kept by non-bank payment providers at US banks was also in peril where accounts exceeded the federal insurance limit (e.g., Circle had over US$3 billion in cash reserves held at SVB). 

The chat concludes with Yesha’s thoughts some of the tensions arising from the current trend toward digitization and the potential for blockchain-based decentralized finance to take off and gain more mainstream acceptance. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Lisa Nestor is a Los Angeles-based fintech expert and pioneer in the field of electronic payments. She currently serves as the chief strategy officer at AirTM. Under her watch, AirTM has successfully facilitated over 26 million transactions, and expanded access to commerce to international businesses both large and small, creating a user-friendly tool benefiting millions of people worldwide.  

After just a year in the FinTech field, Lisa introduced by a UCLA professor from her MBA days, to Jed Michaela, then CEO of the Stellar Development Foundation - a non-profit foundation supporting the Stellar ledger: an open, decentralized blockchain ledger focused on payments and providing open financial infrastructure. Before transitioning to AirTM, Lisa spent five and half years at Stellar, where she focused on partnerships and later, ecosystem development. As she puts it, the beauty of AirTM is that it leverages Stellar ledger.  

With a passion for innovation, implementation and strategy within the shifting fintech landscape, Lisa’s knowledge is much sought after by entrepreneurs, developers and C-Suite executives. 

In this episode of Regulatory Ramblings, she talks to our host Ajay Shamdasani about her time in the Peace Corps, how she got into FinTech and payment systems as a ‘non-techie’ as well as AirTM’s long term goals and achievements thus far. Their conversation also delves into how firms operating in the FinTech and crypto realms should they adjust their business strategies to factor in digital money and cross-border payments and the attendant regulations that go along with them.   

Lisa also shares her views on financial inclusion, making money easily accessible and immediately available, and utility of decentralized ledgers. She also talks about the challenges of operating across 190 countries with 400 unique payment methods globally. The discussion underscores the need for proper cross-border payment infrastructure to support the digital economy, which begs the question – who will set the rules of such new financial architecture – the industry or governments? 

The conversation concludes with Lisa’s thoughts on stablecoin digital currencies outside national currencies (especially amongst those concerned about digital financial sovereignty), whether self-custody wallets the solution to digital financial sovereignty and what parts of the world beyond Dubai are worth watching for developments in FinTech and payment systems. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

In our latest Regulatory Ramblings episode, Anandaday Misshra meticulously unpacked India's groundbreaking Digital Personal Data Protection Act 2023 (DPDPA). The legislation, signifying a significant stride for India in the digital era, emphasizes individual empowerment over personal data while imposing stringent guidelines for responsible data handling. Anand sheds light on the comparison between the DPDPA and the EU's GDPR, examining their similarities and potential conflicts. The discussion with host Ajay Shamdasani extends to the potential impact on legal and compliance staff in banking, financial institutions, and multinational corporations operating in India.

Anand, founder and managing director of AMLEGALS, provides depth to the conversation with his 27 years of expertise, specializing in arbitration, data protection, contracts, employment law, taxation, and white-collar crime.

Regulatory Ramblings podcasts is brought to you by The University of Hong Kong - Reg/Tech Lab, HKU-SCF Fintech Academy, Asia Global Institute, and HKU-edX Professional Certificate in Fintech, with support from the HKU Faculty of Law (celebrating 55 years of excellence).

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Marc I. Steinberg is the Rupert and Lillian Radford Chair in Law and Professor of Law at Southern Methodist University’s (SMU) Dedman School of Law in Dallas, Texas.  He has served as a professor, fellow or has lectured at several other prominent universities – including the University of Cambridge, Oxford University, King’s College-University of London, Heidelberg University, Stockholm University, University of Tel Aviv, Moscow State University, University of Sydney, Auckland University, University of Hong Kong, University of Tokyo, UCLA and the University of Pennsylvania.

Professor Steinberg was an attorney for the U.S. Securities and Exchange Commission (SEC) in the SEC’s Division of Enforcement and its Office of General Counsel.  He also has been retained as an expert witness in several high-profile cases, including Enron, Martha Stewart, Mark Cuban, and the National Prescription Opioid Litigation.

Marc is the most prolific author of securities law scholarship in the United States, having authored approximately 150 law review articles as well as approximately 45 books. One of his recent books, Rethinking Securities Law (Oxford University Press 2021), was awarded Winner for the best law book in the United States for 2021 by American Book Fest. He is editor-in-chief of The International Lawyer and The Securities Regulation Law Journal. Professor Steinberg is a member of The American Law Institute.

In this episode of Regulatory Ramblings, he talks with host Ajay Shamdasani about his background, growing up in Detroit, Michigan, being hired by the SEC as a staff attorney during the federal hiring freeze imposed during the Carter administration and what he learned during his time as an enforcement lawyer there.

Marc also shares his views on why he believes the United States’ regulatory structure is a key component in the success of its capital markets, as well as his thoughts on the Private Securities Litigation Reform Act (1995), the Sarbanes Oxley Act (2002) and the Dodd-Frank Act (2010), and whether overlaying rules upon rules makes the U.S. regulatory system complex and unwieldy.

The conversation concludes on the topic of legal pedagogy, such as how best to teach core, doctrinal, foundational financial law courses such as securities regulation, as well as the topic of legal ethics and what can be done to inculcate such values into future law school graduates. Also discussed is the four-tier structure of U.S. law schools and the contemporary pervasiveness of grade inflation in academia more generally.

Find out more about this episode at: hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Martin James Wallis has a deep understanding and vocation for thwarting financial crime. Currently, he serves as COO at financial crime consultancy FINTRAIL in Singapore. In that capacity, he supports FINTRAIL's efforts to provide practical and inclusive solutions in the global fight against financial crime.

Before joining FINTRAIL, Martin enjoyed a 22-year career in the British Army's Intelligence Corps, holding various specialised intelligence and security roles in support of military operations worldwide – including being based in Northern Ireland and at the British Embassy in Beijing. He holds a degree in Global Business Management from Bournemouth University and an Executive MBA from Quantic School of Business and Technology.

In this episode of Regulatory Ramblings, Martin shares more about his background, how he got into consulting and his family history of military service. He talks to host Ajay Shamdasani the types of personalities that do well in AML/KYC and financial crime compliance, how to manage and lead them to serve their greatest purpose, and how to handle the ego issues that often arise when overseeing capable, high achieving performers. Their conversation concludes on how ESG connects to financial crime and how solving such problems goes a long way toward fighting such transgressions. Martin stresses that such offenses are not a victimless matter.

Regulatory Ramblings podcasts is brought to you by The University of Hong Kong - Reg/Tech Lab, HKU-SCF Fintech Academy, Asia Global Institute, and HKU-edX Professional Certificate in Fintech, with support from the HKU Faculty of Law.

Find out more about us at: hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

At the heart of Dr. Bryane Michael’s conversation with Regulatory Ramblings host Ajay Shamdasani is whether FinTech can help solve the social, financial, and economic problems previous generations like the Baby Boomers contributed to. They discuss whether Gen-Z's potentially decentralized world of finance will look radically different from ours. 

Gen-Zers and now Gen Alpha will grow up in a world designed and run almost exclusively by baby boomers. The DBS power outage was supposedly partly caused by a 'missing generation' unable to take charge during the crisis. Why have huge, octogenarian, organizational men-created lumbering bureaucracies that FinTech has been having problems shaping? 

Economists have struggled to understand why organizations exist for almost a century. Massive central banks, financial supervisors, regulators and now new stability boards pile on to gigantic financial services firms like Blackrock, Visa, and Allianz. Most of us distrust them. Scale has financial benefits even outside the financial sector – as Google and YouTube show. And there are no signs to show this trend abating. Pay apps on our mobile phones must still go through the same old architectures – using the same old rules. 

When you turn on MetaMask and use Ethereum, you get a whole different feeling of the Internet. Thousands of decentralized autonomous organizations, or DAOs, are creating tokens that can be almost anything you want them to be. 

Bryane shares an alternative view of finance and the economy in a decentralized finance (DeFi) world. All too often, we only hear the conservative viewpoints about FinTech. Yet, the law and economics of DeFi could look very different from what’s currently envisaged. The discussion centers around the, broadly speaking, two schools of thought on FinTech regulation – namely, the conservative (IMF/BIS) perspective versus the Web3/evangelistic viewpoints. 

This conversation also covers whether DeFi can solve the “public goods” (missing regulators) problem and create trustless local financial markets, as well as what will FinTech and RegTech mean for traditional property rights and the implications of computer code as law. The two also discuss who the winners of the brave new world of FinTech in the mid-21st century will be and what it might mean for Generation Z/the Zoomers. 

Bryane stresses that there is a better way to implement FinTech than to just computerize legacy financial institutions. However, he also shares his concerns about young people’s lack of say in shaping the financial architecture that will govern their generation “because the current approach simply shoves existing law onto digital markets instead of creating digitally native finance.” 

The chat concludes with a discussion about what four decades of debate have meant for cross-border payments as the issue remains a challenge in much of the world. 

About the Guest: Dr. Bryane Michael is a senior research fellow at HKU’s Faculty of Law. He also taught at Oxford University’s Said Business School. An economist and jurist by training, Bryane has been in finance most of his life. In recent times, his focus has been on trying to understand how Web3-based FinTech can help push sustainable development. 

Please read more at: www.hkufintech.com/regulatoryramblings 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Strengthening financial services with multi-modal biometrics
Ep 33 with Bala Kumar, Chief Product Officer at Jumio

Against a backdrop of rising AI-fuelled phishing attacks in the Asia-Pacific, in this episode of Regulatory Ramblings, Bala Kumar chats with host Ajay Shamdasani how such developments will affect the landscape of online identity fraud, and how such threats will evolve and, if possible, be anticipated moving forward. They discuss how can businesses effectively counteract the threat of identity fraud and safeguard their customers while maintaining regulatory compliance, as well as the increased efforts by certain Southeast Asian governments to facilitate cross-border payments, and how to ensure such transactions are secure and adhere to cross-jurisdictional rules and regulations.

Bala also stresses how organisations can successfully strike a balance between strong security and seamless customer experiences. He notes that beyond cybersecurity, there are other multiple other risks and concerns that global banking and financial institutions and multinational corporations should be cognisant of.

The conversation concludes with Bala sharing some key strategies for ensuring compliance with digital payment systems.

About Bala Kumar: He is responsible for Jumio’s product vision and strategy, and is leading the execution of Jumio’s digital identity platform. A former TransUnion executive, he brings more than two decades of product innovation and leadership experience to Jumio

Related links can be found at: hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode 77 with Lotte Schou Zibell, Ian Morrison, and Raoul Montgomery 🎧

In this episode, veteran international expert on financial sector development & digital transformation Lotte Schou-Zibell unpacks why correspondent banking links have thinned in smaller markets - and why the fix isn’t “more rules” but smarter, cheaper, more consistent compliance built on shared digital public infrastructure: foundational ID, tiered KYC, interoperable payment rails, straight-through reporting, and utilities multiple banks can use instead of rebuilding controls. Lotte also points to AI-assisted regulatory mapping that lowers the “cost of certainty,” and argues for interoperability via APIs over any single-chain “panacea.” MDBs and partners matter here - funding capacity, aligning standards, and helping restore (and keep) cross-border access.

She discussed Root-to-Revenue Bamboo: how geotagged roots plus geospatial mapping and other DPI elements create verifiable, data-rich assets. That alternative data can underwrite inclusive credit (collateral and cash-flow lending to farmers and MSMEs), support carbon credits and climate-linked finance, and feed traceable value chains for housing materials and textiles - turning “root as asset” into bankable livelihoods and climate resilience.

We also chat with Ian Morrison and Raoul Montgomery for late summer hiring pulse in legal & compliance. Across London, Hong Kong, and Singapore, hiring cooled over summer and is edging back: banks are freezing mid-junior roles while selectively adding senior, multifaceted leaders to redesign controls, merge compliance/fincrime, and decide where to deploy AI and outsourcing. Outside traditional investment banking, insurance, digital assets/crypto, family offices, private wealth, and consulting show steadier demand. Chinese firms expanding in Hong Kong are lifting the premium on Mandarin and experienced local compliance leadership. Geopolitical risk is being reorganized - not retired - and is increasingly client-facing.

Podcast Discussion covers:

• Late-Summer Hiring Pulse in Legal & Compliance 
• Freeze Below, Hire Above - Geo-Risk Moves Client-Facing 
• Beyond Credentials - Soft Skills for Legal & Compliance 
• Lotte Schou-Zibell, A Veteran’s View on Finance 
• Early Sparks - Crossing Cultures from Sweden to the US and Beyond 
• Why IMF and ADB - Crisis Lessons Meet the Asian Tigers 
• Inclusion to Climate - How Policy and Tech Rewired the System 
• Geotagged Bamboo: DPI, and Inclusive Credit, Root to Revenue for Finance, Housing, Resilience
• From AML Burden to a Finternet - Genome to New Rails 
• Foundational ID to DPI - Shared Rails and Smarter Compliance to Keep Links Open 
• Beyond the Panacea - From Blockchain Hype to Interoperable Rails 
• Cutting Through the Noise - From Learning to People-First Solutions, and the 5th Asia Finance Forum at ADB Manila

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Faculty of Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. 

For more details about the authors and links, please visit: hkufintech.com/rr

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Michael Heller, VP, Head of Financial Crime Proposition at Dow Jones Risk & Research

Based in Los Angeles and having been with Dow Jones for a decade, Michael Heller is currently responsible for corporate strategy and go-to-market, globally, for the Financial Crime Compliance (FCC) business. He draws from a background as an entrepreneur, attorney, sales executive, and advisor to ensure clients building efficient compliance and risk management programs leverage the right data and technology.

Michael's career has been focused on bringing transparency to global business. After law school, he worked as a consultant with the Business Intelligence Group and later, the Anti-Money Laundering (AML) Group at Goldman Sachs in New York. Admitted to practice law in California, he has also served as chief compliance officer and counsel at Abacus Wealth Partners in Los Angeles.

Financial institutions and multinationals rely on data and technology to prevent and detect financial crime. Recent geopolitical developments have made it even more critical for those participating in the globalised economy to embrace innovation for managing downside risks related to money-laundering, corruption, and sanctions evasion. Navigating the risk landscape in APAC, for example, presents formidable challenges as organisations must be well-prepared to address myriad regulatory requirements in jurisdictions with vastly different levels of development and financial and legal sophistication.

Financial crime in the region also exhibits a high degree of complexity due to factors such as rapid economic growth, the embrace of digital payments and crypto to move stored value across borders, and diverse cultural and governmental approaches to corruption and AML.

It is in that spirit that Michael chats with Regulatory Ramblings host Ajay Shamdasani about the challenges of addressing money-laundering in Asia with an emphasis on the importance of adverse media screening to ensure FCC programs are keeping pace with regulatory expectations. 

They also discuss the potential positives and negatives of Artificial Intelligence for financial crime and third-party risk management. Michael stresses the ultimate aim of embracing new technology is to bring greater transparency to risk management workflows, enabling institutions and corporates alike to screen customers and third parties at speed and scale.

Indeed, as their discussion highlights, AI is poised to emerge as a game changing solution for compliance professionals; from reducing false matches to identifying patterns that could indicate suspicious activity. They also talk about noteworthy trends Michael has observed across the region concerning the development of disruptive technologies and the associated risks they pose.

He also shares his views on the efficacy of initiatives by the Hong Kong Monetary Authority to encourage and support the local financial sector’s adoption of AML and CFT RegTech, of which natural language processing for news monitoring is a key part (Linked at: www.hkufintech.com/regulatoryramblings ).

The conversation ends with Michael providing tangible examples of how such capabilities can be effectively utilised to fill gaps in the current regulatory compliance landscape. He concludes with his predictions of the most pressing financial crime and technology-related challenges that institutions are likely to face in the next 12 months.

More info at: www.hkufintech.com

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode 31 - Professor Dirk A. Zetzsche, University of Luxembourg (Topic/Chapter Guide is availabe)

Professor Dr. Dirk A. Zetzsche, holder of the ADA Chair in Financial Law (inclusive finance) at the University of Luxembourg, is also a co-author of the recently released book, FinTech: Finance, Technology and Regulation (LINK), published by Cambridge University Press, which he collaborated on with Professor Ross P. Buckley of the University of New South Wales - Sydney and Professor Douglas W. Arner of the University of Hong Kong. 

In a market seemingly saturated with books on FinTech and cryptocurrencies, the authors of the above work offer a comprehensive, accessible reference for those seeking to understand the technological transformation of finance and the role of regulation: the world of FinTech. They consider FinTech technologies including artificial intelligence, blockchain, BigData, cloud computing, cryptocurrencies, central bank digital currencies, and distributed ledger technology, and provide a unique perspective on FinTech as an interactive system involving finance, technology, law, and regulation.

Starting with an evolutionary perspective, the authors then consider the major technologies transforming finance, arguing for approaches to balance the risks and challenges of innovation. They address the central role of infrastructure in digital financial transformation, highlighting lessons from China, India, and the EU, as well as the impact of pandemics and other sustainability crises, while considering the risks generated by FinTech. They conclude by offering forward-looking regulatory strategies to address the challenges facing our world today. 

In this episode of Regulatory Ramblings (Topic Guide is available), Dr. Zetzsche talks to host Ajay Shamdasani about what compelled him and his co-authors to write the book, as well as the technological transformation of finance and the role of regulation. They conclude their discussion by fleshing out some of the book’s key conclusions in terms of suggested policy goals and forward-looking regulatory strategies to address the challenges facing today’s world. Simply put: banking and finance, technological innovation, and regulatory policy must move in tandem, the authors argue. 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

As HK FinTech Week 2023 approaches (October 30-November 5), Karena Belin and Karen Contet join Regulatory Ramblings' host, Ajay Shamdasani, to preview the event. They explore the synergy between diverse backgrounds in the tech space, emphasizing the value of different perspectives and continuous learning. Karena and Karen also share insights on AngelHub's role in democratizing tech investment, the changing landscape of crowdfunding, and Hong Kong's potential as a FinTech hub.

About Karena Belin:  

Karena is the co-founder and CEO of WHub – a start-up ecosystem builder and the largest start-up platform in the city. Her group helps startups grow and enables stakeholders to connect with the innovative power of the local tech ecosystem. WHub is also an organizer of global conferences.

She is also the co-founder and COO/CFO/RO of AngelHub, Hong Kong’s first and only start-up investment platform licensed by the SAR’s capital markets watchdog, the Securities and Futures Commission, for professional investors and growth tech companies scaling in Asia. Most notably, earlier this year, she was appointed the organizer of Hong Kong FinTech Week – which resumes its physical format on October 30, 2023 – by the Hong Kong Government.

With a double diploma from the University of Mannheim and the MBA business school ESSEC in Paris, Karena worked for Procter & Gamble for 15 years in finance, sales, strategy, and M&A across Europe, North-East Asia, and Greater China.

She has been deeply immersed in the Hong Kong start-up scene for the past decade as a member of the Start-up Committee of the Commerce and Economic Development Bureau of the HKSAR, as well as being on the Organizing Committee of the Innopreneur Awards of the Federation of Hong Kong Industries and the HKTDC Belt and Road & Greater Bay Area Committee. She is also an ambassador of StartupAsiaBerlin, an initiative of the German Senate in Berlin, and serves as vice president of TiE HK and a member of the Hyderabad FinTech Forum core team. 

Karena is also a "10 Best Female Entrepreneurs of the World by True Global Ventures and Women of Hope" awardee. She has also volunteered at Hong Kong International School in several capacities.

About Karen Contet:  

Karen Contet is a tech enthusiast and entrepreneur, serving as the Co-founder & CEO of AngelHub.io, ClubDeal.vc, and WHub.io.

She is also, with WHub, the official organizer of Hong Kong FinTech Week.

Karen's mission is to transform and democratize the private markets, empowering everyone to shape the future of tech.

Under her leadership, AngelHub has evaluated 2,500+ tech firms, invested in 25 companies, including WeLab and Animoca Brands. The platform has deployed over USD 17M and generated USD 9M in returns through successful exits.

AngelHub is the sole SFC-regulated tech investment platform, allowing investors to co-invest alongside fund & institutional investors.

With a rigorous due diligence process and a thriving WHub startup ecosystem, AngelHub equips tech entrepreneurs for success. 

WHub has become a leading tech power connector, organizing global conferences gathering over 120,000 participants, hackathons, job fairs, and over 2,000 events.

Karen is an international speaker, French Foreign Trade Advisor, FrenchTech ambassador, and mentor. With 20+ years of experience, her background ranges from JP Morgan trader to IoT startup engineer and web development instructor.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Walter Jennings, Founder of Asia Insight Circle 

Walter is a branding and communications veteran – and someone who has increasingly become a voice of influence in Hong Kong’s FinTech and Web3 scene over the past decade. He currently owns and manages Asia Insight Circle, a private members group of C-suite executives. The group meets monthly for frank discussions on critical local business issues and its membership roster represents a diverse swath of the city’s commercial players. 

Prior to that he was head of branding and communications at Finnoverse, which until 2022 was the organiser of Hong Kong FinTech Week. While there he was responsible for leading the company’s communications strategy and its branded events worldwide. Walter has extensive expertise in emerging financial services technologies – including regulated digital assets, blockchain and 5G. 

He also hosts a podcast called Waves in the Finnoverse and earlier, Crypto Savvy, which explored and decoded all things relating to cryptocurrencies, digital assets and FinTech. 

With his experience in communicating why new technologies matter and helping companies grow globally, as well as in marketing across Web3, virtual assets and traditional finance, Walter is well situated to speak on a great many of the topics that the territory is grappling with as it charts a course for itself in the digital economy of the 21st century. He’s also a savvy operator in institutional and regulated environments, and has advised decentralized finance (DeFi) start-ups.  

Additionally, he did a stint in Riyadh, Saudi Arabia, offering his counsel to the Kingdom on its experimental city of the future – NEOM. Before that, he was Huawei’s vice president for global corporate communications in Shenzhen where he looked after the phone giant’s worldwide reputation. 

He chats with Regulatory Ramblings host Ajay Shamdasani about how he transitioned from the world of public relations to learning more about the role of digital technology in our daily lives, to being one of its most enthusiastic advocates – not least in its application to financial services and the way we transact. 

Walter stresses the importance of Web3 and why everyone should engage with the technology rather than fear it. He also shares some of the challenges he’s faced as an entrepreneur and his thoughts on doing business in the East versus the West. Most poignantly, despite all the tumult and uncertainty Hong Kong has faced in recent years, he explains why he is one of this city’s most stalwart defenders and promoters; ever the eternal optimist, Walter believes the Special Administrative Region’s best days are ahead of it.   

A key point he emphasizes, however, is that Hong Kong must have the right kind of regulatory policy for FinTech, virtual assets and Web 3 to thrive and create opportunities for society at large. 

On a more personal level, Walter also shares a little bit about his roots, growing up in small town New Jersey, being captivated by the big city life of New York, how he got into public relations and his penchant for the theatre – being a faithful Broadway afficionado: to say nothing of being an ardent Francophile who calls Rouen, Normandy his second home after the SAR. 

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