Episode 83 with Sangeet Paul Choudary and Amber Phillips 🎧

We explore two critical frontiers shaping the future of compliance, risk, and governance - from the fight against financial crime to the systemic impact of artificial intelligence.

Spotlight: Amber Phillips on Asset Recovery and Financial Investigators

We begin with Dr. Amber Phillips, Senior Lecturer in Criminology at UWE Bristol, who shines a spotlight on the often-overlooked heroes of financial crime enforcement: accredited financial investigators (AFIs). Amber explains why AFIs are indispensable under the UK Proceeds of Crime Act and how their work extends beyond financial crime into everyday policing. She challenges the misconception that technology will replace human expertise, arguing instead for integration between investigative skills and emerging tech.

Amber also introduces her concept of the “Fifth D” - Destination - in asset recovery, emphasizing that success isn’t just about disruption or deterrence, but about where confiscated money ultimately goes. We discuss why stripping criminals of assets can be a more effective deterrent than custodial sentences, and why measuring success requires moving beyond headline figures to consider social impact and community reinvestment. For Amber, asset recovery is a story - not a statistic - and its ethical dimension matters as much as its financial one.

Sangeet Paul Choudary on AI as a Technology of Coordination

In the second half, we turn to Sangeet Paul Choudary, Thinkers50 Strategy Award winner and author of Reshuffle: Who Wins When AI Reshapes the Knowledge Economy. Sangeet reframes the AI debate, arguing that its true power lies not in intelligence but in coordination - acting as the “glue” that binds fragmented systems and redefines economic architecture.

He dismantles common myths about AI as mere automation or efficiency, showing how it changes the logic of competition, governance, and value creation. From financial services to global platforms, Sangeet explains why legacy integration is a coordination challenge, why efficiency metrics mislead, and why firms must rethink workflows and business models rather than bolt AI onto old structures.

We explore concepts like coordination without consensus, the coordination paradox, and the migration of value from execution to orchestration - where “above-the-algorithm” work becomes the new premium. Sangeet also highlights the enduring human advantage: judgment, curiosity, and narrative - the ability to frame questions and curate meaning in a machine-mediated world.

Why This Episode Matters

Whether you’re a compliance professional, a financial investigator, or a business leader navigating AI adoption, this episode offers practical insights and strategic foresight. From turning “bad money into good” to re-architecting workflows for an AI-driven economy, Episode 84 is a deep dive into the forces reshaping risk, regulation, and relevance.

The Regulatory Ramblings is an award-winning podcast, honored with the Agora Award for Excellence in Podcasting, bestowed by the Compliance Podcasting Network for its outstanding contribution to thought leadership in compliance and fintech.

The 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 and resources, visit: hkufintech.com/rr

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

Episode 83 with Wendy Chow, Nicky Au, and Pierre Malgorn 🎧

Hong Kong is stepping into a new era of cybersecurity regulation with the Protection of Critical Infrastructure Computer Systems Ordinance, set to take effect on January 1, 2026. What does this mean for businesses, and how will it reshape the city’s role as a global hub? In this episode of Regulatory Ramblings, host Ajay Shamdasani explores the ordinance’s implications, from compliance challenges to talent strategies and emerging threats like AI-powered attacks.

The conversation begins with Wendy Chow, Head of Digital Technologies and Data Infrastructure at Invest Hong Kong, who explains why the ordinance is a proactive measure to strengthen Hong Kong’s position as an international financial, shipping, and trading hub. Wendy outlines the eight designated sectors—banking, energy, healthcare, transport, IT, telecommunications, and broadcasting—and stresses that the law moves beyond voluntary best practices to a robust legal framework. She also shares how InvestHK is providing hands-on support and guidance to help businesses adapt, attract cybersecurity firms, and build local talent pipelines.

Later, Ajay is joined by Nicky Au, General Manager for Greater Bay Area at Ensign InfoSecurity, and Pierre Malgorn, APAC Director at I-TRACING Cybersecurity, for a deep dive into implementation strategies and board-level priorities. They discuss why risk-based approaches are essential, how to prepare for incident response and crisis communication, and why financial penalties alone won’t drive cultural change. Both experts emphasize that cybersecurity must be treated as a strategic business risk, requiring top-down commitment and continuous awareness training.

The segment also looks ahead to AI-driven threats and the evolving compliance landscape. Nicky and Pierre explain why mere regulatory box-ticking is no longer enough and how attackers are leveraging AI to scale breaches—while defenders must use AI for detection and response. They argue that real security demands agility, visibility, and proactive threat hunting, not just adherence to minimum standards.

About Our Guests:

Wendy Chow is Head of Digital Technologies and Data Infrastructure at InvestHK, with over two decades of experience helping global tech firms establish and grow in Hong Kong.

Nicky Au serves as General Manager for Greater Bay Area at Ensign InfoSecurity, specializing in cyber defense strategies and talent development.

Pierre Malgorn is APAC Director at I-TRACING, bringing deep expertise in governance, risk, and compliance advisory for critical infrastructure operators across Europe and Asia.

The Regulatory Ramblings is an award-winning podcast, honored with the Agora Award for Excellence in Podcasting, bestowed by the Compliance Podcasting Network for its outstanding contribution to thought leadership in compliance and fintech.

The 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 and resources, visit: hkufintech.com/rr

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

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.