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.

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.

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.