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.

Episode 76 with Joshua Chu, Syed Musheer Ahmed and Sean Lee 🎧

The common theme for this episode is FinTech and Web3 writ large – with an eye towards digital assets and virtual currency.

In Spotlight segment, we’ll be speaking with a returning guest and a dear friend of the program – Syed Musheer Ahmed of Hong Kong-based FinStep Asia on the recently disseminated the “Hong Kong Web3 Blueprint: Building a Web 3 International Financial Hub” report. Joining Musheer is Sean Lee, co-lead of Web3 Harbour's Policy Committee and one of the key leaders of the Blueprint taskforce.

Following that, we’ll be chatting with local lawyer Joshua Chu on the recently passed US GENIUS Act and what it means for making the US a stablecoin hub.

Context and implications:

• What truly makes a digital-asset hub beyond regulation;
• How Hong Kong’s Web3 Blueprint prioritizes talent, infrastructure, and market use cases;
• What the US GENIUS Act and Hong Kong’s stablecoin regime mean for issuance and market structure;
• Where stablecoins and CBDCs can coexist—and the legal traditions shaping each path;
• Risks to monitor: speculative excess, meme coins, corporate BTC treasuries.

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 75 with David Cameron, Syed Musheer Ahmed and Joshua Chu 🎧

This episode of Regulatory Ramblings takes a deep dive into the current state of Hong Kong’s startup environment - exploring how conducive the city’s legal, commercial, and policy infrastructure is for startups to not only launch, but also to scale.

We begin with a spotlight conversation featuring David Cameron, a veteran American lawyer and founder of the Hong Kong-based firm DCLO. Drawing on over 16 years of experience - including stints at global firms like Linklaters and Allen & Overy - David offers a candid view of the legal and compliance challenges that early-stage startups in Hong Kong face. While it’s relatively easy to incorporate a company, he warns that many founders underestimate the value of early legal guidance. Legal services are often seen as costly overhead rather than strategic investment, creating risks that only surface when it’s too late. He highlights a gap in the legal services market - between large international firms that price out startups, and local firms that may lack cross-border expertise - leaving founders without adequate support during critical growth phases.

The discussion then broadens with guests Syed Musheer Ahmed, Managing Director of FinStep Asia, and Joshua Chu, a prominent fintech and Web3 lawyer in Hong Kong. Together, they unpack the broader structural issues that hinder Hong Kong’s startup ecosystem. They argue that while Hong Kong has built impressive infrastructure - such as Science Park, Cyberport, and startup grant schemes - what’s missing is a centralized support platform that can connect founders to mentors, business advisors, and practical operational resources. Musheer and Joshua call for a public-private partnership that could act as a coordination hub - bridging fragmented initiatives and helping startups access capital, advice, and networks more efficiently.

The conversation also touches on the cultural and mindset gaps within the ecosystem. Drawing comparisons to innovation hubs like Singapore, Bangalore, and Silicon Valley, the guests reflect on Hong Kong’s more risk-averse, academic-driven approach to entrepreneurship. Joshua notes that founders often stay in echo chambers, delaying commercialization in pursuit of perfection, while Musheer emphasizes the need to build founder communities with strong peer-to-peer support and mentorship.

Ultimately, the episode explores a central question: What kind of startup hub does Hong Kong want to be? Rather than chasing the Silicon Valley model, the speakers suggest Hong Kong should play to its strengths - finance, deal structuring, cross-border access - and cultivate a culture of execution, business acumen, and founder-driven collaboration.

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 #74 with Tram Anh Nguyen and Professor Marc I. Steinberg 🎧

In this episode, we feature two conversations exploring different frontiers of finance and technology.

In our opening spotlight, we welcome back Marc Steinberg, professor at Southern Methodist University’s Dedman School of Law and a leading voice in securities and corporate law. His latest book, Corporate Director and Officer Liability: Discretionary, Not Fiduciary (Oxford University Press), challenges the long-standing view that corporate directors and officers should be labeled as “fiduciaries.” Marc explains why liability standards — from the duty of care to the business judgment rule — are too lenient to support that label, and why adopting “discretionary” as a neutral, accurate term could restore clarity and investor trust.

In the second segment, we speak with Tram Anh Nguyen, co-founder of the global digital finance education platform CFTE and Chairwoman of Global Women in AI (GWAI). She shares GWAI’s mission to close gender gaps in AI by equipping women across industries with technical knowledge, leadership skills, and mentorship. Tram Anh highlights the urgency of AI literacy, barriers keeping women from AI-driven opportunities, and how GWAI connects students, professionals, and policymakers to create an inclusive ecosystem shaping the future of technology.

Professor Marc I. Steinberg is the Rupert and Lillian Radford Chair in Law at SMU’s Dedman School of Law. A former attorney at the U.S. Securities and Exchange Commission, he has taught or lectured at institutions including HKU, Cambridge, Oxford, King’s College London, UCLA, and the University of Pennsylvania, and has served as an expert witness in cases including Enron, Martha Stewart, Mark Cuban, and the National Prescription Opioid Litigation. A prolific scholar, he has written over 150 law review articles and 50 books, including Rethinking Securities Law (Oxford, 2021), which won Best Law Book in the United States from American Book Fest. He is Editor-in-Chief of The International Lawyer and The Securities Regulation Law Journal and is a member of The American Law Institute.

Tram Anh Nguyen is a recognized voice on the future of work and co-founder of CFTE - Centre for Finance, Technology and Entrepreneurship, which has educated over 260,000 alumni across 130+ countries in digital finance. Before launching CFTE in 2017, she spent nearly two decades with Standard Chartered Bank, Dresdner Kleinwort, and UBS Wealth Management, advising ultra-high-net-worth clients. She co-authored the world’s largest Fintech Job Report and founded the Future Skills Forum, which convenes global leaders across policy, education, and industry to drive workforce transformation in the age of AI.

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 #73 with Christopher Cottrell, Richard Butler and Haider Mannan 🎧

This episode of Regulatory Ramblings explores how shifting geopolitics is reshaping regulation, investment, and compliance across Asia.

In the first segment, veteran Indo-Pacific journalist Christopher Cottrell joins us from Thailand to discuss rising political tensions following the July 1 suspension of Prime Minister Paetongtarn Shinawatra. Cottrell reflects on the country’s fragile democratic institutions, the stalled gaming bill, and the implications of border instability with Cambodia. Despite risks, Thailand continues to attract investors, with Cottrell noting that local legal knowledge remains essential to navigating uncertainty.

In the second half, Richard Butler (Dow Jones) and Haider Mannan (BigTXN) join to discuss compliance and enforcement risks in the current geopolitical climate. Topics include:

• Investment screening in high-risk jurisdictions
• The return of “firm but fair” FCPA enforcement under the Trump administration
• The challenge of selective enforcement and its implications for Asia
• A recent case involving U.S. sanctions on Hong Kong and Chinese firms transferring Iranian oil
• Evolving technologies in vessel tracking and trade surveillance
• The growing role of data science in sanctions compliance and risk detection

Butler and Mannan offer practical insights into how financial institutions are managing these risks. Mannan emphasizes that compliance failures often stem from process gaps, not policy flaws — and argues for continuous, data-driven controls. Butler adds that banks and corporates across Asia are increasingly investing in technology to ensure compliance amid volatility.

The episode closes on a note of cautious optimism. While global enforcement trends and geopolitical tensions present new challenges, they also create opportunities for innovation in compliance strategy.

Guests
– Christopher Cottrell, Journalist and Analyst, Indo-Pacific
– Richard Butler, Vice President & APAC Head of Risk & Research, Dow Jones
– Haider Mannan, CEO & Founder, BigTXN

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.

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.