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.