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.

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.

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 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.