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.