In our first episode of 2025, with a brand-new format, Regulatory Ramblings highlights two critical developments shaping Asia’s financial and regulatory landscapes.

In Episode 61, Hong Kong-based lawyer Ben Hammond unpacks the city’s upcoming Stablecoin Bill, a landmark regulation aimed at strengthening digital asset oversight while bolstering Hong Kong’s position as a global financial hub. Hammond reflects on the bill’s significance, how it fills regulatory gaps, and its potential to foster legitimacy and confidence in the stablecoin ecosystem. He also explores the broader challenges and opportunities the legislation presents for compliance, cross-border legal practice, and the evolution of digital finance.

Meanwhile, legal expert and political analyst Ross Feingold examines the extraterritorial enforcement of US laws under President-elect Donald Trump’s returning administration. Feingold addresses heightened sanctions, trade policies, and the ripple effects on financial hubs like Hong Kong and Singapore. Topics include escalating compliance costs, the dollar’s role in global trade, and the implications of Trump’s crypto-friendly stance for Asian markets.

With insights ranging from the Stablecoin Bill’s regulatory impact to Trump’s influence on Asia’s financial compliance, this episode provides a timely overview of the challenges and opportunities awaiting the region in 2025.

Our first guest, Ross Feingold, Head of Research at Caerus Consulting, brings extensive expertise in global risk management. A New York and Washington, DC-admitted lawyer, he has served as in-house counsel at Royal Bank of Scotland, Deutsche Bank, and J.P. Morgan. With over 20 years of experience in Asia, including Hong Kong, Singapore, and Taipei, Ross is fluent in Mandarin and has held roles as a lecturer, political analyst, and Asia chairman of Republicans Abroad. He is also a director of the Association of American Residents Overseas. In this episode, Ross discusses the implications of US extraterritorial laws under the incoming administration of President-elect Donald Trump.

Our second guest, Ben Hammond, managing partner at Ashurst Hong Kong, leads the firm’s financial services regulatory group, specializing in non-contentious regulatory practice. He advises clients on a wide range of regulatory matters, with a focus on digital economy initiatives. Notably, Ben guided Goldman Sachs in 2023 on its tokenization platform, GS DAP™, for issuing the world’s first government-backed tokenized green bond (HK$800 million) for the Hong Kong government. In 2024, he led HSBC’s support to the Hong Kong Monetary Authority on the world’s first multi-currency “digitally native” bond offering, underscoring his expertise in pioneering regulatory frameworks and digital finance innovation.

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: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Replay: Ep #59 with Matthew Friedman (The Mekong Club)

Four decades fighting human trafficking and modern slavery – a diplomat reflects

As a former US and United Nations diplomat, Matthew Friedman has been a true warrior on the frontlines against modern slavery and sex trafficking for over four decades. He is an international human trafficking expert and the CEO of The Mekong Club, a non-governmental organization comprised of Hong Kong’s leading businesses which have joined forces to help end all forms of modern slavery.

The Mekong Club is very active in the ESG space and is well versed at identifying red flags and appropriate metrics to gauge anti-human trafficking compliance.

Previously, he worked for United States Agency for International Development and the UN in over 40 countries. Matt offers technical advice to numerous governments, banks and corporations working to eliminate all forms of modern slavery and is the author of fifteen books. In 2017, he won Asia’s prestigious “Communicator of the Year” Gold Award.

His postings have taken him all over Asia from Nepal, Bangladesh, and to Thailand. The Mekong Club works with private sector banks, manufacturers, retailers and the hospitality sectors to do what they need to do in the fight against human trafficking and slavery.

The topic of modern slavery – more colloquially referred to as human trafficking – is a bleak one. In this episode of Regulatory Ramblings, Matt chats with host Ajay Shamdasani on what the global banking and financial institutions and multinational corporations can do about the matter.

The problem indirectly affects us all: estimates are that 50 million people in the world are currently in some form of slavery. Twenty-seven million of them are engaged in forced labor, of which 82% of this figure is associated with supply chains.

The conversation begins with Matt sharing his background and what drew him to the cause of modern slavery. He also stresses that despite the Mekong Club being an NGO, it works with the private sector a great deal, perhaps more so than it does with other NGOs or state bodies. As he notes, there is a greater impetus to take action to effect change in the private sector than in the public sector.

Working with the private sector is an approach that has served Matt and the Club well because as he puts it: “The private sector has a sense of urgency unlike the public sector. If a company does an audit on human trafficking and there is a problem, within fifteen minutes they will call a meeting of all the relevant stakeholders and work to remediate it. The private sector does more than traditional NGOs because they are closer to the action,” he said. He added, NGOs tended to intellectualize matters – often reducing them to purely academic or legal concerns.

Reflecting on his four decades in the field, Matt also recounts what has changed about human trafficking and what has remained the same. As he points out, the evolution of human trafficking is interesting, going from forced manual labor to compelling enslaved persons to undertake more elaborate crimes such as scam farm and ‘pig butchering’ schemes.

The discussion concludes with Matt sharing his views how the financial sector can protect themselves from becoming unwitting participants in human trafficking and the sex trade. There clearly is an intersection between money laundering, financial crime and human trafficking, he says, and it is something the UN Counter-Trafficking program was created to combat.

For more details and links, visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Episode #60 with Theodora Lau, Unconventional Ventures

Based in the US, Theodora Lau or Theo as she’s known, is Hong Kong born and bred and the founder of Unconventional Ventures. Her firm’s mission is developing and growing an ecosystem of financial institutions, corporations, startups, entrepreneurs, venture capitalists and accelerators to make banking better, as well as to meet the often-unmet needs of consumers, including older adults and women. Connecting founders with funders – with a specific focus on underrepresented entrepreneurs is Theo’s mission.

As part of her work, she regularly mentors and advises startups in both the financial services and healthcare/caregiving space. She is an advisor to B21 Ventures which focuses on entrepreneurs disrupting finance and health through artificial intelligence.

Theo has been referred to by the American Banker as one of the “Most Influential Women in FinTech” and is one of few global experts providing authoritative insights on both the US vis a vis Asia.

Besides being a best-selling author, Theo is an accomplished technologist and is much sought after for her unique insights on the success of super apps in Asia, the evolution of AI and the disparity in digital adoption between regions.

Theo regularly speaks on the topics of AI, gender equity, FinTech, inclusion, and longevity. She is a guest contributor for various top industry events, publications, and podcasts, including Fintech Futures, the American Banker, BBC, the Journal of Digital Banking, Harvard Business Review, Nikkei Asia, MIT Tech Review, Money20/20, Finovate, RISE, FinTech Week Hong Kong, Breaking Banks, Irish Tech News and the Forbes Technology Council

She is the co-author of “Beyond Good: How technology is leading a purpose-driven business revolution” and co-author of “The Metaverse Economy” (both books are now available in paperback edition). Theo is also the host of One Vision, a podcast on innovation and fintech, runs a weekly LinkedIn newsletter called FinTech Prose on emerging technologies (such as voice-activated/enabled software and AI), inclusion, longevity, fintech, innovation, and using technology for good. Her monthly column on Fintech Futures explores the intersection of FinTech and humanity.

As for her education, she holds a Bachelor of Science degree in chemical engineering from Rensselaer Polytechnic Institute (RPI) in New York, and a Master of Science in project management from George Washington University in Washington, DC.

In this episode of Regulatory Ramblings, Theo discusses the evolving fintech landscape, the digital adoption gap between Asia and the US, and regulatory challenges. She reflects on her journey from growing up in Hong Kong to witnessing the rise of digital finance in the US, noting Asia's diverse fintech ecosystem, driven by tech giants like WeChat and Tencent in China and Japan's conglomerates.

Theo highlights why the US lags in digital payment adoption, with many still using cheques, compared to Hong Kong and countries like the UK and Australia, which are phasing them out. She explains how regulatory complexity and siloed systems in the US hinder progress, contrasting with global efforts like Project Nexus for seamless cross-border payments in Asia.

Addressing financial inclusion, Theo critiques overpromises by tech creators, noting 4.2% of US households remain unbanked. She emphasizes that tech adoption, not innovation, is the bigger challenge, with banks and regulators often slow to adapt. The conversation also covers the potential of AI and generative tools to drive inclusion globally, along with liability and competency concerns.

For more details, please visit:

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #58 with Huy Nguyen Trieu

Huy Nguyen Trieu is the author of the new book The AI-fication of Jobs. He is the co-founder along with Ms. Tram Anh Nguyen of the London-headquartered Centre for Finance, Technology and Entrepreneurship (or CFTE). As a global FinTech knowledge platform, CFTE opened its Abu Dhabi office earlier this year, in addition to its Singapore office.

A leading voice in the world of AI, Huy’s book is the product of 10 months of effort and debuted at the recent Singapore FinTech Festival in early-November 2024. It explores how AI is reshaping the workforce. It moves beyond the common question of “Will AI take my job?”

Huy shares with Regulatory Ramblings host Ajay Shamdasani how his book provides a structured framework for understanding AI's impact from displacement to augmentation and how such changes and trends can be leveraged for future success and insights. It is an accessible, future-focused guide and a must-read for anyone interested in AI’s role in shaping careers, industries, and society.

As Huy puts it: “AI is a complex, personal topic – 85 percent of workers believe it will significantly impact their jobs. But understanding what that means is often confusing.”

Huy goes on to describe his professional background, being an engineer by training and an entrepreneur by nature. As a "big picture" person, he’s interested in the revolution in technology that is transforming finance – what he calls Disruptive Finance.

His passion, he says, is for building and growing businesses – especially in changing environments. It led him from being a tech CEO in New York to being managing director at an investment bank in London to being a founding partner at a Hong Kong-based accelerator in Hong Kong and now, as co-founder of the CFTE.
Having previously, been a managing director at Citi, Huy grew a business that helped Europe's largest insurance companies, major pension funds and international banks to adapt to an increasingly complex environment.

He also adores teaching at scale, having co-created some of the largest FinTech courses in the world at Oxford University’s Said Business School, the University of Hong Kong University, Imperial College and now CFTE.

As CEO of The Disruptive Group, he’s developing a firm that builds innovative finance businesses which leverage technology and advises CEOs of large organizations. One of TDG's projects is the CFTE – and it is one that is dear to Huy’s heart, as he explains the impetus for the body’s creation.

“CFTE is the answer to a very simple question: as a professional in financial services, how do I acquire the skills to be future-proof?” Huy says. “We have created a platform that helps the industry acquire this knowledge quickly, from FinTech to artificial intelligence to open banking,” he concluded.

A key observation of the book is that AI and its massive impact on careers portends a shift that will give rise to a class of “supercharged professionals” – those who combine their skills with tech to thrive like never before. And then there are the “creative disruptors”; a select few poised to build entirely new industries from scratch. Huy urges us all to embrace this future, not just for ourselves, but to ensure the potential benefits of AI for everyone.

Regulatory Ramblings is led by Douglas Arner and brought to you by the HKU'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 the HKU Faculty of Law.

Read more details at: www.hkufintech.com

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #57 with Eelee Lua, xcube

Eelee Lua is chief of staff and a director at xcube.co – a Singapore-based corporate venture studio. A seasoned business leader in the technology space, specializing in risk mitigation and strategic partnerships. Having entered the risk and compliance field 13 years ago, having previously held roles at AsiaVerify and the RISQ Group.

Eelee holds a board director accreditation from the Singapore Institute of Directors, and actively contributes to industry communities such as the Singapore FinTech Association and Women In Alliances.

Recently, she penned an article entitled “Circular Financial Identity – The Missing Piece for Financial Inclusion,” which forms the basis for this episode’s discussion.

In this instalment of Regulatory Ramblings, Eelee talks to host Ajay Shamdasani about her piece and how financial inclusion remains a critical global issue, with approximately 1.4 billion people still lacking access to formal financial services. She also shared a little about Defy, an xcube company on a mission to address financial inclusion. Her observation that traditional financial systems often exclude marginalized populations, such as low-income individuals, women, rural communities, and refugees was what compelled her to write the article. Financial exclusion not only limits economic opportunities but also perpetuates poverty.

Yet, all is not lost and Eelee believes technology may yet deliver true financial inclusion. A promising solution to bridge this gap is Circular Financial Identity (CFI), she says, “which has the potential to transform financial inclusion efforts worldwide.” The key, she says is understanding CFI because “unlike traditional digital identities that rely on static information and centralized databases, CFI employs a dynamic, decentralized, and interoperable system” – thereby enabling “under-documented individuals, including refugees, to gradually build their financial identity by capturing their digital financial footprint across various domains such as earning, spending, borrowing, saving, investing, and lending.”

The circularity of data, particularly, the continuous accumulation and reuse of financial data create a comprehensive, robust, and evolving picture of their financial behaviour and capabilities, enabling access to a broader range of financial services, Eelee says.

(For more details about CFI, visit: www.hkufintech.com/regulatoryramblings)

Eelee also shares a little about her own background, upbringing, education and what launched her on a path to a compliance career. She also describes what xcube does as well as her own “moment of epiphany” when she realized that the world of cryptocurrencies and digital assets were something important that she needed to pay attention to in the years to come.

Looking ahead, while she thinks Web3 will have a marked impact on banking Southeast Asia and the Middle East, she cautions that many of the world’s financial institutions have yet to consider the interoperability and integration issues of how to use such technologies in the current world.

A resolute believer in the power of targeted use of technology to aid the perennial global cause of financial inclusion and bring about a more egalitarian world with a more level playing field, the conversation concludes with her reflections on a decade plus in the risk and compliance field, and her greatest lessons, challenges and regrets in that time.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #56 with Chengyi Ong (Chainalysis)

Chengyi Ong leads public policy in the Asia-Pacific region for Chainalysis out of from the firm’s regional headquarters in Singapore. Drawing on Chainalysis’ blockchain data analytics platform, she works with public and private sector stakeholders to distil developments in digital asset markets, and their intersections with global and regional regulatory trends.

Prior to joining Chainalysis, Chengyi spent 13 years at the Monetary Authority of Singapore, holding roles in financial regulation and supervision, financial sector development, and central banking. She also served as the Advisor to the Executive Director for Southeast Asia at the International Monetary Fund.

In this episode of Regulatory Ramblings, she talks to host Ajay Shamdasani about the intersection of money laundering, financial crime and cryptocurrencies.

The conversation begins with Chengyi describing her upbringing, formative years, choice of career path and her time as a regulator at the MAS. She then goes on to talk about what Chainalysis does, its market position, and her interest in the digital asset sector.

She shares her views on the rising levels of both crypto native and non-crypto native money laundering, why such trends are growing and the types of crimes emanating from Asia – making reference to key findings from Chainalysis’ recent report on the matter, including the 2024 Crypto Crime Report and the 2024 Crypto Money Laundering Report.

Chengyi also discusses her thoughts on stablecoins being used for money laundering, what her firm’s report says about the destination of illicit funds and what the best ways are to prevent crypto native money laundering – especially in the Asia-Pacific. To that end, she is candid about what regional regulators should do to tackle this issue, noting that more needs to be done. What ensues is a deeper chat about what the role of regulators in ferreting out financial crime should be vis a vis cryptocurrency exchanges and financial institutions – the latter of which are financial gatekeepers in their own right.

The conversation concludes with Chengyi reflecting on the arc of her career and how AML regulations have evolved in APAC over the years. She stresses that in an age of aggressive enforcement actions, sanctions and not insubstantial fines, it will be imperative for organizations to verify the entities that are transacting and engaging with. She offers some suggestions as to how they may do so.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep 55 with Angela Ang, Senior Policy Advisor, TRM Labs

Angela Ang is the Senior Policy Advisor at TRM Labs, a global blockchain intelligence company, and a former regulator at the Monetary Authority of Singapore (MAS). Having spent over a decade at MAS, she held the role of Deputy Director in charge of licensing payments and crypto service providers. Angela has also been recognized as a LinkedIn Top Voice for Finance in Asia for her leadership in digital asset developments.

In this episode, Angela reflects on her journey from growing up in Singapore to her education at INSEAD, and her early career at MAS, where she helped promote Singapore as an international financial hub. As a former regulator, she highlights the unique experience of policymaking at a high level and emphasizes that despite the intellectual rigor, regulators are still people, too.

The discussion shifts to TRM Labs and its role in blockchain intelligence. Angela explains that “Blockchain analytics is like Google Maps for blockchain,” helping clients understand blockchain data to combat fraud and financial crime. While blockchain’s ledger is immutable, clients often struggle to interpret it, and TRM adds context to provide a clearer picture.

Angela draws parallels between her work at MAS and TRM Labs, highlighting the compliance-centric and mission-driven nature of both organizations. She notes that TRM Labs’ nimbleness and entrepreneurial spirit, combined with its focus on integrity, attract former public sector staff.

Angela recalls her first exposure to cryptocurrencies and blockchain in 2015 while researching for MAS. She emphasizes the balance between blockchain’s promise and the risks associated with crypto speculation, echoing Singapore’s prudent regulatory stance on innovation vs. speculation.

She also touches on Asia’s regulatory landscape, noting how the region leads in regulatory clarity. Singapore and Japan pioneered crypto regulation, recognizing the importance of creating robust rules to protect investors. She cites examples like Singapore’s crypto custody rules and Hong Kong’s virtual asset service provider licensing regime.

Angela discusses the global trend toward tighter crypto regulation, with an 80% shift toward stricter controls and consumer protection. She points out that regulation is crucial for preventing illicit activity, but it requires sufficient enforcement and skilled people to ensure compliance.

The conversation then covers the talent shortage in crypto compliance. While older compliance principles still apply, the unique challenges of blockchain technology require specialized expertise. Angela also discusses the importance of SupTech and RegTech, noting TRM Labs’ role in real-time blockchain monitoring tools for both compliance professionals and regulators.

Despite concerns about crypto-related crime, Angela highlights that only 0.63% of global crypto activity involves crime, a figure comparable to traditional finance. She notes that proper licensing and risk controls reduce crime in regulated jurisdictions and emphasizes that most exchanges now have some level of compliance.

Looking forward, Angela identifies market misconduct as an emerging issue in digital finance, with global regulatory bodies like IOSCO prioritizing it in their work.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ep #54 With David Caruso, Dominion Advisory Group

In this episode of Regulatory Ramblings, David Caruso, a former U.S. Secret Service agent turned global financial crime fighter, shares insights from his 30-year journey in AML and financial crime compliance. With an impressive career, including time as chief compliance officer at Riggs Bank, David recounts his pivotal role in uncovering corruption scandals involving Equatorial Guinea and former Chilean dictator Augusto Pinochet. These investigations sparked significant U.S. regulatory and legal actions, influencing AML enforcement on a global scale.

David reflects on the evolution of financial crime compliance, pointing to key regulations like the Bank Secrecy Act, USA PATRIOT Act, and FATCA. He critiques how the increasingly regulatory-driven focus has distracted AML teams from their primary mission. He also shares his concerns about international policy-setting bodies, such as the Financial Action Task Force (FATF), questioning whether new rules are truly effective in preventing financial crime or unintentionally stifling economic growth.

The discussion wraps up with David’s views on the limited success of sanctions against Russia, the potential of AI in AML/KYC compliance, and his policy recommendations moving forward.

David Caruso is the founder and managing director of Dominion Advisory Group, helping banks across the U.S., Europe, and Asia navigate financial crime risk and compliance. With a background as a U.S. Secret Service agent and a degree from George Washington University, he has been at the forefront of shaping financial crime compliance since 1996, advising global institutions and building AML programs at major banks.

For more details about the contents of this podcast, please visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.