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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. -
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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. -
Ep #53 with Kapil Dhiman, Co-Founder & CEO of Quranium
Mumbai-based Kapil Dhiman is the co-founder and CEO of Quranium. An entrepreneur to his core with a creative and artistic side – coupled passion for problem solving – Kapil is a seasoned leader with 12 years of diverse international consulting experience in dealing with enterprises, startups and funds.He is also a former Web 3.0 leader at PwC India and an award-winning CEO who crafted the Metaverse Startup of the Year 2023 from scratch. A distinguished global speaker and author, Kapil has helped over 20 startups in the Web3 ecosystem with their go-to-market (GTM) and product strategies.
In this episode of Regulatory Ramblings, Kapil chats with host Ajay Shamdasani on how advances in quantum computing can compromise Blockchain transactional security and anonymity.
Much has been said about quantum computing and how it is going to revolutionize the world – and part of that is reflected in the new Cold War between the US and China, with Beijing constantly eager to tout its advances in the field and with the American and European mainstream press clamoring about how the collective West is falling behind – in a manner almost reminiscent of the US response to the USSR’s 1957 Sputnik launch.
Some, such as Kapil, contend that the security of cryptocurrency transactions can be breached by quantum computing, notwithstanding the much touted ‘National Security Agency (NSA)-level encryption’ that pollyannish virtual asset advocates say exists when using a Blockchain.
Kapil shares a little bit about his background and the challenges of growing up in a military family with a father he was very temperamentally different from. Recounting the challenges of starting his own firm – and the joys and hurts of following an entrepreneurial path – and what he envisages for Quranium.
The discussion proceeds to define what exactly quantum computing is, and if it should be regulated across the board or whether each industry availing itself of such computers should devise their own rules. Kapil concludes it something each country will have to decide for itself – in much the same way artificial intelligence is being regulated globally.
Kapil also shares his thoughts on the notion that AI will come alive once quantum computing reaches a mature state. He addresses the issues of whether there is a mismatch between computing power and the ability to use AI to its fullest potential.
A lingering concern is that AI in its current state is not ‘real AI’ and that the purest version of AI will require more advanced quantum computing.
The conversation concludes with Kapil remarking on what Web 3.0 means on a practical level, as well as dispelling the cliché that creative and artistic types such as himself are not practical and business savvy, stating that such things can be learned if one is diligent and motivated enough.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Ep #52 with Oonagh van den Berg (RAW Compliance)
Oonagh van den Berg, a seasoned international compliance professional, is the founder of RAW Compliance, a consultancy and training firm. With a legal background and two decades of experience in London, Hong Kong, and Singapore, Oonagh has become a respected figure in the compliance industry. Her upbringing in Northern Ireland during the violent era of "The Troubles" in the 1980s shaped her resilience and determination, leading her to a career as a lawyer, compliance officer, recruiter, consultant, and educator.
In this episode of Regulatory Ramblings, Oonagh discusses with Ajay Shamdasani the critical role of artificial intelligence (AI) in combating financial scams, deepfakes, and sextortion. These issues have become increasingly prevalent, especially in the dark corners of Web3. Oonagh's perspective is deeply personal, as her 13-year-old daughter and friends recently fell victim to blackmail after sharing innocent photos on Snapchat. This experience has driven her to raise awareness and produce educational videos through RAW Compliance, targeting pre-teens, teenagers, and young adults to prevent similar incidents.
A Europol poll highlights the growing use of AI by cybercriminals to commit complex and dangerous crimes. Malicious large language models (LLMs) are being utilized to craft scripts, phishing emails, and fraud advertisements, as well as to groom victims across language barriers. The rise of AI-altered and fully artificial child sexual abuse materials, which are increasingly realistic, has led to devastating consequences, including blackmail and suicides.
Oonagh also touches on her firm’s groundbreaking collaboration with Nick Leeson, the infamous former Barrings trader, to support victims of financial scams and assist in asset recovery. Together, they aim to provide the necessary help and guidance for victims to reclaim their financial futures.
She also criticizes banks for their insufficient efforts in helping scam victims, citing outdated technology and inadequate fraud detection systems. The scale of financial crime is alarming, with over 3.5 million people in the UK affected annually, leading to losses exceeding £1.2 billion. The problem is similarly severe across Europe and the US, with losses reaching billions of euros and dollars, respectively.
The conversation explores how financial institutions can navigate evolving regulations, monitor for child sexual abuse materials (CSAM), and investigate human trafficking within both traditional and decentralized financial systems. Oonagh emphasizes the challenges of global technology use in combating these crimes and provides estimates on the total value of suspected CSAM transactions using fiat versus cryptocurrency.
Oonagh concludes by highlighting the financial sector’s failure to take responsibility for anti-money laundering, human trafficking, and financial scams. She stresses the importance of understanding suspicious red flags and typologies that can aid in investigations, a crucial takeaway for both traditional financial crime compliance professionals and blockchain investigators.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Ep #51 with Michael Borrelli (AI & Partners) and Anandaday Misshra (AMLEGALS)
In this episode, host Ajay Shamdasani discusses the EU AI Act with Michael Borrelli and Anandaday Misshra. The EU AI Act, the world's first comprehensive AI law, went into effect on August 1, 2024. The guests explore its global impact, particularly on compliance officers, in-house counsel, and businesses both within and beyond the EU.
Michael Borrelli is a Director at AI & Partners, leveraging over a decade of experience in financial services, compliance, and technology. He is passionate about responsible AI and serves in various advisory roles, contributing to AI and FinTech knowledge and best practices.
Anandaday Misshra is the founder and managing partner of AMLEGALS, a multidisciplinary law firm in India. With over 27 years of legal experience, he specializes in arbitration, data protection, taxation, and commercial litigation. Anand also discusses the implications of AI for India's information technology sector, highlighting the challenges and opportunities that AI regulations like the EU AI Act might present for Indian businesses and legal practitioners.
The episode also touches on concerns about the EU AI Act's potential extraterritorial reach, similar to the US Foreign Account Tax Compliance Act (FATCA). The conversation concludes with thoughts on whether the US might introduce its own AI regulations and the broader impact on India's growing tech industry.
For more details, please visit: www.hkufintech.com/regulatoryramblings
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Ep #50 with Syed Musheer Ahmed, Finstep Asia
Syed Musheer Ahmed has two decades of extensive experience in the realms of capital markets, fintech and virtual assets – including a decade as a global markets’ trader, prior to coming to Hong Kong to attain his MBA from the University of Hong Kong and London Business School’s joint program.
Since 2016, Musheer has contributed extensively to building the region’s fintech and virtual asset ecosystem, particularly as the co-founder and the inaugural general manager of the Fintech Association of Hong Kong.
For the last five years, he has been the managing director of FinStep Asia – a firm which he founded to provide Venture building and empower cross-border bridges across Asia . In the interim, from October 2022 to January 2024, he served as a financial markets risk assurance lead as part of the foundational team of the Virtual Assets Regulatory Authority (VARA) in Dubai.
In this episode of Regulatory Ramblings, Musheer chats with host Ajay Shamdasani about his background, growing up in India’s information technology hub, Bangalore, his initial training as an engineer and his stint as a regulator in the Mideast’s Manhattan.
As the discussion progresses, Musheer reaffirms his faith in Hong Kong as a place for FinTech and crypto entrepreneurs, discussing what it is as about the city and the field that continues to attract and marvel him.
He also stresses that in the evolution of FinTech, the field has long since passed the nascent stage and is no longer all that new and glamorous since the advent of iPhone in 2007 and Satoshi Nakamoto’s paper on Blockchain first released in in 2009. Yet, he acknowledges that technological innovation continues, as he shares his thoughts on the regulatory approaches taken across Asia by mainland China, India, Singapore and Hong Kong – and the similarities and differences between some of the major jurisdictions.
While virtual assets which have evolved in some parts of the world, in others, they are still somewhat of a grey-zone. Musheer also comments on the prospects for cross-border crypto regulation in the Asia-Pacific or even internationally evolving to the level of harmonized rules, or even mutual recognition or common passporting – as was discussed a decade ago for the investment funds sector.
He also shares his views on how the choice between stablecoins and central bank digital currencies (CBDCs) is not binary. Musheer emphasizes it is not an either-or choice because both fulfil different purposes.
The conversation concludes with his assessment on the potential for Hong Kong and mainland China to collaborate with the FinTech and virtual asset hubs of the Middle East such as Dubai.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Ep #49 with Dr. Andrew Mazen Dahdal, College of Law, Qatar University
Dr. Andrew Mazen Dahdal is an associate professor at the College of Law at Qatar University in Doha. He received his Ph.D. from the University of New South Wales, where he received an outstanding achievement award in 2014 for his dissertation on the necessity of historical analysis in constitutional interpretation.
Andrew has also taught constitutional and commercial law within Australia and Europe in both fulltime and adjunct roles. Writing on law, technology and global legal frameworks, Andrew is now focused on exploring the intersections between private and public law specifically by exploring the technocratic connections between constitutional and commercial legal frameworks.
This episode of Regulatory Ramblings features a discussion on his upcoming book entitled Digital Currencies and Public Law: History, Constitutionalism and the Revolutionary Nature of Money. In it he advocates for deeper engagement by public lawyers in digital currency developments which threaten dramatic changes in the relationship between individuals and government authorities.
As Andrew shares with our host, Ajay Shamdasani, no modern issue is more widely acknowledged and less understood than that of digital currencies. The voice of constitutional scholars, however, is crucially missing from prevailing digital money conversation. For example, private law scholars are grappling with the legal questions raised by digital currency models in property and contract. Alternatively, public law scholars have yet to appreciate the significance of the moment.
Andrew argues that the challenge of understanding the technical dimensions of digital money innovations has obscured the potential constitutional revolution that digital currencies represent. His book starts with the premise that ‘money’ is best thought of as a constitutional phenomenon. When seen in that light, it becomes clear that changes in the nature of money represent changes in political and constitutional arrangements.
The discussion elaborates on how and why that is so by examining episodes in history where the nature of money was linked to renewed constitutional settlements. The book distills a core set of principles linking aspects of monetary innovation such as technical control of the money supply to constitutional positions such as executive fiscal accountability. From such principles, a conceptual framework is proposed that translates the specific attributes of digital currency proposals into the language of constitutional dynamics.
Andrew also recounts what it was about digital currencies that initially piqued his curiosity as a constitutional scholar and ultimately, what compelled him to write the book. He also shares his thoughts on what he feels the book adds to an already crowded market place on the subject matter.
He concludes by saying that cryptocurrencies and virtual assets herald an opportunity for wholesale constitutional reform the world has yet to see. Andrew notes that certainly when it arrived on the scene and its most ardent advocates were anti-statist, anarcho-libertarians – and even to some extent today – the rise of Bitcoin and digital assets writ large can be scene as a political movement in search of an ideology.
Looking back on the development of money, Andrew said, every fiat currency has been a form of money, albeit stripped of its intrinsic value. Moving forward, he said, there was no way to have a robust conversation about money and digital change without interrogating competing monetary forms.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Ep 48 with Dr. Mariola Marzouk (Vortex Risk Ltd.)
In this episode of Regulatory Ramblings, Dr. Mariola Marzouk, an AML expert who has co-founded Vortex Risk Ltd., shares her insights on trade-based money laundering (TBML), and her philosophy on financial crime prevention. She talks about her approach to leveraging RegTech, the importance of human judgment in AML, and her critique of the global financial regulatory landscape. She also discusses regulatory compliance technologies for their failure to effectively combat money laundering and argues that despite claims of innovation and disruption, these technologies focus more on regulatory adherence than understanding the complexities of financial crime. Marzouk contends that while these tools may expedite compliance processes, they do little to reduce criminal activities or address broader social injustices like poverty and sanctions evasion. She suggests a disconnect between industry claims and their actual impact on financial crime prevention.
Read more about this podcast and Dr. Mariola Marzouk at www.hkufintech.com/regulatoryramblings
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Ep 47 with Linda Jeng
Linda Jeng is a digital economy leader and strategist with over two decades of experience in FinTech, policy, and regulation. She is the founder & CEO of Digital Self Labs, a Washington D.C.-based Web3 advisory firm. Digital Self Labs is a cross-disciplinary advisory firm combining blockchain software expertise with policy and regulatory strategy. Linda helps clients design and implement innovative solutions that empower individuals and enable interoperability, transparency, and efficiency in the financial and digital sector.
She is also a renowned scholar and educator, with affiliations at Georgetown University Law Center, Duke University Law School, and the Bank for International Settlements. She conducts cutting-edge research and teaches courses on open banking, digital identity, and decentralized finance (DeFi). and has authored several publications and contributed to influential books on these topics. She is a frequent speaker and commentator in the media, and a Forbes contributor. Linda holds a J.D. from Columbia Law School and a master's degree in EU and International Law from Université Toulouse Capitole. She speaks Mandarin Chinese, French and basic German.
In this episode of Regulatory Ramblings, she talks to host Ajay Shamdasani about an op-ed piece she wrote which was published by Coindesk entitled “The Biggest Bank Heist in History Is Coming.”
The premise and the focus of the discussion is that regulators are permitting banks to tokenize financial assets such as bank deposits, U.S. Treasuries and corporate debt. Yet, they want institutions to use permissioned networks rather than the decentralized blockchains that keep assets safe from hackers.
As Linda stated in her article: “In February, the Office of the Comptroller of the Currency’s acting head Michael Hsu announced plans for new rules on operational resilience for large banks with critical operations, including third-party service providers. Critically, that wasn’t discussed, however, was that the rules would “treat the use of permissioned networks by the big banks to tokenize real world assets and liabilities, an omission that neglects critical new vulnerabilities for the global financial system.”
A key theme of the conversation is that encouraging the use of permissioned networks over permissionless blockchains will inevitably lead to cybersecurity attacks “on a scale previously unknown as the financial system moves to tokenize trillions of dollars’ worth of real world assets and liabilities. The biggest bank heist in history is in the making.”
“By contrast, most successful crypto hacks usually involve centralized protocols where hackers only need to hack the admin keys of only one or a few actors to gain control and steal digital assets. Similarly, permissioned networks are controlled by only a few parties, so they can be more easily hacked than blockchains maintained by thousands of validators. The concentration of attack vectors in the big banks that control these permissioned networks (or the central banks that control non-blockchain ledgers) is like sticking targets on their backs,” she said.
Linda goes on to discuss how she ended up in the legal profession, what drew her to digital assets as a scholar and why she believes the worst attacks against banks have yet to come.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Ep 46 with Daniel Greenberg
Daniel Greenberg is the founder, president, and lead investigator of Greenberg Corporate Intelligence, a Washington, DC-based boutique investigations firm that commenced operations in March 2023. The firm offers research and intelligence services for private-sector clients such as support attorneys, private equity firms, hedge funds, and compliance teams.Dan has been working in the due diligence and corporate investigations field since 2010. Most recently, he was a managing director at Forward Risk, having previously worked at Kroll, Exiger and TD International.
Beginning in 2018, Dan helped grow Forward Risk from a small, newly established company with a handful of employees to a premier firm with over 25 full-time investigators. Forward Risk was acquired in November 2022, and, after a transition period, Dan left to establish his own independent firm – GCI.
He has a track record of uncovering hard-to-find facts, overcoming difficult challenges, and providing responsive service. His experience has mainly centered on investigative due diligence, shareholder activism support, litigation support, and competitive intelligence.
Dan holds a B.A. in International Affairs from George Washington University and an M.A. in Middle Eastern History from Tel Aviv University. Dan is also Certified Fraud Examiner (CFE #: 869765). Dan is licensed as a Private Detective in the District of Columbia.
The term due diligence is so often overused that in present colloquial vernacular, it is used as a quick, easy, and often lazy shorthand way of describing a plethora of background checks – varying from basic, perfunctory desk research to full blown investigations.
To tackle such misconceptions, Daniel chats with Regulatory Ramblings host Ajay Shamdasani to clarify what “due diligence” actually entails, while describing his own path as an entrepreneur.
Daniel shares his recollections about going to college in the US capital and later pursuing further graduate study - delving into the past of a long-troubled region in Israel.
The conversation goes on to delineate why investigative due diligence is (or should be) of paramount concern to the world’s largest banking and financial institutions and multinational corporations, as well as whether traditional backgrounds such as law enforcement, military service or intelligence work are necessarily the best ways to get into such work in an age when many corporate investigators are ex-journalists or researchers.
Daniel stresses that his firm’s approach to such work is focused on using open sources, public records, and interviews to identify and understand fraudulent behaviour and other risk issue.
The discussion concludes with a reflection on the tragic events following Hamas’ incursion into Israel on October 7, 2023, and Daniel shares his expertise on how, with all the intelligence and technology Israel had at its disposal, even it was taken by surprise.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Episode #45 with guest John B. Quinn, Quinn Emanuel Urquhart & Sullivan, LLP
John B. Quinn is the founder and chairman of the nearly four-decade old Los Angeles law firm Quinn Emanuel Urquhart & Sullivan. The firm has been voted the world’s "most-feared law firm" ten times by independent research provider BTI Consulting, which surveyed over 300 key legal decision-makers at the world’s largest organizations.
In fact, in BTI’s annual survey - when respondents were asked the law firm that they least wanted to face as opposing counsel – Quinn Emanuel is consistently ranked number one as the world’s most feared litigation law firm.
Since 1986, John and his partners have built the largest law firms in the world devoted solely to business litigation and arbitration – which The Wall Street Journal called a “global litigation powerhouse.” In that time, Quinn Emanuel has grown to 35 offices in 12 countries on four continents, with over 1100 lawyers, generating more than $2 billion in revenue annually. In recent years, the firm has recovered over $80 billion for plaintiffs.
John also has ties to Hollywood, where, for 33 years, he served as General Counsel to the Academy of Motion Picture Arts and Sciences, the organization behind the Oscars.
An avid mountain climber, Ironman triathlete and father of five, he is also the host of the popular podcast "Law, disrupted" - www.law-disrupted.fm.
In this episode of Regulatory Ramblings, he chats with host, Ajay Shamdasani, about how he found his way into the legal profession, his representation of the Bank of China, Alibaba, AliPay, and Ant Financial – juggernauts on the mainland Chinese banking and fintech / digital payments scene – as well as his belief in Singapore's importance as a dispute resolution centre for the Asia-Pacific. He also comments on how Hong Kong stacks up against the Lion City in that regard.
The conversation also covers the business rationale for Quinn Emanuel Urquhart’s focus on purely litigation and for not to representing the world’s largest money centre banks, notwithstanding the deep pockets for premium legal services that the world’s biggest financial institutions possess. It is an approach that has won the firm many plaudits amongst the plaintiffs’ bar writ large.
John also shares his candid thoughts on Environmental, Social and Governance (ESG) concerns at a time when such considerations in corporate operations and investing are under attack – often from prominent figures in the business world. He also comments on what can be done on the level of policy and legal reform to lure more foreign direct investment to the Middle East and Asia Pacific.
The discussion concludes with John commenting on his commitment to the arts and philanthropy and the importance of giving back to society when one attains a certain level of success – such as his longstanding service to the Academy of Motion Picture Arts and Sciences, opening the Museum of Broken Relationships in Los Angeles.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
In this episode of Regulatory Ramblings, Ron Yu and Donald Day chat with host Ajay Shamdasani on the potentially pernicious consequences of non-technically trained lawyers - specifically, those without degrees or substantial experience in science, technology, engineering or math (STEM) - offering advice in situations where technology is either implicated or at the core of the matter. The law can be unforgiving to those that are ignorant of its often arcane ways and ultimately, it is clients that pay for what lawyers either do not know or assume, the guests share.
In an age of AI, machine learning and large language models (LLMs) – they do not go as far as to say lawyers need to learn how to code, but counsel need to understand the practical legal, business, financial and reputational implications of such technologies for their clients.
Technology can, at times, change the rules of the game, Ron and Donald stress. Yet, they also point out that sometimes lawyers suggest contractual terms that are legally feasible but based on current technology, impractical – such as the Bitcoin 10-second consensus period: a performance requirement that is not possible to do. As our guests explain, if there are terms in a contract that are unworkable, it could lead to a lawyer killing a deal either out of ignorance of the underlying technology or a lack of commercial acumen.
The discussion moves onto how rare it is to find those that are technically trained and also licensed, practicing lawyers. Clearly, the more technical a subject, the less likely an average dispute resolution practitioner at the typical multinational, Anglo-American law firm is going to be up to the task. Our guests acknowledge that leaves clients a very narrow field of specialists to choose from if they want to be represented by lawyers who both understand both the law and the underlying technology involved.
Lawyers often view technology through the lens of the legal and regulatory compliance implications, with less focus on the implementation of a particular technology. How it will work, and how and where best to use it is an afterthought. As for cybersecurity, it is regarded as an IT issue, they say. If a lawyer overlooks the cybersecurity issues, Yu said, then they are glossing over important technical details which can harm a client.
The conversation concludes on the point that when it comes to 'tech lawyers', it certainly seems that, generally speaking in APAC, those practitioners that market themselves well have the biggest platforms and the loudest voices and are, therefore, regarded as authorities in their respective fields.
Clearly. there are times where there is no substitute for the right kind of technical background. For example, as Donald Day recalls, patent litigators not infrequently have to deal with solicitors who don’t understand the tech and those solicitors soon become a hindrance.
Both guests underscore the lingering perception that it is not ideal to engage in IP-related litigation in Hong Kong because of the lack of talent; even if a specialist carefully explains something to a solicitor, the latter will invariably get it wrong or simply not understand the subject matter.
Ronald Yu is the director and co-founder at MakeBell Limited. He is also a visiting fellow at the City University of Hong Kong's (CityU's) School of Law and a part-time law lecturer at Peking University.
Donald Day is the chief operating officer of FinTech start-up firm VDX, which is building a digital asset eco-system for institutional investors.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Episode 43 with guest Jon Solorzano, Vinson & Elkins
Jon Solorzano is a Los Angeles-based attorney who serves as counsel and co-head of the environmental, social, and governance (ESG) task force at the law firm of Vinson & Elkins. Prior to this role, he served as senior director for legal and corporate development at the Clorox Company.
Beyond ESG, Jon is also a highly sought-after thought leader with significant expertise in related fields such as M&A, corporate governance, securities regulation, corporate and business development, consumer products, technology, human capital management, business financial strategy, and international matters for both high-growth start-ups and established Fortune 500 companies.
Few topics are as vexatious and polarizing in contemporary times as the acronym ESG. Legendary investors such as Warren Buffet and his second-in-command, the late Charlie Munger, along with other prominent corporate and finance figures, argue that ESG should not be a consideration in investment decisions.
Against this backdrop, Jon discusses with Regulatory Ramblings host Ajay Shamdasani why ESG matters to investors, companies, and society, alongside corporate social responsibility (CSR) and diversity, equity, and inclusion (DEI). He stresses that while these concepts and movements are related and overlap to some degree, they are not necessarily the same thing. Indeed, Jon notes that those who coined the term ESG might have garnered more support for their cause had they emphasized (G)overnance rather than (E)nvironmental, as even skeptics of global warming can appreciate the importance of well-governed companies and how that affects share prices.
Jon also shares insights into his upbringing, background, and path into the legal profession, as well as how, as a transactional lawyer, he ended up leading his firm’s ESG practice.
While acknowledging the concerns of ESG detractors and naysayers, Jon predicts that 10-15 years from now, the nature of the debate and discussion will be very different. By then, few will even question the importance of ESG to the world’s well-being, he says, as millennials and Zoomers take over the reins of society in developed countries.
A telling sign that Jon's predictions are accurate is that for younger investors, ESG definitely matters as a yardstick in gauging what constitutes a socially conscious and sustainable investment.
The conversation concludes by examining the extent to which ESG mandates intersect with financial regulation, and why banking and financial institutions globally need to take ESG as seriously as their regulatory compliance and risk management requirements.
NOTE: All related links are in the #RegulatoryRamblings page at: https://www.hkufintech.com/regulatoryramblings
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Episode 42 - Jonathan Crompton, Reynolds, Porter & Chamberlain
Jonathan Crompton is a Hong Kong-based partner at the law firm of Reynolds, Porter & Chamberlain (RPC) where he helps companies and individuals navigate complex cross-border disputes and investigations involving their Asian operations, specialising in commercial matters (in particular for the retail industry), financial services and technology related disputes and cyber incidents.
And as the lead for RPC’s 'ReSecure' cyber incident response service in Asia, he advises local and multinational clients on cyber-attacks, data privacy and law enforcement investigations, as well as helping clients across the globe to recover money transferred to Hong Kong bank accounts as a result of cyber and other frauds.
Jonathan advises on all forms of disputes including litigation before national courts and arbitral tribunals operating under various rules (in particular, the HKIAC, ICC and UNCITRAL), and on investigations by regulators (notably financial services regulators such as the Securities and Futures Commission). His clients include senior individuals, asset managers, and leading multi-national corporations and brands. As a result of RPC's predominantly 'conflict-free' model for financial services disputes, Jonathan represents senior individuals and companies in claims brought by or against leading banks where other firms are often unable to act.
He is also a founding member of the Hong Kong chapter of the Crypto Fraud and Asset Recovery (CFAAR) network, the first global association for such professionals. The London chapter was launched in London in 2021, with the Hong Kong chapter formed in August 2022.
In this episode of Regulatory Ramblings, Jonathan chats with host Ajay Shamdasani about his background, upbringing and how he ended up in the legal profession. The bulk of the conversation, however, is devoted to data protection and digital assets, specifically the February raid of the offices of WorldCoin by the Hong Kong Office of the Privacy Commissioner (PCPD). They discuss the PCPD’s expression of concern about WorldCoin's collection and storage of iris scans in exchange for its WorldCoin token (WLD).
As Jonathan points out, the case was a clear example of the increasing intersection of personal data protection principles and digital assets. The conversation also covers his recent LinkedIn post in which he stated that the Privacy Commissioner Ada Chung’s action was further proof that she was flexing her existing powers – even before the amendments to the territory’s Personal Data (Privacy) Ordinance are expected to be enacted within the next year.
They also discuss what shape Jonathan envisages those amendments taking, as well as what cases he has seen in his practice in recent times involving virtual assets, digital contracts and cybersecurity, as well as related emerging methodologies, trends and themes.
USEFUL LINKS
Jonathan Crompton on RPC page and on LinkedIn
CFAAR – About Us
PCPD warning on World Coin ProjectNew book - FinTech: Finance, Technology & Regulation
HKU-SCF Fintech Academy
Asia Global Institute
Professional Certificate in FinTech
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Madhurima Mukherjee Saha
Partner, J Sagar Associates
Madhurima Mukherjee is the New Delhi-based head of the J Sagar Associates law firm’s capital markets division. She has over two decades of experience in securities offerings in both the domestic and international markets – including initial public offerings (IPOs), further offers, rights offers, qualified institutional placements and block trades.
Sometimes referred as India’s “queen of capital markets,” Madhurima has been part of some of the country’s highest profile capital raising efforts, including the 2010 Coal India IPO, which eventually raised over US$ 2.5 billion and remains one of India’s largest IPOs.
Prior to joining JSA, she was a Senior Partner at AZB & Partners until April 2020. She has also worked with Luthra & Luthra as a national head and partner until 2013 and before that, she was a partner at the firm of Amarchand & Mangaldas & Suresh A. Shroff & Co, as a partner until 2006.
Madhurima had taken credit courses and some seminars in Capital Markets at The West Bengal National University of Juridical Sciences and National Law School, New Delhi.
Given that India is currently in strong growth mode compared to much of the rest of the world, it’s no surprise that such an environment has birthed a budding start-up scene. Indeed, in the three-plus decades since the Indian economy liberalized, even more young entrepreneurs have arrived on the scene – many with dreams of becoming publicly listed companies via the IPO route. Yet, being a developing nation, myriad challenges remain for start-ups seeking public listings in India, which Madhurima delineates in her chat this episode with Regulatory Ramblings host Ajay Shamdasani.
She discusses how she found her way in the legal profession, her passion for working with startups and the challenges that they face in India beyond those of legal, regulatory, financial/liquidity and managerial issues. Madhurima stresses the challenges of getting and retaining talent, as well as the degree of governmental support – or the lack thereof – in the form of red tape, tax and support programs that Indian startups face.
The conversation concludes with her views on how the Securities Exchange Board of India (SEBI) – the country’s capital markets watchdog – can improve securities and listing rules to make it easier for the country’s startups to go public.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Ep 40 - Neha Mehta, Founder & CEO, FemTech Partners
Neha Mehta is a member of the department of mathematics at Nanyang Technological University in Singapore. She also teaches in that institution’s Master of Science program in FinTech.
Among her interests are financial inclusion using FinTech as a vehicle to achieve it, as well as climate sustainability, innovating for a blue economy and greener future, and encouraging more women to enter the tech space – evidenced by her work with the group SG Women In Tech.
Neha is also a FinTech lawyer, former diplomat, and social entrepreneur, in addition to being the author of a new book called “One Stop” on the topic of Super Apps.
As she points out new software applications are churned out every day to respond to meet people’s needs. “Super Apps,” she says, are apps that allow users to access several services from one single application. Super Apps like Grab and WeChat are gaining popularity and tech giants and FinTechs looking to stake their claim in this digital revolution. In “One Stop,” Neha traces the history of Super Apps and analyses the cultural differences in their adoption and popularity – and in some cases, the lack thereof – in the East versus the West. Through stories of well-known Super Apps and in-depth interviews with central banks, entrepreneurs, and FinTech industry experts, Neha’s book illustrates how the Super App revolution disrupts, innovates and creates opportunities.
With the COVID-19 pandemic as a background highlighting the need to move to digital platforms, “One Stop” also examines how Super Apps can potentially create an inclusive and sustainable world for all, in a future that looks increasingly digital.
With that as a launching pad, Neha shares with Regulatory Ramblings host Ajay Shamdasani about her upbringing in Bangalore, as well as how she first got interested in matters of financial inclusion, climate sustainability, the green economy and women in tech, and what she sees as the interconnections between them – namely, economic growth and good stewardship of the planet.
The discussion also delves into creating talent pools in the tech entrepreneur and/corporate realms with an eye towards seeing more women at the decision-making table in boardrooms. A key part of the equation, Neha says, is getting more females enrolled in STEM subjects earlier in life. In that vein, she stresses the need for policy frameworks incentivizing parents of young girls to send them to schools which are focused on how they can be software engineers, or enter the emergent fields of artificial intelligence or data management.
She goes on to share her views about the tech ecosystem and entrepreneurial environment in Singapore, drawing on her experiences. In 2019, Neha set up a company called FemTech Partners with the aim of representing women in tech – especially the fintech space. The focus was on how to make them financially resilient and receive the pro bono mentorship they need.
The conversation includes Neha’s thoughts on being a member of the math faculty at NTU, as well as summarizing the key conclusions, observations and policy recommendations of her book.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Yesha Yadav is the Milton R. Underwood Chair at Vanderbilt Law School, the Robert Belton Director of Diversity, Equity and Community and , and Associate Dean in addition to being a Professor of Law and Faculty Co-Director of the school’s LLM program at Vanderbilt University Law School.
Her research interests are in financial market and securities regulation, and corporate bankruptcy law – focusing on market structure, exchange design, payments, digital asset regulation, distressed debt and restructuring.
Before joining Vanderbilt's law faculty in 2011, Yesha worked as a legal counsel with the World Bank in its finance, private-sector development and infrastructure unit, where she specialized in financial regulation and insolvency, and debtor-creditor rights. Before joining the World Bank in 2009, she practiced from 2004-08 in the London and Paris offices of Clifford Chance in the firm's financial regulation and derivatives group. As part of her work in the area of payments regulation, she advised the European Payments Council on the establishment of the Single Euro Payments Area.
Since joining Vanderbilt, Yesha has served as an honorary advisor to India’s Financial Services Law Reform Commission and on the Atlantic Council’s Task Force on Divergence, Transatlantic Financial Reform and G-20 Agenda. She has served as a member of the Commodity Futures Trading Commission’s Technology Advisory Committee, where she sat on the Distributed Ledger Technology and Algorithmic Trading Subcommittees.
She earned an MA in Law and Modern Languages at the University of Cambridge, after which she earned an LLM at Harvard Law School. She was a Vanderbilt University Chancellor Faculty Fellow for 2019-21
In this episode of Regulatory Ramblings, she chats with host Ajay Shamdasani on the future of money and the shape currency and payment mechanisms will take in the coming decade. Money and payments have experienced a significant redesign over the last decade with money becoming increasingly digital cash use declining rapidly – especially since the pandemic, in countries like Sweden and urban China where cashlessness is the norm.
Yesha shares her views on technologies combining digital banking and smartphones spurring a rapid restructuring of the payments architecture for everyday consumers and businesses. The conversation looks at the design of payment systems, the inefficiencies that exist even as such systems have been scaled – including financial exclusion for lower income communities and communities of color – as well as the efficacy of emerging digital asset solutions such as stablecoins, where tokenized representations of currencies like US dollar or the Euro move on rapidly computer networks (blockchains), transferring money in minutes and cheaply.
The discussion moves on to exploring the risks emerging with a highly bank centric payments system (as is the case in the US less so in EU). As shown in the U.S. in March 2023, bank collapses mean that payment systems can also be disrupted (e.g., the collapse of Signature Bank caused a big disruption to the Signet payment system). Further, money kept by non-bank payment providers at US banks was also in peril where accounts exceeded the federal insurance limit (e.g., Circle had over US$3 billion in cash reserves held at SVB).
The chat concludes with Yesha’s thoughts some of the tensions arising from the current trend toward digitization and the potential for blockchain-based decentralized finance to take off and gain more mainstream acceptance.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. -
Lisa Nestor is a Los Angeles-based fintech expert and pioneer in the field of electronic payments. She currently serves as the chief strategy officer at AirTM. Under her watch, AirTM has successfully facilitated over 26 million transactions, and expanded access to commerce to international businesses both large and small, creating a user-friendly tool benefiting millions of people worldwide.
After just a year in the FinTech field, Lisa introduced by a UCLA professor from her MBA days, to Jed Michaela, then CEO of the Stellar Development Foundation - a non-profit foundation supporting the Stellar ledger: an open, decentralized blockchain ledger focused on payments and providing open financial infrastructure. Before transitioning to AirTM, Lisa spent five and half years at Stellar, where she focused on partnerships and later, ecosystem development. As she puts it, the beauty of AirTM is that it leverages Stellar ledger.
With a passion for innovation, implementation and strategy within the shifting fintech landscape, Lisa’s knowledge is much sought after by entrepreneurs, developers and C-Suite executives.
In this episode of Regulatory Ramblings, she talks to our host Ajay Shamdasani about her time in the Peace Corps, how she got into FinTech and payment systems as a ‘non-techie’ as well as AirTM’s long term goals and achievements thus far. Their conversation also delves into how firms operating in the FinTech and crypto realms should they adjust their business strategies to factor in digital money and cross-border payments and the attendant regulations that go along with them.
Lisa also shares her views on financial inclusion, making money easily accessible and immediately available, and utility of decentralized ledgers. She also talks about the challenges of operating across 190 countries with 400 unique payment methods globally. The discussion underscores the need for proper cross-border payment infrastructure to support the digital economy, which begs the question – who will set the rules of such new financial architecture – the industry or governments?
The conversation concludes with Lisa’s thoughts on stablecoin digital currencies outside national currencies (especially amongst those concerned about digital financial sovereignty), whether self-custody wallets the solution to digital financial sovereignty and what parts of the world beyond Dubai are worth watching for developments in FinTech and payment systems.
HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com. - Se mer
