09 August 2023

HOW THE METAVERSE, CRYPTO & NFTS ARE CHANGING MODERN BUSINESS

Speaker:Byron Wolfe, Founder of CFO • AF, a financial services and business consulting firm specializing in industries ranging from construction to crypto; CFO of an INC 5000 company; Fractional CFO of various companies with annual revenues ranging from US$3-25 million.
Abstract: Talks to Regulatory Ramblings’ host Ajay Shamdasani about what originally put him on the entrepreneurial path, and how the Metaverse and virtual assets such as cryptocurrencies and NFTs are fundamentally altering the face and structure of business. They also discuss the impact of DAOs and the benefits of crypto tax strategies. 

26 July 2023

THERE IS NO ONE PATH TO BECOMING A TECH ENTREPRENEUR

Speaker:Karena Belin
Abstract: Karena discusses the challenges she faced and the valuable lessons she learned along the way. Karena also addresses gender diversity issues in the financial services and tech industries, highlighting the underrepresentation of women and the importance of early exposure to technology. Her empowering perspective on breaking barriers and empowering future tech entrepreneurs will leave you inspired and motivated. Don’t miss this opportunity to gain valuable insights from her experiences and learn about the diverse paths to success in the tech industry.

18 July 2023

HKU-SCF FINTECH TALK SERIES – DIGITAL PAYMENTS AND CONSUMPTIONS: EVIDENCE FROM THE 2016 DEMONETIZATION IN INDIA

Speaker: Professor Sumit Agarwal, Low Tuck Kwong Distinguished Professor of Finance, Economics and Real Estate; Managing Director, Sustainable and Green Finance Institute; Head, Department of Real Estate; President, Asian Bureau of Finance and Economics Research, National University of Singapore and ABFE
Abstract:We study how consumer spending responds to digital payments, using the differential switch to digital payments across consumers induced by the sudden 2016 Indian Demonetization for identification.  Usage of digital payments rose by 2.94 percentage points and monthly spending increased by 2.38% for an additional 10 percentage points in prior cash dependence.  Spending remained elevated even when cash availability recovered. Robustness analyses show that the spending response is not driven by income shocks, credit supply, price changes, or consumers’ moving to the formal market. We provide evidence that digital payments increase consumer spending due to subdued salience.

 

12 July 2023

HUMANIZING RULES IN ETHICS AND COMPLIANCE

Speaker: Christian Hunt, Founder of Human Risk, Author of the new book ‘Humanizing Rules: Bringing Behavioral Science to Ethics and Compliance.’
Abstract:Mr Christian talks to Regulatory Ramblings’ host Ajay Shamdasani about how employees aren’t necessarily interested in endless rounds of training to test for recognition of rules and regulations, though that was somehow a proxy for fostering a sound compliance culture – be it in the financial sector or the corporate world more broadly. They also discuss how weeding out bad actors won’t fix environmental factors when ‘systemic rot’ has set into an organization and how one of the worst ways to make employees turn against their employers is to send the message that the former are not trusted.

28 June 2023

HONG KONG’S NEW VIRTUAL ASSET REGULATORY REGIME/FRAMEWORK: A MILESTONE FOR ASIA

Speaker: Vince Turcotte and Jonathan Dixon
Abstract:Hong Kong’s new virtual asset regulatory regime went into effect on June 1. Much of the fanfare surrounding it stems from the notion that retail investors in the territory will soon be able to purchase cryptocurrencies and digital assets, writ large, from licensed exchanges. Clearly, the SAR is positioning itself to become a virtual asset hub, with the start of applications for licenses to run trading platforms and exchanges already underway.
In this situation, Turcotte and Dixon share their views on the most common VATP queries from their clients, as well as if more regulation might be needed as retail investors continue flocking to virtual assets. The conversation concludes with an outline of key steps local trading platform providers need to take – especially regarding licensing requirements.

14 June 2023

WHAT DOES IT MEAN TO BE A WEB3 LAWYER?

Speaker: Jamilia Grier, founder and chief executive officer of the firm training and consulting firm ByteBao
Abstract:The conversation revolves around the topic of Web3 and its implications for the legal profession. The speaker, Jamilia, discusses how to understand and approach Web3 as a lawyer in an era of rapid technological advancements. They also touch upon the presence of technophobia among older generations of legal practitioners and the impact of generative AI platforms like ChatGPT on the legal profession. The discussion concludes with an exploration of the metaverse and its connections to contract terms, intellectual property issues, transfers of digital property, and non-fungible tokens (NFTs). The overarching theme is that the law is interconnected with these emerging technologies and needs to adapt accordingly.

6 May 2023

THE FINANCIALISATION OF EVERYTHING: ANYTHING THAT CAN BE DIGITISED CAN BE FINANCIALISED

Speaker: Emmanuel Daniel, founder of The Asian Banker (TAB)
Abstract: The “Finansialization of Everything” is a term few have heard of. Yet, personalised financial technology – like cryptocurrencies and blockchain – has the power to alter how people regularly interact. Our guest, Emmanuel Daniel, highlights in his book how emerging FinTech and never-before-seen transactions are fundamentally changing the roles of institutions, markets, and the commanding heights of the world economy. His insights provide fintech players with an out-of-box perspective of how they will bring about disruption and innovation.

20 April 2023

THE WAR ON DIRTY MONEY: DEMYSTIFYING MONEY LAUNDERING

Speaker: Nicholas Gilmour and Tristram Hicks
Abstract:The discussion focuses on the concept of money laundering and its relationship to criminal activities. The authors of the book “The War on Dirty Money,” Nicholas Gilmour and Tristram Hicks, agree with the United Nations’ definition that money laundering involves handling illicitly obtained funds, whether from criminal acts or serious regulatory violations. They argue that money laundering is not a victimless crime as these funds are often used to finance various criminal enterprises.
In a conversation with “Regulatory Ramblings” host Ajay Shamdasani, they highlight that money laundering is not merely a series of stages and techniques but, at its core, it involves the transmission of value. While such transfers are often concealed through multiple layers of obfuscation, the fundamental aspect remains that there is either a purchase being made or some other form of transaction taking place.

11 April 2023

INDIA: THE REGULATORY LANDSCAPE FOR FINTECH, DIGITAL ASSETS & PAYMENT SYSTEMS

Speaker: Aaron Kamath and Purushotham Kittane
Abstract:
• The evolving landscape of fintech models in India: Contributing factors and investments
• The traditional role of payment service providers viz card networks and banks: Recent fundamental shift in the licensing regime
• Digital lending: Evolving models, buy-now-pay-later, and recent guidelines on lending apps
• E-wallets: Co-branding and white-labeling issues, and cross-border fund flow issues
• UPI and mobile-based banking: Arteries of India’s digital payments ecosystem
• The regulatory conundrum around cryptocurrencies
• Taxation and virtual digital assets
• CBDCs and the move towards ‘E-Rupees’

22 March 2023

KELLY-ANN MCHUGH: THE CHALLENGES OF BEING A COMPLIANCE ENTREPRENEUR

Speaker: Kelly Ann McHugh, Singapore-based director for My Compliance Office for the Asia-Pacific
Abstract: The talk focuses on the importance of continued education in the corporate world and providing customized and practical training for employees. The speaker discusses the value of compliance, the perceptions surrounding the compliance function, and the unique experiences of being a woman in a predominantly male-dominated field. They also delve into the challenges of being an entrepreneur and the implications of technological advancements for the compliance profession as a whole.

08 March 2023

OONAGH VAN DEN BERG: WHAT DOES IT TAKE TO BE A COMPLIANCE OFFICER?

Speaker: Oonagh Van Den Berg, founder of the compliance consultancy firm VRS (Virtual Risk Solutions) and RAW Compliance
Abstract: In this episode, the speaker engages in a conversation with Ajay Shamdasani about the requirements and qualities needed to be a successful compliance officer, including skills, knowledge, and temperament. They also address the specific challenges faced by women in male-dominated fields like financial services, law, and compliance. The role of technology in the legal and compliance professions is explored, emphasizing its impact on future practices. The discussion touches upon the tendency to rely on credentials as a measure of experience and highlights the significance of continuous upskilling and lifelong learning to adapt to the ever-changing landscape.

22 February 2023

THE MONEY LAUNDERING DANGERS OF CITIZENSHIP-BY-INVESTMENT SCHEMES

Speaker: Ken Rijock
Abstract:We live in an age where citizenship is seen as a commodity and those of means accumulate multiple passports and residency permits – permanent or otherwise – as contingency plans for themselves, their families, and dependents. To keep their options open, the ideal, most sought-after jurisdictions are those in the developed world with stable societies, rule of law and in general, places that are safe for one’s health, wealth, and personal safety, with passports that are respected in the international community that afford one the greatest degree of visa-free travel. In this episode, the anti-money laundering (AML), know-your-customer (KYC) and politically exposed person (PEP) risks associated with citizenship and residency by investment schemes in places such as Malta, Cyprus, Nevis and St. Kitts – with strong interest emanating from places such as mainland China, India, Russia and the Middle East will be discussed.

08 February 2023

UNPACKING AML AND FINANCIAL CRIME COMPLIANCE WITH ACAMS SENIOR APAC LEADER

Speaker: Ken Rijock, Hue Dang, Global Head of New Ventures, and Senior Asia-Pacific Leader, of the Association of Certified Anti Money Laundering Specialists (ACAMS)
Abstract: In this episode, Hue Dang talks about ACAM’s growth and influence in AML and financial crime compliance. Hue also shares her background and how she was drawn to a career in AML and compliance and discussed the increasing automation of financial crime and its impact on the industry.

25 January 2023

DIAMONDS ARE FOREVER…ESPECIALLY IN THE METAVERSE

Speaker: Bruno Larvol, co-founder of RXXO
Abstract: During the discussion, they explored the commercial opportunities and legal challenges associated with operating a business exclusively within the Metaverse. They examined how ‘cryptangible’ assets can imitate certain characteristics of physical assets and delved into the pervasive nature of NFTs and cryptocurrencies, as well as their regulation.

11 January 2023

CRYPTO FRAUD KNOWS NO BORDERS

Speaker: Dorothy Siron, Co-Managing partner of Zhong Lun Law Firm’s Hong Kong office
Abstract: As crypto-related frauds, such as those involving cryptocurrency theft, initial coin offerings (ICOs) and ransomware attacks, become more pervasive and sophisticated, lawyers, Internet security experts, regulators and law enforcement are under greater pressure to respond swiftly and effectively to a relatively new field they are still struggling to understand. Ultimately, it will require a multidisciplinary and multi-party approach to provide the victims of fraud with appropriate redress and make them whole.

4 January 2023

CBDCS AND DEFI: THE ROAD AHEAD

Speaker: Oriol Caudevilla, board director, Secretary General and co-leader of the Financial Inclusion and CBDCs Working Groups at the Global Impact FinTech (GIFT) Forum, chairman of the Private Digital Euro Working Group at the Digital Euro Association (D€A)
Abstract: The abstract of the talk on the latest episode of Regulatory Ramblings revolves around the prospects for central bank digital currencies (CBDCs) and decentralized finance (DeFi). The discussion primarily focuses on exploring the potential impact and future implications of these emerging financial technologies. The talk likely delves into the benefits and challenges of CBDCs, such as increased efficiency, financial inclusion, and potential risks. Additionally, it may touch upon the growth and significance of DeFi in the context of traditional financial systems, highlighting its decentralized nature, potential benefits, and regulatory considerations. Overall, the talk aims to provide insights and analysis regarding the evolving landscape of CBDCs and DeFi and their regulatory implications.

14 December 2022

REFLECTIONS OF AN AML WHISTLEBLOWER: A CHAT WITH EVERETT STERN

Speaker: Everett Stern
Abstract: The talk highlights the limited opportunities for individuals of average intelligence and ability outside of banking and financial services to achieve a middle-class lifestyle. This situation is not exclusive to financial hubs like New York City and London but also applicable to Hong Kong and the broader Asia-Pacific region.

5 December 2022

CHINA AND TRANSNATIONAL CRIME

Speaker: Channing Mavrellis and John Cassara
Abstract: The talk focuses on mainland China’s involvement in four transnational crimes: drug trafficking, counterfeiting and intellectual property (IP) theft, human trafficking, and wildlife trafficking. It also discusses the illicit financial flows (IFFs) associated with these criminal activities.

15 November 2022

BUILDING A BRIDGE WITH CBDC

Speaker: Bénédicte Nolens, head of the bisbribiz (BIS) Innovation Hub (Hong Kong Centre)
Abstract: The talk discusses central bank digital currencies (CBDCs) and their legal and compliance implications. Bénédicte highlights the mBridge pilot scheme, a project involving multiple central banks using distributed ledger technology (DLT) for cross-border CBDC payments. The talk explores the benefits and challenges of this collaborative approach. The talk also touches on topics like women-led management in finance and legal sectors, as well as work-life balance during the COVID-19 pandemic.

8 November 2022

HONG KONG AS A HUB FOR VIRTUAL ASSET INVESTORS: WHAT YOU NEED TO KNOW

Speaker: Angelina Kwan
Abstract: This HKU FinTech Day 2022 Special episode of Regulatory Ramblings features a full conversation with Angelina Kwan, CPA, CA ANZ, about Hong Kong’s just-off-the-press policy announcements to help pave the way for the city to become a global hub in virtual asset trading, Web3 and Fintech as a whole. Angelina will talk about how and what such an ambitious goal will require, along with the pitfalls, the need for investor protection and why the initiative matters to young people and for Hong Kong as an International Financial Centre.

30 September 2022

COUNTER-MONEY LAUNDERING VS. ANTI-MONEY LAUNDERING: WHAT IS THE DIFFERENCE?

Speaker: Nigel Morris-Cotterill
Abstract: In this episode of Regulatory Ramblings, Ajay Shamdasani is joined by Nigel Morris-Cotterill, counter-money laundering strategist and financial crime author, in a discussion on the underlying causes of money laundering offences happening around the globe. As criminals aim to conceal data and information behind unlawful activities, how can authorities and governing bodies get to the root of the problem? Could journalists play a stronger role in chasing the right leads to cases?

05 September 2022

HKU-SCF FINTECH TALK SERIES – DO NOT PUT ALL EGGS IN ONE BASKET: SECURING YOUR WALLET WITH THRESHOLD CRYPTOGRAPHY

Speaker: Dr. Haiyang Xue, Research Assistant Professor at Department of Computer Science, Faculty of Engineering, HKU
Abstract: Cryptocurrency and other blockchain-based digital assets rely on digital signatures to authorise transactions. An account owner could use his/her private signing key to sign a transaction and transfer the money. Thus, the theft of a private signing key immediately means financial loss.
In this talk, Dr. Xue will introduce a cryptographic tool, called threshold cryptography, to provide a high level of private key protection and reduce the risk of financial loss. Threshold cryptography follows the philosophy of “Do not put all your eggs in one basket”. It achieves security by sharing the private key in multiple devices and conducting the signing operation via a secure protocol that reveals nothing but the final signature. Dr. Xue will talk about its development, state-of-the-art, and applications in the area of FinTech.

1 September 2022

HONG KONG’S DIGITAL ASSET COMPLIANCE CHALLENGES

Speaker: Urszula MaCormack
Abstract: The advent of digital assets has taken an interesting path. These days, DeFi (decentralized finance), NFTs (non-fungible tokens) and CBDCs (central bank digital currencies) are the concepts and acronyms that are en vogue. Indeed, it now seems passe to speak of the genesis of it all in 2009, when someone named “Satoshi Nakamoto” released a paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. It begs the question: can the implicit promise and deepest aspirational goal of Satoshi’s paper of fairer terms of transactional exchange – and consequently, a more just world through the use of Blockchain technology – ever truly be reached? Will the impact of such technology ever go beyond just creating e-currencies and payment systems whereby their effects will mainly be felt in financial and economic realms, or will they impact other aspects of the human condition?

17 June 2022

HKU-SCF FINTECH TALK SERIES – BLOCKCHAIN: A FINANCIAL REGULATORY CRYPTOGRAM

Speaker: Dr. Evan C. Gibson, Research Assistant Professor at Faculty of Law, HKU
Abstract: Blockchain is typically associated with cryptocurrencies and in particular Bitcoin. However, blockchain can function quite differently to the mainstream perception. For example, in recent years divergent blockchain designs have been adopted by financial regulators in the area of financial market infrastructure. In this presentation, Dr. Gibson examines various design considerations and types of blockchain to elucidate the cryptogram between this emerging technology and financial regulation.

21 April 2022

HKU-SCF FINTECH TALK SERIES – CULTURE AND THE ADOPTION OF FINTECH IN AFRICA

Speaker: Dr. Jiafu An, Research Assistant Professor at HKU Business School
Abstract: Mobile money brings substantial benefits to people’s wellbeing. It facilitates risk management through enabling transactions across space, increases capital accumulation by providing safe storage of savings, and helps structural transformation of society by lowering the cost of rural migration. However, despite these benefits, there is a substantial variation in mobile money adoption rates across countries and regions with a country. In this study, we examine whether and how kinship ties affect the adoption of this particular type of financial technology. We find that strong kinship ties improve people’s adoption of mobile money and this result holds across countries, sub-national regions, and people within ethnic homelands. Exploring the channels, we discover that the result is mainly driven by demand for geographically disparate transactions (e.g., remittances).

17 January 2022

HKU-SCF FINTECH TALK SERIES – VISUAL ANALYTICS AND DATA-DRIVEN MINING TECHNIQUES FOR CRYPTOCURRENCY TRANSACTIONS

Speaker: Dr. Yujing Sun, Research Assistant Professor at Department of Computer Science, Faculty of Engineering, HKU
Abstract: Cryptocurrency is sparking an economic revolution. Both Industry and academia urge to understand different types of cryptocurrency data. In this talk, I will talk about two kinds of analytical methods, one is human-centered visual analytics which focuses on how to demonstrate data in a more understandable way. Another is data-driven mining techniques that can find anomalies, patterns, and correlations within cryptocurrency transaction data. Both of the methods are popular and useful but enable users to interpret cryptocurrency data from different perspectives. Collectively, they provide an integrated solution for cryptocurrency data understanding from the data-backend as well as from the visualization frontend.

05 September 2022

HKU-SCF FINTECH TALK SERIES – DO NOT PUT ALL EGGS IN ONE BASKET: SECURING YOUR WALLET WITH THRESHOLD CRYPTOGRAPHY

Speaker: Dr. Haiyang Xue, Research Assistant Professor at Department of Computer Science, Faculty of Engineering, HKU
Abstract: Cryptocurrency and other blockchain-based digital assets rely on digital signatures to authorise transactions. An account owner could use his/her private signing key to sign a transaction and transfer the money. Thus, the theft of a private signing key immediately means financial loss.
In this talk, Dr. Xue will introduce a cryptographic tool, called threshold cryptography, to provide a high level of private key protection and reduce the risk of financial loss. Threshold cryptography follows the philosophy of “Do not put all your eggs in one basket”. It achieves security by sharing the private key in multiple devices and conducting the signing operation via a secure protocol that reveals nothing but the final signature. Dr. Xue will talk about its development, state-of-the-art, and applications in the area of FinTech.

17 June 2022

HKU-SCF FINTECH TALK SERIES – BLOCKCHAIN: A FINANCIAL REGULATORY CRYPTOGRAM

Speaker: Dr. Evan C. Gibson, Research Assistant Professor at Faculty of Law, HKU
Abstract: Blockchain is typically associated with cryptocurrencies and in particular Bitcoin. However, blockchain can function quite differently to the mainstream perception. For example, in recent years divergent blockchain designs have been adopted by financial regulators in the area of financial market infrastructure. In this presentation, Dr. Gibson examines various design considerations and types of blockchain to elucidate the cryptogram between this emerging technology and financial regulation.

21 April 2022

HKU-SCF FINTECH TALK SERIES – CULTURE AND THE ADOPTION OF FINTECH IN AFRICA

Speaker: Dr. Jiafu An, Research Assistant Professor at HKU Business School
Abstract: Mobile money brings substantial benefits to people’s wellbeing. It facilitates risk management through enabling transactions across space, increases capital accumulation by providing safe storage of savings, and helps structural transformation of society by lowering the cost of rural migration. However, despite these benefits, there is a substantial variation in mobile money adoption rates across countries and regions with a country. In this study, we examine whether and how kinship ties affect the adoption of this particular type of financial technology. We find that strong kinship ties improve people’s adoption of mobile money and this result holds across countries, sub-national regions, and people within ethnic homelands. Exploring the channels, we discover that the result is mainly driven by demand for geographically disparate transactions (e.g., remittances).

17 January 2022

HKU-SCF FINTECH TALK SERIES – VISUAL ANALYTICS AND DATA-DRIVEN MINING TECHNIQUES FOR CRYPTOCURRENCY TRANSACTIONS

Speaker: Dr. Yujing Sun, Research Assistant Professor at Department of Computer Science, Faculty of Engineering, HKU
Abstract: Cryptocurrency is sparking an economic revolution. Both Industry and academia urge to understand different types of cryptocurrency data. In this talk, I will talk about two kinds of analytical methods, one is human-centered visual analytics which focuses on how to demonstrate data in a more understandable way. Another is data-driven mining techniques that can find anomalies, patterns, and correlations within cryptocurrency transaction data. Both of the methods are popular and useful but enable users to interpret cryptocurrency data from different perspectives. Collectively, they provide an integrated solution for cryptocurrency data understanding from the data-backend as well as from the visualization frontend.