Showing posts with label Douglas Arner. Show all posts
Showing posts with label Douglas Arner. Show all posts

Monday, January 5, 2026

Douglas Arner et al on Datafying sustainable finance: Efficiency and impact by design (European Law Journal)

"Datafying sustainable finance: Efficiency and impact by design"
Dirk A. Zetzsche, Marian Unterstell, Ross P. Buckley, Douglas W. Arner
European Law JournalVolume 31, Issue 3, pp. 203-226
Published online: November 2025

Abstract: The ongoing implementation of the EU's Sustainable Finance Strategy has led to a significant development of EU law to finance and facilitate the transition of the real economy towards sustainability. We argue first that this strategy, at its core, is a data strategy, requiring the datafication of the entire European financial, production and services sectors. The ongoing process of datafication will extend to data concerning externalities previously not incorporated into quantitative financial models and analysis. Second, we look at other datafication processes in finance to identify regulatory lessons for the EU's Sustainable Finance Framework in light of the European Commission's Simplification and Burden Reduction agenda in finance. We recommend the implementation of digital reporting standards developed in tandem by industry and regulators; the utilisation of Green RegTech and SupTech, centralised and enabled via digital reporting infrastructure; and the facilitation of the use of official estimates to both ensure proportionality and reduce the regulatory burden of reporting entities, with a focus on small and medium enterprises.

Wednesday, December 17, 2025

HKU–ALSA Young Scholars Conference Successfully Held at the University of Hong Kong

The HKU–ALSA Young Scholars Conference was successfully held at the University of Hong Kong from December 5 to 6, 2025. The two-day conference brought together early-career scholars and senior academics from diverse jurisdictions to engage in in-depth discussions on emerging frontiers in legal research. As the second installment of the ALSA Young Scholars Conference series, following its inaugural meeting at Singapore Management University in 2024, the conference reaffirmed the series’ longstanding commitment to supporting and advancing early-career scholarship.


At the core of the conference were presentations by twelve early-career scholars, whose papers were rigorously selected by the organizing committee from more than 130 submissions spanning five continents. The participating scholars represented leading institutions, including Tsinghua University, the University of Hong Kong, the University of Macau, the National University of Singapore, the University of Cambridge, and the Pontifical Catholic University of Paraná in Brazil. Their research addressed a wide range of jurisdictions, including China, the United States, Europe, Southeast Asia, and South America. The organizing committee comprised Dr. Zhicheng Huang, Global Academic Fellow at the Faculty of Law, University of Hong Kong; Professor Akshaya Kamalnath of the Australian National University; and Professor Amnart Tangkiriphimarn of Thammasat University.

The conference opened with welcoming remarks by Professor Fu Hualing, Dean of the Faculty of Law at the University of Hong Kong, and Professor Tan Cheng Han, President of the Asian Law Schools Association and Professor at the National University of Singapore. This was followed by a leadership roundtable on Asian Legal Education, which brought together four law school deans, including Dean Fu Hualing; Professor Tan Cheng Han, former Dean of the law schools at the National University of Singapore and City University of Hong Kong; and Professor Sida Liu, Associate Dean of the Faculty of Law at the University of Hong Kong. The roundtable explored how Asian law schools can balance localization and internationalization, and how legal education should respond proactively to the challenges posed by artificial intelligence to both the legal profession and curriculum design.


Over the course of the conference, four thematic sessions focused on Empirical Legal Studies, AI and Law, Commercial Law, and Data and Information. Each session provided a supportive and intellectually rigorous setting for sustained exchange between early-career scholars and senior academics. The twelve presenters engaged in close and dynamic dialogue with their discussants, benefiting from detailed and constructive feedback on their research.

In the Commercial Law session, Dr. Guo Shuai, Associate Professor at China University of Political Science and Law, introduced his original comparative law concept of Interadaptationism and, building on this framework, examined the role of the Global South in reshaping the future of bankruptcy law. He noted that the conference was thoughtfully designed and particularly effective in fostering a scholarly community that encouraged deep engagement among early-career researchers from diverse disciplinary backgrounds.


Professor Cheng Jin-Hua of Shanghai Jiao Tong University served as a discussant in the Data and Information session, where he commended the overall quality of the selected papers and expressed his hope for closer collaboration between universities in mainland China and Hong Kong in the training of young scholars. Professor Wang Jiangyu of City University of Hong Kong acted as a discussant in the AI and Law session, emphasizing that mentoring early-career scholars is a core responsibility of senior academics and highlighting the unique value of young scholars conferences as platforms for sustained academic support.

In addition to the thematic sessions, three keynote addresses collectively outlined a clear pathway for scholarly development. Professor Benjamin Chen of the University of Hong Kong spoke on interdisciplinary research, illustrating how law and economics and empirical methods can be mobilized to address complex legal problems. Professor Wang Jiangyu, drawing on his experience as editor-in-chief of two leading academic journals, offered guidance from an editor’s perspective and underscored the importance of clearly articulating a paper’s original scholarly contribution. Professor Douglas Arner of the University of Hong Kong focused on impactful legal research, arguing that impact should be understood not merely as an ex post assessment, but as an ex ante research orientation that guides scholars in framing research questions and selecting materials.


In the closing remarks, the organizing team expressed its sincere appreciation to all speakers, discussants, and administrative colleagues for their dedication to academic mentorship and careful engagement with the presented work. The team also expressed its hope that future editions of the Young Scholars Conference will continue to provide sustained and meaningful support for the academic development of early-career scholars.

Friday, November 21, 2025

Douglas Arner et al on Building Digital Payment Ecosystems: Digital Financial Infrastructure, Financial Inclusion, and the UN Sustainable Development Goals (Cal W ILJ)

"Building Digital Payment Ecosystems: Digital Financial Infrastructure, Financial Inclusion, and the UN Sustainable Development Goals"
Douglas Arner, Sijuade Animashaun, Yixiao Cai, Kuzi Charamba
California Western International Law Journal, Volume 55, Number 1 (2024)
Published online: March 2025

Abstract: This article examines how digital payment innovation and supporting initiatives, such as infrastructure and regulation, can foster micro, small, and medium enterprise (MSME) access to finance. This expanded access in turn supports broader sustainable development as reflected in the United Nations Sustainable Development Goals (SDGs). Achieving these goals requires thoughtful consideration and management of technological and a range of other risks and impacts across jurisdictions and governance levels.

     Digital payment platforms serve as collectors, aggregators and (in some cases) providers of MSME financial and other data. This supports lending, low-cost agent-assisted financial transactions, financial products, and services by conventional banks, micro-finance institutions (MFIs), and non-bank financial institutions. Importantly, the data provided by these platforms can facilitate cash flow analysis and factoring (a form of alternative credit data) in which MSMEs use receivables as collateral (complementing other forms of collateral, such as real properties) to access finance within traditional lending institutions or elsewhere. 

   As consumer confidence in e-commerce platforms boosts the digital presence of MSMEs, new markets for MSMEs (particularly small retail shops, such as “mom-and-pop” stores providing last-mile services to unbanked and underserved segments in remote areas) emerges. Yet, there have been increasing concerns among policymakers and regulators at national, regional, and international levels......(Please click here to read the full text.)

Monday, September 1, 2025

Douglas Arner et al on Building Open Finance: From Policy to Infrastructure (Notre Dame Journal of International & Comparative Law)

"Building Open Finance: From Policy to Infrastructure"
Douglas Arner, Ross Buckley, Christine Wang, and Dirk Zetzsche
Notre Dame Journal of International & Comparative Law
Volume 15, Issue 1 (2025)
Published online: June 2025

Abstract: As one of the most digitalized sectors of the economy, finance is increasingly dependent on data. Over the past decade, the implementation of Open Banking and Open Finance in an increasing number of major jurisdictions around the world, including the European Union (EU), the United Kingdom (UK), Australia, Brazil, and the United Arab Emirates (UAE), seeks to break down data silos, empower consumers, and increase competition among financial service providers, aiming to maximize the value of financial data for innovation, growth, and competitiveness. In addition to mandatory requirements, other governance approaches to Open Finance, including collaborative arrangements and voluntary initiatives, are emerging. For example, Singapore and Hong Kong are actively supporting the development of Open Finance through collaboration between regulators and industry, while both China and India are seeking to develop new approaches to making data available to support development, innovation, and competitiveness. In the United States (US), industry associations have promoted Open Finance practices, and a new mandatory rule from the Consumer Financial Protection Bureau (CFPB) on personal financial data rights is currently pending.

There are complex problems in the interaction between financial regulation and data governance in Open Finance. Customer data shared through an Open Finance system is both subject to financial regulatory requirements, such as rules governing the collection, processing, and use of financial data, and to the general governance framework for data protection. Furthermore, Open Finance initiatives adopted by different jurisdictions affect information sharing in domestic financial markets and in the cross-border transfer of financial data. The trend towards data localization and the asymmetry of data sharing leads to an unlevel playing field between market players, thereby exacerbating the problem of regulatory fragmentation in Open Finance regimes. Given the evolving nature of digital finance and the complexity of integrating data into its process, the main challenge is to develop appropriate governance approaches that can maximize the benefits of data sharing while mitigating new cross-cutting challenges in finance and data regulation.

Based on an analysis of experiences to date in leading jurisdictions, we synthesize a range of policy strategies to address the complex interplay of financial regulation and data governance inherent in building Open Finance. These hold important lessons also for the US as it moves forward. The multi-disciplinary nature of Open Finance requires coordination between regulators and industry to ensure policy coherence and technical interoperability. Where financial and data regulatory regimes intersect, it is important to establish a collaborative forum and/or provide general guidance to facilitate a better understanding of Open Finance governance and improve consistency in regulatory action across sectors. In response to the increasing digitalization of the economy, there is also the need to expand the scope of data sharing from the financial sector to other industries, and thus move towards a broader Open Data framework.

Wednesday, April 30, 2025

Douglas Arner et al on Centralization in Decentralized Finance: Systemic Risk in the Crypto Ecosystem and Crypto’s Future as a Regulated Industry (Law and Contemporary Problems)

"Centralization in Decentralized Finance: Systemic Risk in the Crypto Ecosystem and Crypto’s Future as a Regulated Industry"
Douglas W Arner, Tanvi Ratna, Sijuade Animashaun, Jatin Bedi, Naveen Mishra
Law and Contemporary Problems, Volume 87, Number 2 (2025), pp. 185 - 210
Published online: April 2025

Introduction: A paradigm shift is manifesting in the global crypto ecosystem. Akin to traditional financial systems, crypto markets have developed networks of complex interrelationships between infrastructures, intermediaries and market participants. As an example, the events of the so-called “Crypto Winter” of 2022-2023, which began in early 2022 with the crash of sister tokens USDTerra and Luna and resulted in a series of cascading failures and collapses including that of the major crypto conglomerate FTX, underscore the significant potential that interconnection, interdependencies, concentration and contagion have in the evolving ecosystem. Compared to traditional finance, which is underpinned by a wide range of regulatory and supervisory interventions of central banks and other international and domestic regulatory bodies, the crypto ecosystem has until recently remained largely unregulated. This however is changing rapidly in major economies around the world and is expected to change as well in the United States, as crypto increasingly becomes a regulated industry. 

The crypto ecosystem is typically described as and characterized by decentralization and disintermediation. We have seen a range of situations however where the system does not operate in this way......

(click here to view full article)

Monday, February 3, 2025

Douglas Arner and Christine Wang on Bigtechs and the Emergence of New Systemically Important Financial Institutions: Lessons from the Chinese Experience (EILR)

"Bigtechs and the Emergence of New Systemically Important Financial Institutions: Lessons from the Chinese Experience"
Christine M. Wang, Douglas W. Arner
Emory International Law Review (Vol. 39,  Iss. 1 (2024))
Published online: December 2024

Abstract: Over the past two decades, the emergence of giant technology firms (Bigtechs) has disrupted the traditional way that financial markets operate. These technology giants have leveraged network effects, massive amounts of data, and extensive customer bases to expand into the financial sector and rapidly achieve economies of scale and scope. The expansion of Bigtechs into finance has reinforced the pre-existing trends of digitalization and datafication in finance, which has evolved into a new era of the platformization. With a substantial presence in financial markets, the development of digital finance platforms has enormous potential for enhancing financial inclusion, efficiency and sustainable development. Despite these benefits, there are also many issues and risks in relation to their involvement in financial services, such as the emergence of new “too-big-to-fail” and “too-connected-to-fail” problems and the development of new systemically important financial institutions (SIFIs). In this context, the question is how policymakers and regulators, along with industry and consumers, can effectively leverage the benefits of the platformization of finance while mitigating its risks and negative impacts.

This article focuses on the experience and lessons learned from China, in particular, as it has been a pioneer in the platformization of finance. As the potential problems arising from Bigtechs’ market dominance and economies of scale have become increasingly prominent, they have become the focus of a multi-pronged response from the Chinese government, particularly from the second half of 2020. In the context of digital finance, risks involved in platform-based and highly interconnected financial activities are being addressed via multiple areas of law, including finance, competition and antitrust, data protection and cybersecurity. Based on the Chinese experience, the broad cross-sectoral and rapidly evolving nature of Bigtech businesses requires a reconsideration of the complex interaction between different government policies and regulatory objectives.

Drawing from the lessons of China’s experience, this article frames a number of strategies and recommendations for other jurisdictions that are exploring ways to regulate the emergence of the platformization of finance. Firstly, due to the rapidly evolving nature of Bigtech businesses, it is important to develop regulatory mechanisms that allow for timely review and adaptation to facilitate understanding of innovative financial services before risk events occur. Secondly, the exclusive control of customer data by Bigtechs is likely to undermine competition in financial markets, thus requiring effective data sharing mechanisms, such as Open Finance initiatives, to break data monopolies. Furthermore, given their combination of network effects and economics of scope and scale, digital finance platforms are in increasing cases becoming systemically important. There is a need for both activity-based and entity-based regulations to address risks involved in the interconnected financial businesses of these new SIFIs.

Friday, November 22, 2024

Douglas Arner et al on Monetary Hegemony: Technological Evolution and the International Monetary System (ILJ)

"Monetary Hegemony: Technological Evolution and the International Monetary System"
Douglas W. Arner, Ross P. Buckley, Dirk A. Zetzsche, and Anton N. Didenko
Boston University International Law Journal, ILJ 42.2 — Summer 2024
Published online: October 2024

Abstract: In this article, we analyze the evolution of the international monetary system. Today’s system is built around the US dollar as the core international monetary instrument, supported by a range of international institutions (in particular the International Monetary Fund and the Bank for International Settlements) and domestic and cross-border payment systems, some public, some private, some mixed. The foundation of this system are major central banks, in particular the US Federal Reserve, responsible for US dollar issuance, and with a twin mandate for both monetary stability and economic growth along with financial stability, all backed by a range of regulatory mandates focusing on payments infrastructure and finance. This system, established after World War II as the Bretton Woods international monetary system, has evolved from one based fundamentally on gold and physical payment and financial arrangements, to one—particularly following the end of the Bretton Woods system of currencies fixed to the US dollar and the evolution of a floating exchange rate system from the early 1970s—based on digital systems, with the approximately $7.5 trillion of foreign exchange transactions each day almost entirely digital. This system however has been subject to criticism almost since its inception, with continual calls to reduce the international monetary hegemony of the US dollar. Over the past fifteen years, since the 2008 Global Financial Crisis weakened confidence in the US-led international monetary and financial order, criticisms and calls for reform have become increasingly common globally. In this Article, we highlight two aspects of international monetary evolution which have been under-addressed: the role of technology and the role of law. Following a discussion of the evolution of the international monetary system focusing in particular on the interaction of monetary hegemony, technological evolution and the role of legal arrangements (public, private, domestic, international), we turn to our central thesis: a technological revolution in monetary and payments systems is introducing alternatives and competitors to the existing international monetary regime based on the US dollar and offers the opportunity to build an improved international system, a system which, for the first time, may not be based on a single dominant monetary instrument. We bring these various elements together to consider a range of scenarios for the future of the international monetary system, highlighting in particular new initiatives from the IMF and BIS which could serve as the basis of new international multicurrency payment arrangements. We analyze the new technologies which could underpin such a new system and the possible role of a Digital Dollar. We conclude that the geopolitics of a multipolar world coupled to the evolution of enabling technologies may well result in a small number of major economy central bank digital currencies and currency areas, eliminating the historical pattern of monetary hegemony. There is a clear need to redesign systems to support international monetary and payment arrangements as a public good, and we explore how this might be achieved.

Wednesday, June 5, 2024

Douglas Arner et al on The financialisation of Crypto: Designing an international regulatory consensus (CLSR)

"The financialisation of Crypto: Designing an international regulatory consensus"
Douglas Arner, Dirk A Zetzsche, Ross P Buckley, Jamieson M Kirkwood
Computer Law and Security Review, Volume 53
Published online: May 2024

Abstract: Bitcoin was presented in 2008 as a technology-driven alternative to the weaknesses of the traditional monetary, payment and financial systems dramatically highlighted by the Global Financial Crisis of 2008. The underlying technology – blockchain and distributed ledger technology – was posed as a technological solution to the problems of trust, confidence, transparency and behaviour traditionally addressed in finance through a framework of law, regulation and institutions (including markets and the state). Cryptocurrencies, blockchain, distributed ledger technology and decentralised finance were designed to address the weaknesses and risks in traditional finance. Yet fifteen years of evolution culminating in the Crypto Winter of 2022–23 have demonstrated that crypto is neither special nor immune and has come to feature all the classic problems of traditional finance. As the crypto ecosystem has evolved, the market failures and externalities of traditional finance have emerged – a process we term the ‘financialisation’ of crypto. These include conflicts of interests, information asymmetries, centralisation and interconnections, over-enthusiastic market participants, plus agency, operational and financial risks. We argue that (a) in order to develop successfully going forward, the crypto ecosystem needs to assimilate the centuries of experience of underpinning traditional finance with law and regulation, and (b) in the aftermath of the Crypto Winter, an international consensus is crystalising in respect of the regulation of the crypto ecosystem. We argue regulatory systems are now being instituted to ensure the proper functioning of crypto and its interconnections with traditional finance. The lessons of the financialisation of crypto also apply more broadly: appropriately designed regulatory systems are central to financial market functioning and development.

Wednesday, September 20, 2023

Douglas Arner et al on Sustainability, Financial Inclusion and Efficiency: A Trilemma or a Trifecta for the Regulation of Digital Finance? (Banking & Finance Law Review)

Zetzsche, Dirk A; Arner, Douglas W; Buckley, Ross P.
Vol. 39, Iss. 3
Published online: August 2023
Abstract: This article argues that the digital transformation of finance is being driven by the quests for (i) efficiency, (ii) financial inclusion, and (iii) sustainability. These in turn are central to regulatory approaches to digital finance. We argue that - rather than a trilemma - the three factors in fact form a mutually reinforcing trifecta which can be supported and reinforced via appropriate policy, regulation and infrastructure. These three factors are necessarily intertwined: financial inclusion underpins long-term oriented economies, and unsustainable outcomes generate numerous risks for finance.

Monday, June 26, 2023

Douglas Arner and team on Regulating Artificial Intelligence in Finance and other Regulated Industries (new book chapter)

Douglas W. Arner, Ross P. Buckley, Dirk A. Zetzsche, Brian W. Tang & Lucien J. van Romburg
Edited by Nydia Remolina & Aurelio Gurrea-Martinez (Edward Elgar Publishing, 14 Apr 2023)
Chapter 12
Abstract: This chapter develops a regulatory framework for understanding and addressing the increasing role of AI in finance, and focuses on human responsibility, the ‘human-in-the-loop’, as central to tackling AI ‘black box’ issues ie the risk that AI results in processes and operations unknown to and uncontrolled by human beings, producing undesirable results for which only the AI is responsible. Part II highlights the risks created by the increased reliance on AI in finance. Part III summarises the regulatory challenges concerning financial services AI and the tools available to address them and highlights the necessity to address the ‘black box’ problem. Part IV presents our solution to the latter problem. Part V concludes suggesting that our framework offers the potential to address ‘black box’ issues in the context of AI in finance but also in any regulated industry.

Tuesday, February 14, 2023

Douglas Arner, Giuliano Castellano, and Eriks Selga (RPg) on Financial Data Governance (Hastings Law Journal)

"Financial Data Governance"
Douglas W. Arner, Giuliano G. Castellano, and
Eriks K. Selga (RPg)
Hastings Law Journal, Volume 74, Issue 2, pp. 235-292
Published in 2023
Abstract: Finance is one of the most digitalized, globalized, and regulated sectors of the global economy. Traditionally technology intensive, the financial industry has been at the forefront of digital transformation, starting with the dematerialization of financial assets in the 1960s and culminating in the post–2008 global financial crisis era with the fintech movement. Now, finance is data: financial transactions are transfers of data; financial infrastructures, such as stock exchanges and payment systems, are data networks; financial institutions are data processors, gathering, analyzing, and trading the data generated by their customers. Financial regulation has adapted to this fast-paced evolution both by implementing new regimes and by adapting existing ones. Concomitantly, general data governance frameworks to protect a broad spectrum of interests, from individual privacy to national security, have emerged. Though these areas of law intersect, their relationship often remains unclear. This Article sheds new light in this critical area, focusing on key challenges and providing viable solutions to address them.

Monday, January 30, 2023

HKU Research Awards in the Law Faculty in 2021-2022

Kerry Holdings Professor in Law Douglas Arner Awarded Outstanding Researcher Award

Congratulations to Kerry Holdings Professor in Law Douglas Arner who is the 2021-2022 award recipient of the Outstanding Researcher Award (ORA), in the Faculty of Law, awarded by The University of Hong Kong.  He is also  the recipient of  RGC Senior Research Fellow in 2020, Finalist for edX Prize in 2020, and Outstanding Young Researcher Award in 2007.   Currently, he is the Kerry Holdings Professor in Law, as well as the Director of LLM in Compliance and Regulation, and LLM in Corporate and Financial Law, and Law, Innovation, Technology and Entrepreneurship (LITE) Programmes, and is the former Director of the Asian Institute of International Financial Law at the University of Hong Kong, . He served as Head of the HKU Department of Law from 2011 to 2014 and as Co-Director of the Duke University-HKU Asia-America Institute in Transnational Law from 2005 to 2016. Douglas has published eighteen books, including most recently The RegTech Book (Wiley 2019), and Reconceptualising Global Finance and its Regulation (Cambridge 2016); Financial Markets in Hong Kong: Law and Practice (Oxford, 2d ed., 2016), Finance in Asia: Institutions, Regulation and Policy (Routledge 2013), From Crisis to Crisis: The Global Financial Crisis and Regulatory Failure (Kluwer 2011) and Financial Stability, Economic Growth and the Role of Law (Cambridge 2007), and more than 200 articles, chapters and reports on international financial law and regulation. His recent papers are available on SSRN at https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=524849, where he is among the top 75 authors in the world by total downloads. Douglas led the development of Introduction to FinTech – launched with edX in May 2018 and now with over 80,000 learners spanning every country in the world. He is a Senior Visiting Fellow of Melbourne Law School, University of Melbourne, and an Advisory Board Member of the Centre for Finance, Technology and Entrepreneurship (CFTE). Douglas was an inaugural member of the Hong Kong Financial Services Development Council (2013-2019) and has served as a consultant with, among others, the United Nations, World Bank, Asian Development Bank, APEC, Alliance for Financial Inclusion, and European Bank for Reconstruction and Development. He has lectured, co-organised conferences and seminars and been involved with financial sector reform projects around the world. He is currently leading a major 5 year Hong Kong Research Grants Council Senior Research Fellowship project on the role of FinTech and RegTech in financial inclusion and the UN Sustainable Development Goals as well as a 4 year RGC Research Impact Fund project focusing on FinTech policy and regulation. From 2012-2018, Douglas served as Project Coordinator of a major five-year project funded by the Hong Kong Research Grants Council Theme-based Research Scheme on “Enhancing Hong Kong’s Future as a Leading International Financial Centre”. He is currently one of the core team of another TRS project focusing on digital finance, financial stability and financial inclusion.  He has been a visiting professor or fellow at Duke, Harvard, the Hong Kong Institute for Monetary and Financial Research, IDC Herzliya, McGill, Melbourne, National University of Singapore, University of New South Wales, Shanghai University of Finance and Economics, and Zurich, among others. 
     Click here to view more on  Kerry Holdings Professor in Law Douglas Arner's work.


Dr Angela Zhang Awarded Outstanding Young Researcher Award
Congratulations to Dr Angela Zhang who is the 2021-2022 award recipient of the Outstanding Young Researcher Award (OYRA) in the Faculty of Law, awarded by The University of Hong Kong. She won the Research Output Prize in 2019, in the Faculty of Law, awarded by The University of Hong Kong, for her scholarly work entitled “The Role of Media in Antirust: Evidence from China,” (2018) 41 Fordham International Law Journal 473-530.
     Currently, she serves as Director of the Philip K. H. Wong Centre for Chinese Law at the University of Hong Kong, which promotes legal scholarship with the aims of developing a deeper understanding of China and facilitating dialogue between East and West.  She is an associate professor at the Faculty of Law in the University of Hong Kong. An expert in Chinese law, Angela has written extensively on Chinese regulatory issues. Her first book Chinese Antitrust Exceptionalism garnered significant attention during Beijing’s crackdown on Chinese Big Tech and was named a Best Political Economy Book of the Year by ProMarket in 2021. Angela is now working on her second book about China’s model of regulatory governance, which is expected to be released in 2023.
            With a broad research interests in the areas of law and economics, particularly in transnational legal issues bearing on businesses, she as a young researcher has massive research outputs appearing in leading international law reviews such as Harvard International Law Journal, Yale International Law Journal, Stanford International Law Journal, as well as top peer-reviewed journals from other disciplines such as Management Science and China Quarterly.
          She is a four-time recipient of the Concurrence Antitrust Writing Award, which selects the best articles published globally in the field of antitrust law each year. She received a British Academy/Leverhulme Small Research Grant (£10,000) in 2014 and two Hong Kong GRF grants, one (HK$637,440) in 2018 and the other (HK$ 656,825) in 2021.
      She is a highly sought-after commentator on Chinese regulatory issues. She often speaks at prestigious antitrust conferences in the United States, Europe, and Asia. She is also frequently interviewed by major international media outlets and regularly contributes commentaries to the popular press.
     Click here to view more on Dr Angela Zhang's work.

Thomas Cheng Awarded Research Output Prize

Congratulations to Thomas Cheng who is the 2021-2022 award recipient of the Research Output Prize  (ROP) in the Faculty of Law, awarded by The University of Hong Kong. The research output prize was for his book, The Patent-Competition Interface in Developing Countries, published by Oxford University Press, in 2021 (544pp). 
     Currently, he is a Professor in the Faculty of Law at the University of Hong Kong, who has written extensively on competition law in developing countries and on the competition law of a number of Asian jurisdictions, including Hong Kong, China, and Japan. His research has appeared in respected specialist U.S. journals, including Chicago Journal of International Law, Berkeley Business Law Journal, Virginia Law & Business Review, and University of Pennsylvania Journal of Business Law, and in leading competition law journals such as Journal of Antitrust Enforcement and World Competition. In 2020, he published Competition Law in Developing Countrieswith Oxford University Press. 
     His research has been recognized internationally. He has been twice awarded the Jerry S. Cohen Memorial Fund Writing Award in the vertical restraints and antitrust and IP categories. Apart from awards, his stature as a scholar has been recognized through appointments to the executive and advisory boards of a number of leading international competition law organizations such as the American Antitrust Institute and the Academic Society for Competition Law (“ASCOLA”). He has made critical contributions to the development of competition law in Hong Kong. He advised the government extensively during the drafting of the city’s first competition law. He was a member of the inaugural Competition Commission and played a pivotal role in staff recruitment and setting up the Commission.

Tuesday, November 22, 2022

Douglas Arner on Digital Finance, Financial Inclusion and Sustainability: Building Better Financial Systems (RGC SFS)

Digital finance has accelerated its influence on financial systems in the wake of crises including the COVID-19 pandemic, geopolitical conflicts, climate change and market volatilities across the globe.
      Awardee of the 2020/21 Research Grants Council (RGC) Senior Research Fellow Scheme, Douglas Arner (Kerry Holdings Professor in Law at The University of Hong Kong) leads his team in the exploration on digitisation and its effects on finance and regulation through new technologies.
     In collaboration with the Alliance for Financial Inclusion and alignment with the United Nations Sustainable Development Group, the Senior Research Fellow Scheme project strategises to enable FinTech and RegTech solutions to build relationships between digital payments and financial inclusion. Watch this video to learn more about the project’s initiatives.

Friday, October 7, 2022

Douglas Arner et al on Digital Finance, Financial Inclusion, and Sustainable Development: Building Better Financial Systems

"Digital Finance, Financial Inclusion, and Sustainable Development: Building Better Financial Systems"
Douglas Arner, Ross Buckley, Dirk Zetzsche, and Artem Sergeev
in J Beirne, J Villafuerte & B Zhang (eds), Fintech and Covid-19: Impacts, Challenges, and Policy Priorities for Asia (ADB Institute 2022) ch 7
Published in 2022
Introduction: The year 2020 marked the start of a new decade and a new period of evolution for the global financial system and the global economy. It also brought the first global pandemic of the 21st century, and the worst in over 100 years, since the Spanish flu of 1918. The coronavirus disease (COVID-19) pandemic has caused significant social and economic disruption, with developing countries most severely impacted, across Asia and globally. Everywhere, the greatest toll has fallen on those most vulnerable, damaging to human development across the globe. The invasion of Ukraine at the beginning of 2022 is worsening the situation, particularly for the most vulnerable countries.

Thursday, October 6, 2022

Douglas Arner et al on Systemic Banking Crises and Designing Appropriate Systems of Public Support (European Business Organization L Rev)

Douglas W. ArnerEmilios Avgouleas and Evan C. Gibson
European Business Organization Law Review
Published in 2022
Abstract: Banks have so far weathered well the financial turbulence caused by COVID-19 while at the same time being central in the economic and financial response. As the crisis moves from its initial phase as a short-term liquidity shock, the financial sector is facing increasing volumes of non-performing loans, raising the spectre of a banking solvency crisis. In economies already burdened with low-quality assets, the COVID-19 fallout is intensifying existing problems with legacy loans heightening the risk of a banking crisis. These issues are now being worsened by the impact of inflation and the invasion of Ukraine. Thus, addressing increasing volumes of bad loans, while supporting the proper functioning of the financial system, is a major challenge with systemic repercussions for a range of economies. This paper identifies a great paradox: since the bank rescues of the 2008–9 Global Financial Crisis there has been a disproportionate focus on the liability side of bank balance sheets through resolution measures such as bail-in and the accumulation of bail-inable debt. Post-crisis bank resolution regimes have overlooked solutions lying within the asset side of bank balance sheets. This paper analyses historical evidence to argue that concentrating on a liability-focused approach to the exclusion of asset-side solutions is ill-conceived. An excessive accumulation of non-performing loans on the asset side of bank balance sheets inevitably renders resolution interventions on the liability/equity side ineffective or at the very least insufficient to maintain banking system viability and financial stability. Bank asset restructuring involving the use of asset management companies, asset protection schemes and even capital injections can play a critical role in achieving an expeditious restoration of banking systems’ health following a major macroeconomic, sustainability or financial crisis.

Sunday, June 26, 2022

New Regulatory Ramblings Podcast Features ex-Undercover Tackling Financial Crimes and Regulations (Arner & Shamdasani)

New Regulatory Ramblings  Podcast Features ex-Undercover Tackling Financial Crimes and Regulations
HKU has launched a new podcast,  Regulatory Ramblings, discussing topics on the intersection of all things pertaining to finance, technology, law and regulation. It is  now available on Spotify, Apple Podcasts, YouTube, and Bilibili. 
    Hosted by the HKU Reg/Tech Lab, the HKU-Standard Chartered FinTech Academy and the HKU-edX Professional Certificate in FinTech, the new podcast is a forum for those that appreciate long-form conversations, with new content available every middle and end of the month.
    In the first episode, former covert agent Bill Majcher revisits his detailed operations involving financial crimes across the globe, from anti-money laundering investigations, surveillances on terrorist activities and infiltrating drug cartel operations. Bill reveals the defining moments in his career, predicating his discussions on financial crimes and regulations. 
   Regulatory Ramblings Podcasts is led by Douglas Arner and Ajay Shamdasani. Ajay is a veteran writer, editor and researcher based in Hong Kong with extensive knowledge in regulatory developments in Asia. His experience comes from a 15-year long career as a financial and legal journalist, editor and former correspondent with Thomson Reuters’ Regulatory Intelligence/Compliance Complete. Douglas (Kerry Holdings Professor in Law, HKU Law) is a global expert and thought leader on issues relating to digital finance/financial technology, sustainability development and regulation. 
     Part Two of the Financial Crimes episode with Bill Majcher, focusing entirely on the money-laundering activities happening in Hong Kong and the region, will be released on 15 June 2022. Visit https://www.hkufintech.com/regulatoryramblings to find out more! Contacts: Ajay Shamdasani (ajayshk@yahoo.com) | Prof. Douglas Arner (douglas.arner@hku.hk) Note: All quotes from the podcast must be attributed to “Regulatory Ramblings Podcasts”.  Actual Podcast and Video links will be available through the website: www.hkufintech.com/regulatoryramblings

Tuesday, May 24, 2022

Douglas Arner et al on After Libra, the e-CNY and COVID-19: the New World of Money and Payments (LSE Business Review)

Published in February 2022
Synopsis: Facebook’s stable cryptocurrency, COVID-19, and China’s central bank digital currency, the e-CNY, have caused a reorientation of monetary and payment systems around the world. Ross P. Buckley, Douglas W. Arner, Dirk A. Zetzsche, and Anton Didenko envisage three emerging design choices for these systems, reflected in centralised, decentralised and hybrid models. They predict that the advent of national monetary competition through major economies’ sovereign digital currencies will be one of the defining developments of the next decade. 
Introduction: Over the past three years, three catalysts have caused a fundamental reorientation of domestic and international monetary and payment systems: Facebook’s proposed stablecoin (Libra / Diem), China’s central bank digital currency (the e-CNY), and the COVID-19 pandemic. These catalysts are in stark contrast to previous disruptions and are the focus of our recent paper. Facebook’s announcement of Libra in 2019—its own stable cryptocurrency combined with a global digital payment system and digital identification system via Facebook/WhatsApp/Instagram Pay—was the first catalyst of sufficient scale and potential to lead central banks to revisit their previous hesitancy about sovereign digital currencies. In the face of strong financial regulator hostility, Facebook redesigned their proposal to mitigate its impact on sovereign monetary policy and renamed it Diem. However, the redesign failed and Facebook (itself now renamed Meta) sold Diem in late January this year for the bargain basement price of $182 million. What was once anticipated to heavily disrupt the global financial system and pose a real threat to existing payments infrastructure is now all but dead. If Diem ever emerges from the ashes, we expect this to be in remittances, as those working offshore seek affordable ways to send money home. Despite its failure, the Libra proposal nevertheless marks an important point in the history of money and finance.  ... Click here to view the full text. 

Tuesday, January 25, 2022

New Issue: HKU Law's SSRN Legal Studies Research Paper Series (Jan 2022)

            

Vol. 12, No. 1: Jan 10, 2022

A Principles-based Approach tothe Governance of BigFintechs

Douglas W. Arner, The University of Hong Kong - Faculty of Law, University of Hong Kong
Ross P. Buckley, University of New South Wales (UNSW) - Faculty of Law
Kuzi Charamba, University of Hong Kong
Dirk A. Zetzsche, Universite du Luxembourg - Faculty of Law, Economics and Finance, Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC), European Banking Institute
Artem Sergeev, The University of Hong Kong - Faculty of Law


Land-related Restrictive Covenants in Restraint of Trade

Kelvin Hiu Fai Kwok, The University of Hong Kong - Faculty of Law


National Security Law in Hong Kong: One Year On

Johannes M M Chan, The University of Hong Kong - Faculty of Law


From Datafication to Data State: Making Sense of China’s Social Credit System and Its Implications

Anne S. Y. Cheung, The University of Hong Kong - Faculty of Law
Yongxi Chen, The University of Hong Kong - Faculty of Law

Sunday, July 18, 2021

AIIFL Newsletter Issue 5 (June 2021)

In this AIIFL News, we highlight a range of publications and activities from the AIIFL team as well as introducing the new AIIFL website.
      Over the past year, the role of digital communications and interactions has increased dramatically, including here at AIIFL. We have thus taken the opportunity to refocus our efforts and digital reach, not only with this new website but with an increasing range of online events and expansion of our communications channels, including LinkedIn, Twitter and Facebook.
     Taking adventure of this, I would like to share with you a photo for our first online meeting with the AIIFL Academic Advisory Board (AAB) and Professional Advisory Board (PAB) on 28th June 2021 attended by (from top left to right): Professor George Walker (AAB), Professor Douglas Arner (AIIFL Director), Yong Kai Wong (PAB), Kenneth Ng (PAB), Jeffrey Chen (PAB), Stefan Gannon (Vice Chairman, PAB), Evan Gibson (AIIFL Research), Professor Charles Booth (Vice Chairman, AAB), Professor Mark Roe (AAB), Professor Mads Andenas (AAB), Hon Mr Justice William Blair (AAB), Professor Ruth Plato-Shinar (AAB), Professor Steven Schwarcz (AAB), Professor Ian Ramsay (AAB), Dr Michael Taylor (AAB), Dr Arthur McInnis (AAB), Martin Lister (PAB), Sou Chiam (PAB), Professor Benjamin Geva (AAB), Professor Rolf H. Weber (AAB), Professor Sarah Worthington (AAB), Flora Leung (AIIFL Secretary), Susie Cheung (PAB), Mohan Datwani (PAB), and Yun Zhao (Board of Management).  Professor Richard Cullen (Board of Management), Professor John Lowry (AAB) and Professor Dan Prentice (AAB) are not visible but present.
     

The 2019-2020 academic year was the twentieth anniversary of AIIFL.  While we were unable to hold live events in Hong Kong, we did take the opportunity to take stock of our performance over the past 20 years, summarised in the 2019-2020 AIIFL Annual Report for AIIFL’s 20th Anniversary.  During that period AIIFL and its Fellows have had impressive output, impact and reach.

My current term as Director of AIIFL will finish at the end of June and I would especially like to take the opportunity to thank you for your continuing support to the Institute and welcome Dr Emily Lee as AIIFL Director from 1 July 2021.  I would very much like to thank the entire AIIFL team, particularly Flora Leung (without whom nothing here happens) and Evan Gibson (AIIFL Assistant Research Officer), picture left.

 


I may be reached anytime via email (
douglas.arner@hku.hk) or via LinkedIn.

Douglas Arner

AIIFL Director
(2003-2011, 2019-2021)



HIGHLIGHTS

New AIIFL Website

The new AIIFL website (www.AIIFL.com) highlights the key themes and issues driving global finance today: regulation, technology, sustainability, globalisation, fragmentation. 
     There are a range of short videos across the site, with the co-founders of AIIFL as well as the Convenors of the Research Programmes, sharing the history of the Institute as well as our strategic research directions.  We hope that the new website is useful and informative.

UN Dialogue on Global Digital Finance Governance

The first set of reports from the UN Dialogue on Global Digital Finance Governance has been launched. A team from AIIFL including Sangita Gazi, Kuzi Charamba, Artem Sergeev and Douglas Arner along with Dirk Zetzsche (University of Luxembourg) and Ross Buckley (UNSW Australia) has worked closely with the Dialogue over the past year, including leading on 3 of the 8 of the reports:

Summary Paper: BigFintechs and Sustainability: A Necessary Convergence

Technical Paper 1.1: BigFintechs and their impacts on sustainable development

Technical Paper 1.1B: BigFintechs and their impacts on macroeconomic policies

Technical Paper 1.2: Digital currencies and CBDC impacts on Least Developed Countries

Technical Paper 2.1: BigFintechs and the UN SDGs: the role of corporate governance innovations

Technical Paper 3.1: Policymakers, BigFintechs and the United Nations SDGs

Technical Paper 3.2: BigFintechs and international governance, policymaking and the UN SDGs: the SDGs in the international governance of finance

Technical Paper 3.3: A principles-based approach to the governance of BigFintech

All papers are available HERE.


 Looking Back Looking Forward: Regulatory Technology After COVID-19


In the episode 4 of Looking Back Looking Forward, Douglas Arner discusses the implications of COVID-19 for RegTech and SupTech: the use of technology for regulatory and supervisory purposes. Non-face-to-face interactions due to lockdowns and other COVID-19 measures have allowed the pursuance of digital reporting and analytics to not only create efficiency but also achieve regulatory and supervisory objectives for financial systems to support sustainable development more broadly.

Watch it HERE

All the episodes of Looking Back Looking forward are available at FinTech Videos Library of the HKU FinTech website.


PUBLICATIONS AND REPORTS

Hong Kong's Housing Crisis - An Underlying Factor in the 2019 Riots

Richard Cullen

The Cost of Ambition: Biden's Plan to Rebuild the American Dream Sidesteps Concerns Over Its Huge Price Tag

Richard Cullen

LITE (Law, Innovation, Technology and Entrepreneurship) Lab is using digital tools to increase access to justice, help start-ups navigate legal affairs, and train students in legal technology

Brian Tang


AWARDS AND IMPACTS

LITE (Law, Innovation, Technology and Entrepreneurship) Lab students as Project Team of ProperT was selected as the InnoShow award winner at the 4th Engineering InnoShow for a computer vision tool to assist low income tenants protect against health and safety hazards.

Syren Johnstone appointed as one of the Curators who act as the Managing Editors of the RegTrax repository.  The Curators are recognized experts in their jurisdictions, and oversee the information that’s being added to ensure accuracy. They are charged with reviewing the research done by its network of contributors (as well as any regulations offered from the public), and ensuring the accuracy of the regulation, source, and conclusions.

LITE Lab students nominated for Financial Times Innovative Lawyer Collaborative Lawyer Award on Wanted: Role Models for Solving Legal Problems Together


SELECTED MEDIA



FRT Episode 98: The Platformization of Finance


Douglas Arner discussed with Brad Carr the experiences with China’s FinTech platforms.

Interview on the Future of Legal

Innovation in Asia

Press Release on Covid-19 Catalysing

the Rapid Growth of Asia Pacific

Regtech Sector

 Brian Tang

Central Bank Digital Currency (CBDC)

Part 2

Douglas Arnershared his views on

Libra’s challenges to world currencies


Rethinking Economics NL for Interview-Series on Economy of 21st Century


Douglas Arner, Dan Azzi and Navroop Sahdev discussed finance and complexity theory in the 21st Century



EVENTS AND ACTIVITIES

Upcoming Events 

13 July 2021

Chen Lin will present Financial Volatility and Digital Finance at the HKU-SCF FinTech Academy’s Research Seminar Series       Details

30 June 2021

Brian Tang presents Unlocking the Power of Regtech at the Hong Kong Monetary Authority (HKMA)      Details

Giuliano G. Castellano presented Secured Lending: Coordinating Law Reforms and Regulatory Policies at the European Central Bank (ECB) on 23 June 2021. The discussion was based on his research recently published on “Commercial Law Intersections” as well as on his contribution to the activities of the International Finance Corporation (IFC) of the World Bank Group.

Douglas Arner presented at the Symposium on Technology and New Finance in the Digital Era on 25 May 2021        Watch it HERE

Douglas Arner presented at Regulation of AI in the financial sector: crossed perspectives in Asia and Europe on 17 May 2021

Papers and Video are available HERE

Syren Johnstone on Asia Segment on Cryptoassets at the Stanford Law School in April 2021      Watch it HERE

Member of the AIIFL Professional Advisory Board and Partner of Dentons Hong Kong, Jeffrey H. Chen, presented a webinar "Anatomy of Structured Products" on 14 October 2020       Watch it HERE

Brian Tang on behalf of the LITE (Law, Innovation, Technology and Entrepreneurship) Lab presented at the 2021 Global Law Lab Showcase & Meetup on 12 May 2021

Brian Tang on LegalTech Innovation Conference with fellow authors of The LEGALTECH Book on “Global Business of LegalTech: Founder’s Perspectives” on 13 May 2021        Watch it HERE

Brian Tang served as Judge and Speaker on Hong Kong Startups Meet MNCs – LegalTech organised by American Chamber of Commerce in Hong Kong on 6 May 2021


JOIN US

We are seeking to expand our world leading team in the area of FinTech, RegTech and Digital Finance.


Post-Doctoral Fellow in Finance, Technology and Regulation

Applications close: 31 July 2021, HK Time

More details and online application are available HERE

 

Research Assistant Professor in FinTech / RegTech

Applications close: 30 June 2021, HK Time

More details and online application are available HERE

The HKU-Standard Chartered Foundation FinTech Academy, with the aim to cultivate interdisciplinary research in FinTech, has established a Research Assistant Professor Scheme.