Building Open Finance: From Policy to Infrastructure | Written by: Douglas W. Arner, Christine Meng Lu Wang, Ross P. Buckley, and Dirk A. Zetzsche, in partnership with CFTE Academic and Industry Paper Series. LEARN MORE
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Regulating Digital Currencies
The Duke Law's special issue of Law & Contemporary Problems explores the legal and regulatory challenges of digital currencies, including stablecoins and CBDCs. It highlights the shift toward digital money and the need for frameworks that balance innovation, financial inclusion, and systemic stability.
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01:45 – Patrick on AI, Culture, and Human Intelligence
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03:04 – Ancient Wisdom Meets Digital Futures
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06:05 – Reskilling and Human Relevance in an AI Age
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09:53 – What the West Gets Wrong About Intelligence
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14:23 – Will AI Break the Law Firm Business Model?
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16:44 – Recapping the Central Thesis
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17:59 – The Self in the Age of AI: East-West Contrasts
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20:34 – Why China Isn’t Panicking About AI
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24:49 – Nigel on Mechanised Psychopaths and AI Fallacies
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26:32 – Why AI Systems Are “Mechanised Psychopaths”
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27:33 – Computers Can’t Empathize—And That’s the Problem
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30:07 – Woke Code and Binary Judgment
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33:15 – When AI Flags Idiots and Meatballs as Hate
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43:46 – Financial Systems, Suspicion, and Machine Error
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46:34 – Empathy, Algorithms, and the Limits of Logic
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51:59 – Machine Learning, Illusions, and Systemic Risk
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56:30 – From Faulty Flags to Real-World Harm
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58:03 – False Narratives, Real Consequences
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Building Better Financial Systems
Top 10 law authors of full-text papers on SSRN with over 29,000 downloads in the last 12 months and 215,000 all time downloads.
Featuring: Regulating Artificial Intelligence in Finance: Putting the Human in the Loop, by Buckley,Zetzsche, Arner, and Tang
Human Intelligence vs. Machine Judgment
Ep #69 with Nigel Morris-Cotterill and Patrick Dransfield
Disclaimer: The views expressed in this podcast are solely those of the host and speakers.
This episode of Regulatory Ramblings is a little different from what we normally do as we delve into the ways technology, particularly computers and more specifically – artificial intelligence (AI) – can either raise the human condition and help us achieve our highest goals and ideals, or just be an uncaring, unreasoning and as some might say, a psychopathic hindrance.
Our guests today, Patrick Dransfield and Nigel Morris-Cotterill, explore the cultural, ethical, and professional implications of artificial intelligence. The former through the lens of eastern versus western thinking and legal innovation, with the latter offering a stark warning about trusting emotionless algorithms with life-altering decisions.
In our initial, spotlight segment we discuss a recently written article by Patrick on AI and human intelligence called “All Watched Over by Machines Of Loving Grace.” Following that, we chat with Nigel on his recent article for LinkedIn entitled “Computers are Mechanised Psychopaths.”
Patrick M. Dransfield is a principal at Clearway Communications and a business development manager at Mouannes International Specialized Consultants (UAE).
He also holds a master’s degree in Chinese History, Politics & Anthropology from SOAS, University of London and a BA (Joint Hons.) degree in English & History of Art from Leeds University. He is a senior business executive in the field of legal business development.
He is also a qualified trainer, author and photographer and is currently based in the UAE’s capital Abu Dhabi. He is the co-founder of the Managing Partners’ Club – an international, by invitation, group of senior lawyers across Asia, the Middle East, Africa and Europe.
Patrick’s career includes having previously been the Asia-Pacific marketing director for international law firms Shearman & Sterling and White & Case, as well as being the managing director of Asia Law & Practice, Asia Publisher of IFLR, and board member of the Hong Kong-based subsidiary Euromoney (Jersey) Limited.
Nigel Morris-Cotterill was previously a solicitor in London. Over the course of his career, he dealt with a wide range of matters including contracts, property, company law, litigation, international trade, criminal law, intellectual property, family law and financial services compliance.
In 1994, he brought all of those areas to bear on what was then a new field: financial crime risk and compliance. As a strategist, he identifies trends long before they become fashionable and talked about.
Nigel is the author of “How not to be a money launderer” which, in 1996, described all the areas that would, in some cases decades later, become topics for international groups and regulators to prioritise. He also authored the only book on Understanding Suspicion in Financial Crime.
Additionally, he has written a book for families and others to help start discussions about online safety and fraud for young people and the elderly.
Nigel also provides training and consultancy services. Though, even he admits to becoming jaded by the prevalence of superficiality and a lack of attention to the fundamentals. His experiences with technology began in earnest in the 1980s and since then, he has advised caution over the fashion of so-called "artificial intelligence," frequently demonstrating its failures in the simplest tasks.
PODCAST DISCUSSION. Today’s podcast begins with a spotlight conversation between Patrick and our host, Ajay Shamdasani, on what compelled him to write a piece on human intelligence and AI – especially given that he is a veteran legal services marketing and business development maven and not a techie with a STEM background. Interestingly enough, as Patrick goes on to explain, his motivation to pen the article stemmed from his interest in the world’s major religions and their spiritual and philosophical views on human nature and the idea of the self. The chat ends with Patrick sharing his views on AI and the legal profession.
We then shift to a discussion with Nigel on his recent LinkedIn article and he stresses the title of his piece is not intended to be click bait but a sincere warning. His key point: you cannot reason with a computer; they do not care about their intended users and their frustrations. To that end, he offers the following definition of psychopathy from Psychology Today : “Psychopathy is a condition characterized by the absence of empathy and the blunting of other affective states. Callousness, detachment, and a lack of empathy enable psychopaths to be highly manipulative.” He and Ajay flesh out what that means in practical terms to often exasperated and baffled users of modern IT. They go on to discuss that computing technology is at a crossroads, whether empathy can be written into algorithms and ultimately – what it means for those in legal and compliance circles.
Regulatory Ramblings podcasts is brought to you by The University of Hong Kong - Reg/Tech Lab, HKU-SCF Fintech Academy, Asia Global Institute, and HKU-edX Professional Certificate in Fintech, with support from the HKU Faculty of Law.
Useful links in this episode:
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Follow Nigel Morris-Cotterill on LinkedIn
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Visit Financial Crime Risk & Compliance website
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Read his article on LinkedIn: "Computers are Mechanised Psychopaths"
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Follow Patrick Dransfield on LinkedIn
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Visit Clearway Communications website
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Read his article on Conventus Law: "All Watched Over By Machines Of Loving Grace"
You might also be interested in:
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Must have book by Ross Buckley, Douglas Arner & Dirk Zetzsche - FinTech: Finance, Technology & Regulation
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Building Better Financial Systems: FinTech Sustainability - Research
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HKU-SCF Fintech Academy - website
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Asia Global Institute - website
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Most sought after Fintech course on edX - Introduction to Fintech
Regulatory Ramblings Podcasts List
Regulatory Ramblings Podcast
Welcome to Regulatory Ramblings, a podcast from a team at The University of Hong Kong on the intersection of all things pertaining to finance, technology, law and regulation. Hosted by the HKU Reg/Tech Lab, HKU-Standard Chartered FinTech Academy Asia Global Institute, and the HKU-edX Professional Certificate in FinTech, join us as we hear from luminaries across multiple fields and professions as they share their candid thoughts in a stress-free environment - rather than the soundbites one typically hears from the mainstream press.
Regulatory Ramblings is a forum for those that appreciate long-form conversation. While it is something that may be regarded as lost art of an older time, it is nonetheless sorely needed in an age when glibness and flippancy pass for analysis in conventional journalism.
Having said that, we are grateful to be able to avail ourselves of modern technological resources to bring you chats with people you are probably not going to hear from elsewhere.
Ajay Shamdasani is a veteran writer, editor and researcher based in Hong Kong. He holds an AB in history and government from Ripon College, JD and MIPCT degrees from the University of New Hampshire Franklin Pierce Law School, and an LLM in financial regulation from the Illinois Institute of Technology’s Chicago-Kent College of Law.
His 15-year long career as a financial and legal journalist began as deputy editor of A Plus magazine – the journal of the Hong Kong Institute of Certified Public Accountants. From there, he assumed the helm of Macau Business magazine as its editor-in-chief, and later, joined Asialaw magazine as its deputy editor. More recently, he spent close to seven years as a senior correspondent with Thomson Reuters’ subscription-based trade-wire service Regulatory Intelligence/Compliance Complete (previously called Complinet) in Hong Kong. While there, he covered regulatory developments in that city, as well as Singapore, India and South Korea.
