Previously on Ep 83 - Hong Kong's New Protection of Critical Infrastructures (Computer Systems) Ordinance with guests Wendy Chow, Nicky Au, and Pierre Malgorn

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The Regulatory Ramblings is an award-winning podcast, honored with the 2025 Agora Award for Excellence in Podcasting, bestowed by the Compliance Podcast Network for its outstanding contribution to thought leadership in compliance and fintech.
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2:59 Amber Phillips: Why Financial Investigators Matter
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5:30 AI vs. Human Expertise in Financial Crime
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8:00 Accreditation & Market Dynamics
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11:14 The Fifth ‘D’ (Destination) - Where Confiscated Money Goes and Why it Matters
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13:06 Asset Recovery vs. Custodial Sentences
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15:17 Beyond the Figures: Measuring Success
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18:02 Human Stories Behind Financial Crime
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20:31 Introduction to Sangeet Paul Choudary & His New Book
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24:26 From Small-town India to Global Strategy Advisor and Author
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26:17 Why Write Reshuffle Now?
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28:00 Three Key Framings That Challenge AI Narratives
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33:16 Implications for Financial Services
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36:02 Layering AI on Past Tech Shifts
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38:02 Reimagining Customer Journeys
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39:17 Bundling & Value Migration
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42:11 Beyond Efficiency: Coordination Without Consensus
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48:20 Adoption Bottlenecks & Strategic Choices
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51:33 Knowledge as Capital & Skill Premium Shift
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59:09 Human Advantage: Judgment, Curiosity & Narrative
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1:06:28 Coordination Paradox Explained
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1:14:16 Closing Thoughts: Think Systems, Not Speed
Building Better Financial Systems
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From Asset Recovery to AI Revolution: Risk, Coordination, and the Future
Ep #84 with Sangeet Paul Choudary and Dr. Amber Phillips
Disclaimer: The views expressed in this podcast are solely those of the host and speakers.
Today’s episode kicks off with a spotlight discussion with Dr. Amber Phillips, a British senior lecturer in criminology on the importance of accredited financial investigators and assert recovery experts in ferreting out fraud. Following that, we’ll be chatting with the author Sangeet Paul Choudary from UC Berkeley about his new book Reshuffle: Who Wins When AI Restacks the Knowledge Economy. He reframes the artificial intelligence debate by making the case that AI should not be seen as necessarily being a smarter brain, but rather as a better glue creating synergies for human collaboration.
But first, on a recent episode of the Tax Justice Network’s podcast, Dr. Amber Phillips noted the importance of accredited financial investigators and how they are often the unsung heroes when it comes to cracking a case – especially those involving financial fraud and conceal assets.
Dr. Amber Phillips is a senior lecturer in criminology at UWE Bristol. Her journey as a criminologist began in 2012, while living and working in Calabria, Italy. Her primary research interests are organized crime and economic crime, both of which draw on her continuing interest in mafia-type groups. She has developed collaborative partnerships with law enforcement practitioners and fellow academics in the UK and abroad, and is a member of the ECPR Standing Group on Organized Crime, as well as the RUSI Strategic Hub for Organized Crime.
Amber’s work has been published in international journals including Trends in Organised Crime and she is a member of the editorial board for the Journal of Economic Criminology. Her most recent research has focused on the social reuse of confiscated mafia assets in Italy and the challenges faced by police officers investigating financial crime.
She is currently researching asset recovery in England and Wales, supported by a VC Early Career Researcher Award. She is also an expert reviewer for funding bodies including the European Commission and the Independent Social Research Foundation
Amber has been nominated and shortlisted for the UWE Outstanding Teacher Award, and has written teaching-focused articles for Times Higher Education. She is a Fellow of the Higher Education Academy, and has served as a mentor for the WHEN 100 Black Women Professors NOW programme.
Sangeet Paul Choudary is co-author of the book Platform Revolution. His latest work – Reshuffle – which is the subject of today’s discussion, was recently awarded with the 2025 Thinkers50 Strategy Award at Guildhall in London for the most impactful idea in the field of strategy.
Thinkers50 has often been described by the Financial Times as the “Oscars of management thinking”— a premier global recognition for leading management thinkers. Other shortlisted nominees this year included Karim Lakhani (Harvard Business School), Vijay Govindarajan (Dartmouth), Richard Rumelt (UCLA), and Seth Godin.
Sangeet has advised CEOs across more than 40 Fortune 500 companies, as well as leading pre-IPO technology firms. He is currently a senior fellow at the University of California, Berkeley and has spoken at premier global forums including the G20 Summit, the World50 Summit, and the World Economic Forum.
Sangeet’s latest book offers a radical rethink of AI and a practical contribution to industry incumbents grappling with the genAI.
PODCAST DISCUSSION. The spotlight chat commences with Amber sharing with Regulatory Ramblings host Ajay Shamdasani why accredited financial investigators and asset recovery experts so important to detecting malfeasance and the problem that many in law enforcement do not possess financial backgrounds or sophistication to be one step ahead of criminals who are often far more financially savvy.
With the increasing role that analytics, data scientists and AI are playing in financial investigations, it begs the question as to whether veteran investigators and asset recovery specialists still have a role in the process. The answer is a resounding yes. Amber shares her thoughts on how stripping criminals of their pecuniary assets may be more effective than short custodial sentences. She also remarks that from her discussions with investigators that they regard the possibility of turning ‘bad money’ into good money as a net positive for society. The spotlight discussion concludes with a brief description of a research project that Amber is wrapping up about measuring success in financial recovery called “Beyond the Figures.” The aim is to move beyond quantitative measures because numbers are not always a good measure of impact and success in asset recovery. Following that, we chat with Sangeet about his new book Reshuffle. From the overlooked brilliance of the shipping container to the F1 pits that dethroned Schumacher’s dominance, Sangeet unearths a powerful pattern: the most transformative technologies do not merely automate, they transform entire economic systems. With vivid storytelling and razor-sharp analysis, Reshuffle connects the dots between technology, behavior, and economic architecture. It delivers a bold and incisive exploration of how AI’s impact goes far beyond changing how we work to reorient the foundations of power and control in our economic systems. Blending compelling examples, historical parallels, and bold insights, Reshuffle equips readers to navigate the many opportunities and challenges that AI introduces while reshaping the knowledge economy. This book is your guide to understanding who wins, and who gets left behind, when AI restacks the deck." "What if we’ve misunderstood the real power of AI — not as a tool for doing tasks faster, but as the missing mechanism for making complex systems finally work together?” Sangeet asks We have all heard the common refrain from thought leaders like Peter Zeihan that: “AI won’t take your job, but someone using AI will.” At this point, it is a hackneyed phrase. Sangeet shares with Ajay what drew him to AI and why he felt the need to write his book now and what it offers an ever growing and crowded field on the subject matter. His message is to the heads executives of incumbent firms across sectors and what he elaborates on during the broadcast is that financial services sector veterans still dealing with COBOL-based mainframes and siloed databases, Reshuffleprovide a guide to thinking about how artificial AI will disrupt and how it can be harnessed. Specifically for leaders in financial services, Sangeet’s framework offers sobering and practical lessons: - AI is not an upgrade but a governance shift. It changes how control is exercised, from top-down compliance to bottom-up feedback. Governance emerges not through rules but through continuous observation. - Legacy integration is a coordination challenge, not a software one. AI exposes the limits of point solutions by making evident the frictions between them. - The new competition operates above the algorithm. Those who own the models may not capture the most value; those who orchestrate decisions and distribution around them will. - Traditional productivity metrics are misleading. Efficiency inside a department can destroy coherence across the enterprise. The metric to optimize is coordination quality. In this context, financial institutions face a choice: remain custodians of static infrastructure or become orchestrators of dynamic ecosystems. The former optimizes for compliance; the latter competes for relevance. In this new world of AI, the standard corporate playbook for digital transformation no longer works. AI is not a laboratory initiative, built around innovation labs, agile working, sprints. These may remain helpful at a tactical level, but they do nothing to reconsider how the basis of value creation is changing, nor sustain an incumbent’s advantages of trust, compliance, and scale. If someone else can better coordinate all the disparate elements, banks or insurers focused just on digital transformation will lose. The good news is that there os no reason why financial institutions cannot leverage AI to remain leaders in their field, or even set the rules for the next cycle. But AI requires an even more radical approach than digitalization. Sangeet’s book is a good place to start.
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:
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.



















