Leveraging 'wide global reach and local insight', Clifford Chance provides  'sensible, workable and practical solutions' to local and international financial services clients seeking to navigate the local regulatory environment, as well as to manage risks in a global setting by virtue of the firm's ability to provide a comparative analysis of worldwide regulations. The scope of the workflow is broad, encompassing standalone advisory guidance on compliance with new regulations/legislation, advice on new products, regulatory advice concomitant to transactions handled by the firm and advice on contentious matters. Donna Wacker takes the lead on much of the contentious work, regularly advising banks (and senior executives) and asset managers subject to regulatory enforcement actions, including those involving multi-jurisdictional probes. For non-contentious matters Rocky Mui is appreciated for his 'strategic thinking, and unwavering commitment to client success', both in relation to regulatory issues associated with the fund industry, and on the fintech front in the context of cryptocurrency/blockchain-related matters. Leveraging 'excellent technical skills', Jonathan Wong is also integral to the firm's success on the contentious front, and regularly advises international and regional banks/funds on enforcement probes, internal investigations and civil litigation.

Well-versed in the underlying regulatory framework underpinning traditional buy and sell-side financial services, and fintech entities, and also able to access a number of top-notch litigators, Davis Polk & Wardwell LLP provides a comprehensive service to a myriad international/regional clients, both from a contentious and non-contentious perspective. This cohesive approach ensures that clients are well-served from a risk management/compliance perspective by dint of the firm’s knowledge of regulator enforcement appetite/ensuing litigation, having also been involved in many of the major Hong Kong and pan-Asian mandates in the market. The team, which is co-headed by Martin Rogers and James Wadham, is also highly skilled at advising Chinese listed companies (or their underwriting banks) in relation to US SEC investigations, in part a corollary of the firm’s market-leading capital markets offering. Dual Hong Kong and New York-law qualified counsel Joshua Friedman excels at handling cross-border regulatory enforcement actions including those with a nexus to the US.

Drawing upon 'vast experience in the financial sector', King & Wood Mallesons is able to 'provide tailored, relevant advice' to both traditional financial services entities, as well as a myriad fintech entities. Minny Siu has 'deeply impressive' knowledge of Hong Kong's regulatory landscape and has been immersed, from both a policy perspective (for industry working groups and committees) and directly for individual clients adapting to changes brought about as a consequence of Hong Kong's transformation into an e-Smart City. This has manifested itself in a raft of work for banks and fintech clients in relation to their digital assets strategy, applying for virtual bank licenses, and other ad-hoc mandates, including as it relates to derivatives/structured finance transactions. An 'experienced practitioner par excellence', team head Richard Mazzochi leverages excellent ties with key regulators, including HKMA and SFC, to good effect for international and local clients launching new products on licensing issues and in relation to transactions in the sector. Other key practitioners include Cindy Shek, who has deep and broad regulatory knowledge within the asset management and insurance sectors, and Andrew Fei, who has established particular expertise in relation to derivatives-related regulatory matters.

Ashurst's comprehensive cross-disciplinary team delivers a robust service to regional and international banks, asset management companies, and market makers, covering a wide spectrum of their regulatory requirements. This includes guidance on licensing, regulatory challenges related to new products, enforcement actions, and internal probes. Capitalising on solid relationships with regulatory bodies including the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA), Ben Hammond regularly advises clients on day-to-day licensing and compliance efforts, including helping a significant number of Hong Kong's exchange market makers in meeting local regulatory and exchange duties, as well as on larger discrete regulatory change projects. Hammond recently advised HSBC on the provision of its digital assets platform to facilitate the HKSAR government's successful HK$6bn issuance of a multi-currency, digitally native bond. James Comber spearheads the contentious offering in the financial services sector and is a popular choice among banks, asset managers and brokerages in the defence of agency enforcement actions (and follow on litigation) as well as in internal investigations. Cliff Chow primarily handles China-related contentious matters for both regional and international financial services firms, frequently engaging with HKEX investigations involving mainland companies.

Leveraging an 'impressive breadth and depth of experience' in the financial services sector, Baker McKenzie can provide 'responsive and efficient' advice to banks, investment managers, broker-dealers and insurance companies across a wide range of regulatory issues impacting their Hong Kong/Greater China operations. Karen Man, who heads up the non-contentious arm of the practice, exemplifies this wide-ranging approach, being conversant as she is 'across the regulatory aspects of different banking and investment products', as well as in the context of the thriving fintech space. Notably, she recently advised Chinese investment manager Harvest Global Investments on the establishment of one of the first retail crypto exchange traded funds (ETFs) in Hong Kong. The contentious side of the practice is headed up by Cynthia Tang and is particularly active guiding large investment banks and European-based private banks through various probes by Hong Kong regulators (often acting in unison with other global regulators), running the gamut from alleged market misconduct through to AML infractions. The 'very client-oriented' Bryan Ng is noted for his enforcement expertise and also leads the team's work in dawn raids by regulators. Other key practitioners include Grace Fung and the 'extremely diligent, dedicated and reliable' Jannice Lau.

Drawing upon excellent ties with Hong Kong financial regulators, in part due to a number in the team that formerly served in-house at the SFC, Deacons is abreast of regulatory changes in the market, providing 'expert and practical input' to banks, funds and exchanges on compliance and licensing applications, in particular. Led by Jeremy Lam, who 'delivers succinct advice on tricky issues', the team not only acts on standalone matters, including for local financial services clients, but also often works with international law firms, which are appreciative of the firm's independent status and its knowledge, regularly providing the Hong Kong law advice for global financial services on multi-jurisdictional matters. Lam himself excels in  handling regulatory matters pertinent to the asset management industry including establishment and licensing with the SFC, regulatory compliance and marketing of collective investment schemes.  For fintech matters, Isabella Wong is 'very knowledgeable and responsive', while Joseph Kwan takes the lead on contentious work in the financial services sector.

Well hedged across advisory, transactional and contentious work, in spite of a relatively quiet market Gibson Dunn has performed well for its core client base of international investment banks and asset managers. Recognised as a destination practice for complex mandates, the team, under the leadership of the ‘outstanding’ William Hallatt, has also successfully moved with the market and assisted numerous large crypto entities navigate the ever evolving regulations in the fintech space. The firm’s fintech work mirrors its more traditional financial services regulatory expertise, combining enforcement/investigation expertise with advisory prowess, including for crypto exchanges and payment tech companies. Emily Rumble also has excellent traction among crypto exchanges (in terms of investigations and licensing/compliance), work which she combines with her bank-side client base that continues to generate a large amount of instructions, including in the context of culture, conduct and governance.

Herbert Smith Freehills Kramer LLP' integrated financial services offering provides a one-stop-shop service to banks and funds on advisory, contentious and regulatory advice pursuant to transactions handled by the firm. This combined approach, which sees many of the lawyers in the team adept at handling both litigation and non-contentious work, ensures that entities are well served in the event of a major regulatory enforcement action, as well as being well-placed to establish strong compliance programs viewed through a contentious lens. Hong Kong and UK-qualified team head Hannah Cassidy is illustrative of this cohesive approach and as well as regularly acting for entities on cross-border enforcement actions, is also very skilled at advising on highly technical regulatory advisory work. The scope of her work in this regard also includes a considerable volume of fintech-related matters for incumbents adopting fintech strategies as well as for start-ups, and for industry associations on their efforts to shape the law in important areas including as it relates to digital assets. The vastly experienced Kyle Wombolt takes the lead on much of the big-ticket regulatory enforcement work, and also regularly handles white-collar criminal matters.

Under the leadership of Simon Hawkins, Latham & Watkins LLP‘s non-contentious financial services regulatory team has gained a particularly strong foothold across the fintech firmament for both emerging fintech companies as well as traditional financial institutions investing in the space. The team’s engagement with leading regional trade associations, as well as its sharing of ideas and interaction with other firmwide practitioners within the overarching global Fintech and Digital Assets Industry Group, has enabled it to provide cutting-edge globally viable solutions, providing real thought-leadership in the area. Crypto and blockchain-related work is a core strength, with Hawkins regularly advising on the regulatory implications of blockchain and distributed ledger technology, payments and stored-value, cryptocurrencies and digital assets, token offerings, virtual banking and digitization projects.

Forming a combined fintech and financial services regulatory offering, a reflection of the increasing interlinkage between the traditional and the new, Linklaters provides ‘bespoke and business-savvy legal guidance’ to an impressive client base that includes banks, funds and exchanges. In this context, the ‘knowledgeable’ team is very well-connected with the key regulatory decision-makers and therefore is well-placed to not only guide clients on existing regulations but to also influence and shape regulatory development. Much of the work it handles is also of a multi-disciplinary nature where the group will provide the regulatory overlay on often first-of-kind transactions. Many of these mandates have taken place within the capital markets space, and as well as advising HKEX on its digitalisation transformation, it has also worked for underwriters on the Hong Kong government’s first and second round issuance of tokenised green bonds. Kishore Bhindi took the lead on the regulatory front on the tokenised bond mandate and co-heads the overarching financial services regulatory offering alongside the vastly experienced Carl Fernandes.

Although A&O Shearman's non-contentious financial services capability was severely weakened by the departure of Charlotte Robins for an in-house role at the Dubai Financial Services Authority in April 2024, the Hong Kong office still maintains a significant contentious offering in the sector. Matt Bower heads up this aspect of the practice and is well-versed in handling internal and agency-led investigations, as well as civil litigation for a myriad financial services clients, often involving complex multi-jurisdictional issues.

Led by the 'very experienced and commercial' Kristi Swartz, DLA Piper has an excellent perspective for clients throughout the fintech ecosystem, ensuring that it is well-placed to advise incumbent financial services entities and fintech providers across the spectrum of structuring, licensing and corporate governance issues. Swartz's deep knowledge in the area has also been recognised by clients outside Hong Kong, including the Dubai Virtual Assets Regulatory Authority, which she is working with to establish the Emirate’s virtual asset specific regulatory framework.

Led on the technology front by Rhys McWhirter and for banking and finance by Michael Yau , Eversheds Sutherland has good traction in the fintech field. The team excels at handling work in the payments and digital assets domain, earning a strong and growing reputation for guiding financial services clients through regulatory challenges associated with emerging technologies. This includes blockchain, artificial intelligence (AI), and big data initiatives, as well as devising innovative strategies for the adoption of these technologies. Frankie Tam is ‘experienced and knowledgeable in the technology space’, recently advising a PRC bank on its ground-breaking pilot scheme of a digital version of HKD (“eHKD”) and the world’s first ever cross-border retail use case for the central bank digital currency (specifically, the “e-CNY”) in Hong Kong.

Independent Hong Kong firm Howse Williams has ‘in-depth understanding and capability in how the banking and financial system operates’, ensuring that it is a popular choice across a range of contentious and non-contentious regulatory issues impacting a myriad banks, brokers and asset managers. The arrival in September 2023 of the ‘exceptional’ Jason Chan from Dechert has enhanced the team’s fintech capabilities in the virtual asset space, with Chan particularly active assisting fund managers in obtaining regulatory approval in managing virtual asset funds. Leveraging significant in-house and private practice experience, trilingual team head William Wong provides ‘practical solutions to clients’, including entities and senior individuals, primarily in the context of regulatory enforcement actions.

‘Abreast of the latest legal and regulatory change’, Johnson Stokes & Master is ‘capable of providing the most up-to-date advice’ to financial institutions, insurers, broker dealers and asset managers across a myriad compliance/advisory matters, including as it relates to securing relevant licenses and the rolling out of new products. Sara Or has excellent traction among regional banks, recently advising them on various fintech-related mandates regarding e-payment tools. Tow Lu Lim provides ‘timely and sound legal solutions’ to insurers, while for contentious matters Alan Linning regularly handles agency enforcements and internal investigations for clients in the sector.

Minter Ellison handles a considerable volume of regulatory enforcement and white-collar/anti-corruption mandates as part of its wide-ranging overarching dispute, competition and insurance offering. As well as handling defence work for corporates from a range of industries in internal and agency-led investigations, the team also advises regulatory bodies, including The Hong Kong Institute of Certified Public Accountants (HKICPA), in relation to statutory appeals brought by certified public accountants against disciplinary orders made by the Disciplinary Committee of the HKICPA. Nathan Dentice and Priscilla Au-Young is involved in the work for the HKICPA, with Au-Young also handling work for HKEX in judicial reviews brought by listed companies and their directors. The ‘very strong and responsive’ Desmond Liaw is also recommended, as is Desmond Yu, who excels at handling market misconduct/ insider dealing public enquiries, and David Morrison, who displays ‘excellent judgement’ to clients in relation to regulatory and securities litigation.

Drawing upon traditional financial services regulatory compliance/advisory expertise (as well as in the context of transactions handled by the firm) and also highly attuned to the rapidly evolving landscape for fintech matters, Norton Rose Fulbright is a popular choice for a myriad banks, funds, insurers, as well as fintech innovators. Splitting her time between Singapore and Hong Kong, the ‘excellent and very approachable’ Etelka Bogardi heads the team and offers unique insight into the regulator’s mindset (having herself formerly served as senior counsel at the HKMA). Her involvement on the fintech front is extensive and from her advice over a decade ago for the first cryptocurrency exchange established in Hong Kong, she has continued to sit very much at the vanguard of the digital assets space, including work for a cryptocurrency exchange on its global expansion and establishment in other jurisdictions. Harold Tin also handles fintech mandates as part of his overarching corporate practice, including crypto exchange compliance advice as well as M&A and capital markets work involving fintech entities.

Sidley Austin’s multi-disciplinary investment funds team provides ‘comprehensive, clear and pragmatic advice’ to many of the largest fund managers establishing funds throughout Asia. In this context, clients benefit from the knowledge that not only will they be well-served on sophisticated fund structures but also receive the regulatory overlay on these mandates. The ‘approachable and responsive’ Dominic James provides risk management/compliance advice and is also well-versed at handling attendant regulatory enforcement actions. Outside of the asset management arena, Stephanie Chan provides ‘practical and strategic advice’ to Hong Kong-listed companies facing down regulatory investigations, regularly working alongside ‘very committed and dedicated’ senior associate Adrian Tang.

Under the guidance of Katherine Liu , Stephenson Harwood provides ‘exceptional legal advice in the realm of financial services’, and has carved out a particular niche advising clients in relation to virtual assets. Liu’s ‘profound knowledge and insight into this rapidly evolving sector are invaluable’, ensuring that she is a popular choice among a myriad stakeholders  seeking to navigate the complexities of regulations governing the product in Hong Kong. More broadly, Liu regularly acts for banks seeking to digitise their services, as well as helping to design cutting-edge products. Ian Childs co-heads the team alongside Liu and regularly advises clients on financial services regulatory enforcement matters as part of his wide-ranging commercial litigation offering.

Clyde & Co LLP handles standalone advisory work and regulatory matters associated with transactions in the sector for traditional financial services companies, as well as fintech entities. The scope of this work is wide-ranging, to include, inter alia, advice to foreign fintech companies on the relevant authorisation/licensing required to establish operations in Hong Kong and negotiating strategic alliance partnership agreements between financial institutions and technology counterparties. Team head Joyce Chan is at the forefront of this fintech work and also handles a considerable volume of transactional and standalone regulatory work for insurance companies.

At the forefront of industry trends, K&L Gates provides ‘efficient legal solutions’ to crypto clients, in particular, relating to their activity not only in Hong Kong but also throughout the APAC region. Corporate partner Jay Lee  is well-connected throughout Asia and has developed excellent market intel, enabling him to ‘navigate complex regulatory landscapes and identify emerging opportunities’, including as it relates to P2P payment solutions, e-wallets and cryptocurrencies. William Ho and Paul Haswell, who joined in September 2023 from Seyfarth Shaw LLP, co-head the team alongside Lee.

Since the arrival of Jill Wong  from Howse Williams in April 2023, Reed Smith Richards Butler LLP has gained more visibility in the Hong Kong market, enhancing its ability to handle pan-Asian mandates alongside its Singapore FSR team. As well as drawing upon considerable experience in private practice, Wong’s in-house resumé, which includes a time at an investment bank and a major financial regulator, ensures that she can provide tailored and nuanced advice across a myriad traditional contentious and non-contentious FSR issues, as well as in the context of emerging issues including virtual assets. Matthew Townsend co-heads the team alongside Wong.

The ‘dedicated, experienced and highly skilled’ team at RPC provides ‘high-quality advice’ to a myriad fintech entities, including cryptocurrencies, payments start-ups and exchanges. Much of the work is of a contentious nature, with ‘innovative and sharp’ team head Jonathan Crompton noted for his ‘winning mentality’, including for clients seeking redress having been the victims of crypto fraud.

Slaughter and May advises banks, funds and insurers on transactional- associated regulatory matters, as well as advisory matters including guidance on the regulatory requirements on licensing, capital and recovery and resolution planning. Corporate partner Vincent Chan is at the forefront of most of this, including a considerable volume regulatory advice on behalf of foreign entities looking to establish themselves in Hong Kong. Chan is also adept at handling fintech matters including as it relates to blockchain and virtual assets. Wynne Mok takes the lead on litigation and regulatory enforcement matters within the sector and brings excellent insight on behalf of entities facing scrutiny by the SFC by dint of her former role as director of enforcement at the regulator.

Under the leadership of the 'pragmatic and technically superior' Gaven Cheong , Tiang & Partners has gained a market-leading reputation advising on the establishment of funds whose primary focus is the investment into digital  and Web3 assets. Joyce Tung is also a key member of the team and regularly advises on fintech, crypto and digital assets related regulatory advisory projects.