London Fintech Podcast

What happens when AI doesn’t just recommend what to buy, but makes the purchase? And what has to change in payments, data and fraud prevention before people trust it to?In this episode of The London Fintech Podcast, Tony Clark is joined by Rohit Mishra, VP of Product at Shopify, where he leads payments, tax, risk and cross-border, to explore how AI agents are changing the way people shop and pay.Rohit explains why Shopify now treats agents as a new kind of user. He describes how shoppers are moving from asking AI for recommendations to letting it build baskets and complete purchases, and why, on Shopify’s data, shopping sessions that start with an AI agent convert better than those from traditional search. He also sets out the work underway on industry standards such as the Universal Commerce Protocol, and what merchants need for agents to find and buy their products, from agent-ready product data to familiar checkout wallets.The conversation also looks at the open questions: who is liable when an agent’s purchase goes wrong, how agentic tokens aim to keep card details secure while preserving consumer protections, and how bad actors are using the same technology, with small businesses the most exposed to fraud.Rohit closes with advice for financial institutions: plan for a future in which customers are represented by agents, and look for the opportunity rather than only the risk.For anyone in payments, retail or financial services, this is a practical look at what’s already happening in agentic commerce, what’s still unresolved, and how to prepare.00:00 Trailer & Intro01:18 AI That Buys, Not Just Recommends02:07 What Shopify Covers Today05:32 Agents Are the New Users07:49 Writing the Rules for Agent Shopping12:11 What the Data Shows15:35 Where Friction Remains19:04 How Trust Gets Built24:17 Making It Work: Catalogue, Checkout and Wallet32:10 Why Small Businesses Could Win33:59 What's Next: Shop Pay in Agents and Agentic Tokens38:12 When Bad Actors Use AI Too42:49 Who's Liable When an Agent Buys?44:55 Agentic Tokens Explained48:29 What This Means for Financial Services53:09 Overestimating Risk, Underestimating Opportunity54:38 Career Lessons and Life Outside Work

How do the rules that govern new financial services actually get written? And what happens when a regulator tests them on real products before finalising them?In this episode of The London Fintech Podcast, Tony Clark is joined by Matthew Long, Director of Payments and Digital Assets at the FCA, to explore how the UK built its crypto and stablecoin regime. They also look at what happened when the regulator tested its proposed stablecoin rules with real firms in a live sandbox.Matthew, who has led the design of the regime since 2022, explains what the testing revealed and how the final rules changed after consultation and testing. The changes range from simplifying how backing assets are calculated to making disclosure requirements less prescriptive. He also shares what surprised the regulator about how quickly fintech firms could develop new solutions.The conversation also covers the opening of the FCA’s authorisation gateway for crypto firms and the early response from applicants. Matthew sets out what firms need to show to be authorised, including clear governance, wind-down plans and strong financial crime controls.Matthew also discusses how the UK is working with regulators internationally and the upcoming work on decentralised finance and tokenised payments. He explains how the FCA is beginning to examine questions such as liability when AI makes payments, through its supercharged sandbox.For anyone building, investing in or following the UK’s digital asset market, this is a rare look at how financial regulation is made, tested and changed, and what comes next.00:00 Trailer & Intro01:20 How the UK's Crypto Rules Get Written02:09 The Authorisation Gateway Opens04:03 Guidance, Timelines and the Market the FCA Wants06:11 What Counts as a Crypto Firm07:47 From Registration to Full Authorisation08:54 Inside the Stablecoin Sandbox12:08 What Testing Changed in the Final Rules14:33 What Surprised the Regulator15:38 What Firms Need to Show to Get Authorised20:23 Working With Regulators Globally23:48 What's Next: DeFi, Tokenised Payments and New Payment Rails29:06 Keeping Up With Fast-Moving Technology31:38 AI Making Payments and the Supercharged Sandbox37:39 Advice for Firms Not Yet Involved in Crypto40:01 The FCA's Mission for the UK Market43:15 Career Lessons and Life Outside Work

Where should a financial services business expand next? And what makes a market attractive enough to justify the move?In this episode of The London Fintech Podcast, Tony Clark is joined by Mr King Leung, Associate Director-General of Investment Promotion 2 at InvestHK, to explore why Hong Kong continues to attract financial services, fintech and technology businesses from around the world.Drawing on his experience as an entrepreneur, consultant and investment promotion leader, King shares what companies consider when deciding where to establish a presence, from market size and access to capital to talent, regulation and government policy.The conversation also looks at Hong Kong’s growing role in wealth management and cross-border payments, its approach to digital assets and new financial infrastructure, and how InvestHK helps international companies land, find clients and build their networks.King also discusses the growing two-way relationship between Hong Kong, mainland China and the UK, including his recent delegation of 25 companies to Britain, and why Hong Kong FinTech Week is becoming an important meeting point for Asian and international businesses.For financial services and fintech businesses considering international expansion, this is a practical look at how companies assess new markets and how Hong Kong is positioning itself as a gateway between Asia and the global economy.Chapters:00:00 - Trailer & Intro01:25 - Introduction to Hong Kong's Financial Landscape03:19 - Key Factors Influencing Investment Decisions07:10 - Hong Kong's Market Size and Policy Environment10:54 - Talent and Infrastructure Support for Fintech14:38 - Case Study: Liquidified's Growth in Hong Kong18:46 - Government Initiatives and Accelerators22:12 - Hong Kong's Role in Digital Assets and Stablecoins25:42 - Hong Kong-UK Trade and Investment Opportunities33:46 - Upcoming Events and Future Outlook37:41 - Personal Insights and Career Lessons

Anant Kumar discusses the current state and future potential of blockchain in finance, exploring how institutions are beginning to adopt the technology and where it could have the greatest impact: collateral, settlement and tokenisation.Drawing on real-world examples, including Benefit Street Partners’ Bitcoin-backed loan and Galaxy Digital’s tokenised commercial paper transaction on Solana, Anant explains how blockchain is being applied to traditional financial processes, and what needs to happen for adoption to scale.In this episode, you’ll hear:• Why institutional blockchain adoption is likely to begin with collateral, followed by settlement.• How Galaxy Digital’s tokenised commercial paper transaction demonstrates the potential of on-chain finance.• Why traditional processes, such as leveraged loan settlement, can take up to two weeks, and how blockchain could help.• The role of regulation and regulatory clarity in enabling institutional adoption.• The technical infrastructure required to support on-chain collateral and settlement.• How tokenisation could extend across asset classes, including equities, bonds, real estate and aircraft.• Why atomic settlement presents both opportunities and challenges for financial institutions.• How digital assets could intersect with emerging areas such as AI infrastructure and GPU financing.• What institutions should consider now as they prepare for tokenisation, including security and operational readiness.If you’re working in financial services, private credit or digital assets, this conversation offers a practical look at blockchain’s evolving role in traditional finance and the opportunities and challenges shaping its adoption.Chapters01:04 Introduction: blockchain’s role in institutional finance03:16 Why collateral comes before settlement06:41 Bitcoin-backed lending and the Galaxy Digital deal08:04 What institutions need to bring assets on-chain10:40 Inside Galaxy Digital’s tokenised commercial paper transaction12:19 Atomic settlement and stablecoin repayment13:17 What comes next for tokenised commercial paper13:39 Choosing a blockchain network14:21 Why leveraged loan settlement takes up to two weeks17:12 The move towards atomic settlement18:15 Swift’s shared ledger and interbank transfers18:47 Managing volatility in Bitcoin-backed lending22:34 Aircraft as collateral23:30 Tokenising equities and other traditional assets24:45 How far along is institutional blockchain adoption?26:15 Blockchain’s role in Benefit Street Partners’ strategy26:39 Tokenised funds and GPU financing28:44 How on-chain capital can finance AI infrastructure30:01 Smart contracts, execution risk and bridge loans31:41 AI’s impact on private credit33:03 Preparing financial institutions for tokenisation34:37 Practical steps for getting ready35:36 Building blockchain expertise at Franklin Templeton36:42 What could come next for digital assets38:12 Advice for navigating change

When you’re under pressure to grow, slowing down can feel like the wrong move. But rushing past the difficult questions can leave you fixing problems just as your business starts to scale.Emma Hagan, UK CEO of ClearBank, joins the London Fintech Podcast to explain why investing time in the right people, processes and conversations early on can help you move faster later.Having moved from leading risk and compliance to running the UK bank, Emma shares how ClearBank approaches growth, launches new services and decides which opportunities deserve its attention.In this episode, you’ll hear:Why missing expertise can hold up a launch, and how bringing the right people in early helps.How building risk management into your plans can make it easier to scale.What ClearBank learned from expanding into Europe and securing a second banking licence.Why more funding won’t solve every growth problem, and when to say no to a good idea.How to make conversations with regulators more productive.If you’re building, launching or growing a financial business, this conversation will help you spot where extra preparation now could save you time later.