Introducing the Innovators’ Exchange podcast, hosted by Hiten Patel, Global Head of Financial Infrastructure Technology, and Services at Oliver Wyman.

Join Hiten as he engages in insightful conversations with CEOs and founders who are shaping the landscape of financial technology, data, and software. In each episode, Hiten delves into their journeys to success, daily motivations, business visions, and the invaluable lessons they've gathered along the way.

Meet visionaries such as Maroun Eddé of Murex, Brad Levy from Symphony, Cat Long of Trace, Anand Sambasivan of Primary Bid, David Mercer of LMAX, and Bin Ren of Sigtech. From discussing the ever-evolving nature of capital markets to the symbiotic relationship between humans and AI, these conversations provide a unique perspective on innovation in the financial sector.

Hong Kong's pivotal role as a super connector between global investors and mainland China, the importance of tailored regulation in fostering market innovation, and the growing relevance of stablecoins and digital assets in shaping the future of finance.

In this special video episode of the Innovators’ Exchange recorded in London, Bonnie Y Chan, CEO of the Hong Kong Stock Exchange (HKEX), is interviewed by podcast host Hiten Patel. In the interview Bonnie emphasizes the importance of collaboration within Asian markets to bolster growth and views regulation as an enabler rather than an obstacle. She also addresses the rising interest in stablecoins and digital assets, noting ongoing regulatory developments in Hong Kong.

Key talking points:

• Bonnie’s background: She reflects on her fascinating career path, from early regulatory roles to her current position as CEO of HKEX. Bonnie credits her legal training in capital markets for sharpening problem-solving skills essential to managing a stock exchange, and underscores the importance of continuous learning about secondary markets.
• Views on regulation: She argues that regulation can serve as an enabler rather than a hurdle. By understanding market stakeholders, regulators can design tailored frameworks that facilitate market development.
• Hong Kong's global financial role: Bonnie describes Hong Kong as a "super connector" between global investors and mainland China, especially as geopolitical dynamics shift. She highlights a resurgence of foreign investment in recent IPOs and HKEX's recent return to the top of global IPO rankings.
• Innovation pipeline: More than 300 companies are waiting to be listed on HKEX, many in cutting-edge sectors such as biotechnology and technology. She notes the growing international nature of these companies, with many generating significant revenue from outside China.
• Stablecoins and digital assets: Stablecoins are gaining traction in Hong Kong, with regulations being established for their issuance. Bonnie sees stablecoins primarily as a medium of exchange, highlighting their potential for settling stock transactions.

This episode is part of Innovators’ Exchange, a series that explores the financial infrastructure and technology landscape. Tune in to hear more insights from industry leaders on the evolution of the global financial ecosystem.

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This episode was recorded in October 2025.

Valerie Urbain, CEO of Euroclear, joins Hiten Patel and Nikolai Dienerowitz to discuss Euroclear’s role as a foundational global financial market infrastructure and the company’s strategic priorities. Valerie opened up about her journey from Senegal to her role as Euroclear’s CEO, emphasizing how culture, human capital development, diversity, and inclusion were at the core of her leadership philosophy and the organization’s ability to innovate responsibly.

The conversation touched upon the importance of trust and interoperability in traditional and digital markets, the need to convert European savers into investors to finance growth and scale-ups, balanced and nuanced regulation, cautious but active engagement with distributed ledger technology (DLT) and digital assets, and practical applications of artificial intelligence (AI) to improve productivity and client services.

Key topics include:

• Euroclear’s role and scale: As a global financial market infrastructure, Euroclear manages securities settlement and safekeeping (including equities, bonds, funds, ETFs), acting as a digital notary and a connector between issuers and investors. Euroclear links Europe to more than 45 markets, settles about the equivalent of the world's GDP each month, and safekeeps over €41 trillion in assets.
• Valerie’s leadership formation: Raised across African countries, Valerie had an early exposure to “being different,” and gained autonomy when she moved to Europe at the age of 16. Her career spans client-facing roles, banking, and then progressing through commercial, product and general management positions and a formative five-year stint as head of HR, which later shaped her enterprise-wide people perspective.
• European capital markets: Valerie argues Europe must convert savers into investors to fund startups, scale-ups, and large financing needs, with Euroclear lowering costs through scale, supporting savings and investment union efforts, and enhancing market accessibility.
• Digital assets and DLT: Euroclear has piloted DLT-based issuance with reputable issuers, but volumes remain small. Scaling requires broad market participation and interoperability between legacy and digital systems.
• AI adoption: Euroclear has widely deployed Microsoft Copilot and uses AI to review end-to-end processes for productivity gains. Valerie shares an early client-facing use case where AI is used to predictively identify likely unmatched trades ahead of T+1 settlement. To embed ethics and governance into AI adoption, Euroclear hired a professional with a background in philosophy.
• Interoperability and trust as strategic assets: In a fragmented/geopolitical world, Euroclear positions itself as an interoperability glue between markets and traditional and digital assets, with a core strength being its ability to connect liquidity pools and enable collateral mobility. Valerie talks about trust as a scarce and crucial commodity and highlights Euroclear’s commitment to upholding that, helped by their scale and rules-based operations.

This episode is part of Innovators’ Exchange, a series that explores the financial infrastructure and technology landscape. Tune in for a captivating exploration of key themes and opportunities for both professionals and retail investors, touching on AI's transformative potential in financial markets.

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