Monash University Malaysia

Professor

Head, School of Business

Islamic Financial Services Board

I am consulting IFSB on research project on Issues in Regulation and Supervision of Islamic Financial services in the area of Hedging and Risk Management.

Consultant

Cambridge Centre for Alternative Finance, Cambridge Judge Business School

I work with CCAF in Fintech domain with regards to regulatory and policy approaches to innovation, such as regulatory sandboxes, regtech for regulators, innovation hubs, and new regulatory, policy and authorization reforms across the globe with a focus on the SEA region. I am also looking at the Fintech development within Islamic Finance sector.

Research Affiliate

Finance Accreditation Agency (FAA)

Accreditation Panel Member

Journal of Asia Business Studies

Member of the Editorial Board

International Journal of Islamic and Middle Eastern Finance and Management

Independent Consultant

I design & conduct training for Islamic Banking & Finance Programme.

Course Designer & Trainer for Islamic Banking & Finance related Programmes

Consultant (Islamic Banking & E-Commerce

School of Business at Monash University Malaysia

Head Of School

Asia Pacific University

I am leading a Team of 33 young and energetic staff members specializing in key domain of Accounting and Finance.

Head of School (Accounting and Finance)

Director, Programme Development

I am currently working as a Professor of Finance and Head, School of Business at Monash University. I previously worked as Professor at Asia Pacific University 9APU); Associate Professor at Henley Business School ( Univ. of Reading) and at the Nottingham University Business School (NUBS) in the University of Nottingham Malaysia Campus (UNMC). Additionally, I am also a research affiliate of the Cambridge Centre for Alternative Finance (CCAF) at Judge Business School, University of Cambridge and contributes regularly to a global industry report on Fintech and Financial regulations.  

My research is focused on banking/FinTech regulation, financial stability corporate finance, financial market, Islamic banking and finance, financial intermediation, financial economics. My articles have been published in leading journals like The World Economy, Emerging Markets Review, RIBAF, Pacific-Basin Finance Journal, Journal of Asset Management, Journal of Banking Regulation, Journal of International Banking Law & Regulation, Review of Islamic Economics; Journal of Internet Banking and Commerce and Journal of Financial Services Marketing among others. I have co-authored 9 books in Islamic Finance/Fintech and among them is the Encyclopedia of Islamic Finance which is the first of its kind and has sold over 1000 copies worldwide. 

As a frequent traveller, I have given lectures on Islamic finance/finance across the world such as the Harvard Islamic Finance Forum at Harvard Law School; Gulf Research Meeting at Cambridge University, UK; Durham University Summer School and Seoul International Finance Conference (SIFIC) among others. I have been appointed as visiting Associate Professors at the Universities in the UK and Indonesia. I have co-edited special issues on Islamic finance in the mainstream finance and economics journals such as The World Economy, Managerial finance and Economic Papers. 

I was featured as the Professor of the Month by Financial times in 2014 and I am the winner of the Upcoming personality in Islamic Finance for 2016 given by GIFA. I have been ranked among the top 100 global social media influencers in Fintech by Refinitiv and Ranked number one Global Regtech Influencer.

#AI Trade Offs: A Systems Lens on #DecisionMaking

Key takeaways from the The Digital Economist report 

✅  Building #responsibleAI requires the engagement of all stakeholders—the government, private sector,
intergovernmental organizations (#IGOs), #NGOs, #academia, #civilsociety to understand AIS’ strengths and limitations. 

✅  #AIliteracy must be cultivated at both societal and individual levels. Without it, building #safe, #trustworthy, and responsible AI is impossible. Importantly, using AI should remain a matter of choice, not compulsion.

✅ #Policymakers must also acknowledge that AIS fragmentation means no single
country or company will ever fully own an end-to-end solution. This structural
fragmentation inherently produces transparency gaps and vulnerabilities.

✅  the purpose of AIS—and its contribution to social cohesion and workforce evolution—must remain central to #policymaking. The obsolescence of #human skills, if unaddressed, risks deepening #inequality.

#Bigdata #ArtificialIntelligence #AIEthics #AIbias #AIgovernance #ResponsibleAI #FinTech #AIRisk #Regulation #Regtech #AIliteracy #SDGs 

Mike Flache Francesco Burelli Tony Moroney Panagiotis Kriaris Dr. Martha Boeckenfeld Prof. Dr. Ingrid Vasiliu-Feltes ®© Spiros Margaris Alex Jimenez Nicolas Babin Nicolas Pinto Amitav Bhattacharjee Sam Boboev Enrico Molinari Dr. Khulood Almani🇸🇦 د.خلود المانع Efi Pylarinou Imtiaz Adam Eveline Ruehlin Peter Slattery, PhD Victor Yaromin Digital Growth Collective Dr. Debashis Dutta Sharad Agarwal  

https://lnkd.in/gz_WKMXa

Nafis Alam

Educator,Researcher, Leader & Influencer. Head, School of Business; Prof of Finance @Monash University ||Top 50 global influencers in FinTech, Regtech & Crypto ||Making world a better place with RegTech Research

AI Trade Offs: A Systems Lens on Decision-Making 2025

Governing in the age of #disruption:#artificialintelligence- 

Key takeaways from the Global Network of Director Institutes (GNDI)  report 

✅  Board capability gaps persist: Directors report low confidence in their boards’ ability to oversee AIrisks and opportunities, with limited subject matter expertise embedded at board level.

✅ Risk oversight is evolving but uneven: Awareness of AI risks is growing, but integration into enterprise #riskmanagement and strategic #decisionmaking remains uneven across sectors and regions

✅ #Planning is lagging: Many organisations lack formal #governance #frameworks or board-approved policies to guide #ethical use, #privacy #compliance, and
strategic deployment of AI.


✅ Stakeholder trust is fragile: Public #trust in corporate #AIinitiatives is low, with growing concerns about ethical use, #transparency, and #accountability, making
trust and social license critical to AI governance

✅ Leading boards embed climate into strategy: Forward-thinking boards treat AI not as a siloed technology issue, but as a strategic enabler embedding it into growth strategies, capital planning and organisational resilience frameworks.and champion #governance #innovation.

#Bigdata #AI #AIgovernance #AIrisk #Privacy #Compliance #AIEthics #FinTech #Regulation #Regtech #oversight #AIRiskmanagement 

Mike Flache Tony Moroney Francesco Burelli Panagiotis Kriaris Dr. Martha Boeckenfeld Prof. Dr. Ingrid Vasiliu-Feltes ®© Spiros Margaris Alex Jimenez Nicolas Babin Nicolas Pinto Amitav Bhattacharjee Sam Boboev Enrico Molinari Dr. Khulood Almani🇸🇦 د.خلود المانع Efi Pylarinou Peter Slattery, PhD Imtiaz Adam Eveline Ruehlin Victor Yaromin Digital Growth Collective Dr. Debashis Dutta  

https://lnkd.in/gxShKfeG

Governing in the Age of Disruption- AI 2025

ExplanAItions 2025: The evolution of #AI in #research-

Key Takeaways from the Wiley Report

✅ #AI use has increased significantly since last year, but most #researchers feel they could be doing even more

✅ 84% of researchers are using AI tools for any aspect of their work, up from 57% last year

✅ Researchers using AI for #research and/or #publication-related tasks increased to 62%, up from 45% in 2024

✅ Researchers turn to #ChatGPT and similar tools – not because they’re best for #science, but because they’re most accessible

✅ 80% of researchers have used a general-purpose AI tool, compared to just 25% who have tried one or more specialized AI tools for research. 

✅ Just 40% of researchers agree that their organisation provides them with access to the AI tools and models they need to successfully make use of AI in their work.

✅ Researchers’ views of AI are undergoing a course correction after hitting peak hype —something that’s an inevitable evolutionary phase in most major technological shifts.

✅ Eighty-five per cent of researchers using AI report that it has improved their #efficiency, while nearly three-quarters say that it has helped them with the quantity (77%) and the quality (73%) of their work. 

✅ 70% also find it valuable for brainstorming and #ideation, and 61% for improving their ability to focus on their most important tasks.

#Bigdata #Artificialintelligence #ChatGPT #AIBias #GenAI #Academia #AIethics #Fintech #Finserv #Regulation #RegTEch #publication

Mike Flache Francesco Burelli Tony Moroney Panagiotis Kriaris Dr. Martha Boeckenfeld Prof. Dr. Ingrid Vasiliu-Feltes ®© Spiros Margaris Alex Jimenez Nicolas Babin Nicolas Pinto Amitav Bhattacharjee Sam Boboev Imtiaz Adam Eveline Ruehlin Enrico Molinari Dr. Khulood Almani🇸🇦 د.خلود المانع Efi Pylarinou Monica Jasuja Theodora Lau Victor Yaromin Faisal Rafiq YuGang Shee Sharad Agarwal Helen Yu Dr. Debashis Dutta 


https://lnkd.in/g6WGCV5S

ExplanAItions 2025- THE EVOLUTION OF AI IN RESEARCH

Redesigning #RiskManagement Through
#Fintech Partnerships-

Key takeaways from Boston Consulting Group (BCG)  report 

✅  Fintechs’ solutions can help #CROs
access #automation, #predictiveanalytics, and real-time data integration to transform risk management from a costly operational necessity into a competitive advantage.

✅ For emerging risks, clear lines of ownership are often missing. With #threats evolving so rapidly, accountability for
them often does not fit neatly within a single, pre-existing corporate function. 

✅ Advancing digital transformation and managing technological risks have highlighted how vital it is for #financial institutions to balance the benefits of #digital #innovation with prudent oversight.

✅ #Openbanking, and its wider successor, #openfinance, have normalized the idea that #data and functionality can flow across financial intermediaries’ boundaries through
secure #APIs.

#Bigdata #Artificialintelligence #Banking #Finserv #Technology #BaaS #DigitalTransformation #Risk #Regulation #Regtech #Supervision #Suptech 

Mike Flache Tony Moroney Francesco Burelli Panagiotis Kriaris Dr. Martha Boeckenfeld Prof. Dr. Ingrid Vasiliu-Feltes ®© Spiros Margaris Alex Jimenez Nicolas Babin Nicolas Pinto Amitav Bhattacharjee Sam Boboev Enrico Molinari Dr. Khulood Almani🇸🇦 د.خلود المانع Efi Pylarinou Martin Moeller Sharad Agarwal Victor Yaromin Digital Growth Collective Helen Yu Dr. Debashis Dutta  

https://lnkd.in/gKmFugzY

FinTech Partnership to Manage Risk Management 2025

#Trust, #Technology, and Tomorrow

How to navigate the future of #technology, particularly #AI, in a way that fosters #trust, #ethical use, and positive outcomes.

Key takeaway from the KPMG report

✅ There is a high level of concern around losing control as technology advances – 64% of Australians are concerned about losing personal or societal control as AI becomes more widespread. 

✅ Government bodies need to proactively consider how they define their
role in an AI-driven future and determine how they can better engage
with their citizens in an increasingly digitised world, to deliver better
outcomes for communities. 

✅  As AI is increasingly used to automate administrative tasks, there is
an opportunity to focus efforts on ensuring better access to services,
uplifting access to more affordable #housing, improved #educational
options, and increased home care and support for vulnerable populations.

#Bigdata #Artificialintelligence #AIEthics #AIbias #AITrust #AIrisk #FinTech #Finserv #Regulation #RegTech #AIRegulation #climatechnage #society #Australia #Futureofwork

Mike Flache Tony Moroney Francesco Burelli Panagiotis Kriaris Dr. Martha Boeckenfeld Prof. Dr. Ingrid Vasiliu-Feltes ®© Spiros Margaris Alex Jimenez Nicolas Babin Nicolas Pinto Amitav Bhattacharjee Sam Boboev Enrico Molinari Dr. Khulood Almani🇸🇦 د.خلود المانع Imtiaz Adam Eveline Ruehlin Peter Slattery, PhD Victor Yaromin Sharad Agarwal Helen Yu Dr. Debashis Dutta 

https://lnkd.in/ghdsRw7A

Trust Technology and Tomorrow- 2025

Unified #RiskManagement- The connected future of #risk-

Key takeaways from the Moody's Corporation  report 

✅ 90% leaders leaders acknowledged that #cyberrisk has grown in recent years. The rapid expansion of #digital operations, #cloud migration, and hybrid work appears to have outpaced #governance frameworks, multiplying entry points for attack.

✅ 80% participants reported an increase in third-party and #operational-related risk. As organizations become more dependent on extended, multi-tiered networks of suppliers and partners, the complexity creates new points of failure.

✅ The risk posed to a business’ #reputation from #compliance failures or significant events is described as the “amplifier” of all other risks.

✅ #Banks are mature in #financial risk management, with sophisticated frameworks and #regulatory oversight. However, they can be constrained by #legacy systems, as well as #regulation, which creates a tension: “sophistication without agility.”

✅ #Fintech firms tended to be fast-moving and innovation-led, but their #governance can lag behind growth.

#Bigdata #Artificialintelligence #Cybersecurity #Dataprivacy #AIrisk #Fintech #Regulation #Regtech #compliance #governance 

Mike Flache Tony Moroney Francesco Burelli Panagiotis Kriaris Dr. Martha Boeckenfeld Prof. Dr. Ingrid Vasiliu-Feltes ®© Spiros Margaris Alex Jimenez Nicolas Babin Nicolas Pinto Amitav Bhattacharjee Sam Boboev Enrico Molinari Dr. Khulood Almani🇸🇦 د.خلود المانع Efi Pylarinou Victor Yaromin Digital Growth Collective Sharad Agarwal Helen Yu Dr. Debashis Dutta  

https://lnkd.in/gTrnaExB

Unified Risk Management- Connected Future of Risk 2025

Announcing the official launch of the #Innovation #ImpactLab

Monash University Malaysia, in collaboration with Alliance Bank Malaysia Berhad and Cradle Fund, has established the #InnovationImpactLab. The lab is designed to accelerate the growth of #Malaysian #SMEs by enabling them to test and refine #tech-driven, commercially viable solutions that address real-world challenges – particularly in #sustainability, #wastemanagement, and #circularity.

The Lab will work towards enabling and supporting SMEs to validate problem statements, apply #designthinking and prototype scalable solutions.

The lab was launched during the #CradleLIVE! #StartupASEANSummit held at Zepp KL on 5th November.

The launch was witnessed by YB Chang Lih Kang, Minister of the Ministry of Science, Technology and Innovation Malaysia (#MOSTI), and other key dignitaries that includes the Secretary-General of The ASEAN Secretariat His Excellency Dr. @Kao Kim Hourn, accompanied by #AllianceBankMalaysia Group CEO, Mr Kellee Kam and Professor Dato' Dr. Ir. Faisal Rafiq, Vice-President for Research and Development, Monash University Malaysia.

A big shoutout to Mohan Avvari, Dr Aaron Sum, Kevin Fernandez, Marveen Paransothy, the #CradleFund Team, and the #AllianceBank Team.

This collaboration is a testament to the School of Business at Monash University Malaysia's commitment to #Sustainability Impact, #SMEsgrowth and impactful work in #greener, more #sustainablebusiness practices. 

#ResponsibleFinance #Sustainablefinance #ESG #Sustainability #BSchool #Startup #Investment #FinTech #Finserv #Banking 

Adeeba Kamarulzaman
Karren Khaw
Uma Mageswary T.
Monash University
Monash Business School

#Fintech is evolving fast, from #stablecoins to #AgenticAI- What are Top 10 Fintech & #Payments Trends 2026-

Key takeaways from Juniper Research report 

✅  Stablecoins to Rival Existing #Interbank Settlement Layer

✅ Agentic #Commerce to Reshape B2B
& #Consumer Purchasing

✅  #Tokenised Assets Will Enter the
Mainstream

✅ #GenAI to Transform #Banking

✅ #AI #Fraud Prevention Investment to
Rise Amid #Deepfake Threat

✅  No-code #AML Adoption to Extend
Beyond #Banks

#Digitalpayment #Finserv #Investment #Digitalasset #Regulation #regtech #Token 

Mike Flache Francesco Burelli Tony Moroney Panagiotis Kriaris Dr. Martha Boeckenfeld Prof. Dr. Ingrid Vasiliu-Feltes ®© Spiros Margaris Alex Jimenez Nicolas Babin Nicolas Pinto Amitav Bhattacharjee Sam Boboev Enrico Molinari Dr. Khulood Almani🇸🇦 د.خلود المانع Efi Pylarinou Monica Jasuja Theodora Lau Victor Yaromin Sharad Agarwal Helen Yu Lokesh Gupta Dr. Debashis Dutta  

https://lnkd.in/gNZuYna2?

Top 10 Fintech and Payment Trends 2026

Guidelines for #ArtificialIntelligence #RiskManagement in #FIs

Key insights from Monetary Authority of Singapore (MAS)  consultation paper

✅ Board and senior management of #FIs play a key role in the governance and oversight of #AIriskmanagement, including the establishment and implementation of frameworks, structures, policies and processes for #AIrisk management, and fostering the appropriate risk culture for the use of AI.

✅ To support oversight and risk management of AI use, FIs need to establish clear identification processes for AI usage across the firm, maintain accurate and up-to-date AI inventories, and implement risk materiality assessments that factor impact, complexity and reliance dimensions.

✅ To manage the risks of AI throughout its lifecycle, FIs should plan for and implement robust controls in key areas such as data management, fairness, #transparency and explainability, human #oversight, third-party risks, evaluation and testing

#Bigdata #GenerativeAI #AI #Fintech #Banking #Banks #AIbias #Regulation #Regtech #datamanagement #fairness, #transparency #explainability 

Mike Flache Francesco Burelli Tony Moroney Panagiotis Kriaris Dr. Martha Boeckenfeld Prof. Dr. Ingrid Vasiliu-Feltes ®© Spiros Margaris Alex Jimenez Nicolas Babin @Nicolas Pinto Amitav Bhattacharjee Sam Boboev Enrico Molinari Dr. Khulood Almani🇸🇦 د.خلود المانع Efi Pylarinou Theodora Lau Douglas Arner Victor Yaromin Digital Growth Collective Peter Slattery, PhD Helen Yu Dr. Debashis Dutta  


https://lnkd.in/g9TP4nr7

AI risk Management in Financial Institutions 2025

The Enterprise-Wide #AgenticAI #Risk Controls Framework 


Key takeaways from Agentic Risks report 

✅ #AIagent may behave unpredictably,
inconsistently, or unfairly, drifting from its intended purpose, compounding errors, or operating outside policy, leading to failures, #bias, or #inconsistency

✅  more than one agent may interact, replicate, or conflict in uncontrolled ways – creating confusion, #inefficiency, #security gaps, or runaway behaviours that undermine oversight and system stability.

✅  agents and their #data pipelines can be
attacked, corrupted, or misused, leading to #databreaches, loss of control, unsafe behaviour, or system compromise.

✅ agents may operate without #accountability, #compliance, or control, causing outages, data loss, cost overruns, policy and #regulatory breaches, or reputational damage

#Bigdata #Artificialintelligence #AIAgent 
#Accountability #Explainability #Monitoring #AIBias #AiGovernance #Fintech #Regulation #Regtech #security #threat 

Mike Flache Francesco Burelli Tony Moroney Panagiotis Kriaris Dr. Martha Boeckenfeld Prof. Dr. Ingrid Vasiliu-Feltes ®© Spiros Margaris Alex Jimenez Nicolas Babin Nicolas Pinto Amitav Bhattacharjee Sam Boboev Enrico Molinari Dr. Khulood Almani🇸🇦 د.خلود المانع Efi Pylarinou Imtiaz Adam Eveline Ruehlin Victor Yaromin Peter Slattery, PhD Victor Yaromin Sharad Agarwal Helen Yu Dr. Debashis Dutta  

https://agenticrisks.com

Enterprise Wide Agentic AI Risk 2025

#Bitcoin just fell 23% from its October high

Are we surprised??

✅  Bitcoin’s lost $450 billion of value over the past six weeks, in a selloff that ramped up after a bunch of leveraged bets (made with borrowed funds) were wiped out in a single day.

✅ That nervousness affected the entire #crypto market, leaving it about $1 trillion lighter.

✅ #US bitcoin #ETFs, which is seen as a symbol of the crypto’s mainstream pull, saw $870 million of withdrawals in a single day – the second-heaviest outflow ever.

✅  Broad Market Sell-Off: The recent downturn in the crypto market has also impacted other #cryptocurrencies, with the sell-off being broader than just Bitcoin

Source Finimize

Why did Bitcoin fall?

✅ Shift in Federal Reserve Board Rate Cut Expectations: The main driver for the decline was a dramatic reversal in market expectations for a Federal Reserve rate cut. Expectations for a December rate cut dropped significantly, prompting investors to rebalance their risk portfolios.

✅ The broad sell-off in #technology stocks has been a key factor behind the deterioration in #investors #risk appetite

#Bitcoin will continue to be #volatile and highly #speculative

#Investwithcaution

#Digitalpayment #FinTech #Finserv #Investment #Digitalasset #Regulation #regtech #Token #Cryptoregulation #Cryptocrash #BTC #Bitcoincrash

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