What are the most significant cases and transactions that your legal team has recently been involved in? 

My team focuses on regulatory interpretation and requirements, which means we manage our regulatory licenses to minimise the impact of regulations on the organisation. Over the past three years, we have been engaging with a regulator on licensing, which could result in onerous regulatory requirements and a significant increase in our regulatory compliance costs.

During the advocacy engagement process, we successfully convinced the regulator that certain essential regulatory requirements are addressed by other regulated entities with whom our organisation partners with. Additionally, we proposed alternative arrangements that would meet the policy objectives set by the regulator.

Following three years of complex regulatory engagement and submissions, the said central bank decided to exempt our organisation from obtaining a regulatory license. This exemption has saved the organisation from increased capital and operational investments relating to technology, daily operations, and governance.

Could you share an example of a time when you came up with an innovation that improved how your legal team works and did not come at a large expense?

I am the lead regulatory affairs professional for the region in a technology company, overseeing 88 markets across multiple products. Each market has country-specific regulatory requirements, and my role is to ensure that our products are launched in a manner that complies with each country’s specific requirements.

When I started my role at Mastercard in 2021, it was easier to offer guidance and support to the various markets. However, as new products were introduced and the team grew, I noticed that there was a need to create a regulatory repository. The repository is a live collaborative document that contains general regulatory requirements in key markets. It simplistically indicates where there are regulatory triggers and requirements. The repository has enabled the team to have a resource readily available for regulatory advice, saving time as we leverage team knowledge. It has decreased our costs for external counsel and has allowed for quick-to-market product launches.

Looking forward, what technological advancements do you feel will impact the role of in-house legal teams in the future the most? Which have you found most useful in your legal team?

Artificial Intelligence (AI) is set to influence end-to-end legal teams. Firstly, it is playing a pivotal role in shaping the types of products that are being developed for market launch. As regulatory counsel, one needs to understand the role of AI within the product set to continue ensuring that requirements and expectations are met. Regulatory expectations are also fast-moving and changing as regulators grapple with AI, wondering how best to manage any potential risks introduced by AI in the payments value chain.

How do you suggest in-house lawyers build strong relationships with business partners?

Collaboration and open communication with the business are key to the success of in-house counsel. My approach is to partner with colleagues to operate and manage risks for the business. Without close collaboration between in-house lawyers and the business, the company will not succeed.

As part of this collaboration, I suggest that in-house counsel be involved in product development from the onset to minimise issues that might surface once the product has been built. In-house lawyers also need to understand the business drivers, potential risks, and provide solutions that allow the business to grow.

The days of in-house counsel saying no, or halting business are gone, as businesses are seeking partners who will collaborate with them to achieve organisational results. In some quarters, regulatory requirements are viewed negatively and viewed as a hindrance to business. However, within our organisation, with the collaboration and support from regional senior management, we consider regulatory requirements as business enablers. In other words, failing to meet regulatory expectations means the business will not obtain the necessary approvals to operate in the market. Therefore, regulatory compliance is a key component to our business.