Kai Zhang

Prior to joining the firm, Kai was an associate director at an international law firm. Kai specializes in financial services regulation. He focuses his practice on the payments and e-money regulatory frameworks including the Payment Services Directive, Wire Transfer Regulation and Electronic Money Directive. He has extensive experience in advising a variety of payment service firms (including banks, nonbank payment firms and FinTech firms) in respect of issues within the full spectrum of payments/e-money regulations such as authorisation, conduct of business requirements, the open banking regime and operational compliance issues as well as cryptocurrency-related matters. He also advises on the general regulatory frameworks such as the regulatory capital requirements for banks and investment firms, the anti-money laundering requirements for regulated firms, and the regulatory perimeter issues in relation with the Financial Services and Markets Act 2000 and the FCA Handbook.

• Member of the Legal Task Force for Pay.UK (which is the UK retail payments authority responsible for the new UK domestic payment infrastructure).

• Speech on PSD2 open banking at OpenBanking Expo (13 November 2019, London).
• Panel speaker on PSD2 Open Banking requirements at Open Banking World Congress 2019
• Speech on payments regulation at Commercial Payments International Europe Summit (6 March 2018, London).

• PSD2 Open Banking: Allocation of Liabilities (The Fintech Times, Edition 32)
• PSD2 Open Banking - TPP Identification: To Check or Not To Check (Lexology)
• PSD2 Allocation of Liabilities: Customers v. ASPSPs v. PISPs (Lexology; Payments Cards & Mobile)
• AML and E-Money: FCA Thematic Review (12 October 2018, Practical Law).
• Brexit – Potential Impact on the Payment and E-Money Sector (21 September 2018, SA Financial Regulation Journal).
• The FCA: Level Playing Field or More Enforcement (Payments Cards & Mobile).
• Securitisation: Regulatory Framework and Reforms (co-author; Practical Law, July 2018).
• Payment Systems and Electronic Money Chapter in the Butterworths Financial Regulation Service (Loose-Leaf) (Contributing editor, pre-2017).

• Quoted in “Plus ça change for UK payment firms on Brexit Part 1 and 2, 24 and 25 November 2020, Vixio PaymentsCompliance.
• Quoted in “UK Regulator's Definition Of E-Money Firms As Trustees Sparks Debate”, 20 July 2020, Vixio PaymentsCompliance.
• Quoted in “Testing times: COVID-19 puts SME and APP fraud dispute resolution schemes under scrutiny”, 22 April 2020, Thomas Reuters – Regulatory Intelligence.
• Quoted in “Open banking impact may force regulators to reconsider prudential measures”, 4 November 2019, Global Risk Regulator (part of the Financial Times)