Image of Peiying Chua

Peiying Chua Heikes

Financial Regulation Partner, Singapore

“I have an in-depth understanding of the way financial services companies operate, having spent more than 14 years specialising in financial regulation, both in private practice and in-house. I offer clients comprehensive, solutions-oriented, commercial and clear advice to steer them through complex financial regulatory issues.”


Professional experience

Education and qualifications


Peiying is widely regarded as a leading financial regulatory lawyer, advising clients in Singapore and internationally on all issues associated with financial regulation. She leads the firm’s Singapore financial regulatory practice, and advises banks, investment managers, broker-dealers, market operators, commodity houses, insurance companies and intermediaries, as well as technology and other companies expanding into the fintech sector, on various issues including:

  • licensing and structuring
  • compliance with regulatory rules
  • corporate M&A in the financial services sector
  • regulatory change projects
  • regulatory investigations

Peiying works closely with the firm’s financial regulatory lawyers globally, advising clients on the full range of financial regulatory requirements, from applying for licences through to corporate transactions and contentious regulatory investigations. She has advised on various innovative fintech initiatives, such as Asia-based digital securities offerings and partnership arrangements between banks and fintech firms.

Peiying takes a keen interest in pro bono work and has advised on matters for the Vance Center for International Justice, the United Nations Office of High Commissioner for Human Rights, and the Asia Centre for Social Entrepreneurship & Philanthropy.

Work highlights

Among the many matters on which Peiying has led or been a key adviser, she has advised:

  • on licensing requirements and obtaining requisite financial regulatory licences for clients, including in the context of strategic Brexit planning for banks and market operators, and on the launch of innovative products or platforms such as for Hong Kong Exchanges and Clearing Limited
  • a global insurance company on the establishment of a new Singapore entity to house its digital business, including applying for the relevant licence
  • on Singapore regulatory considerations arising from transactions in the financial services sector, including the multi-jurisdictional sale of ANZ’s retail and wealth business in Singapore among other jurisdictions, and the merger of Pioneer Investments (UniCredit's asset management business) and Santander Asset Management
  • numerous major banks, assets managers (private equity, real estate, etc.), capital markets intermediaries and other institutions on regulatory requirements relating to their internal governance, reporting and decision-making structures
  • Singapore’s first unicorn ICO and various Asia-based digital securities offerings
  • various fintech and technology firms on regulatory regimes concerning payment services and digital assets, including the new Payment Services Act in Singapore

Professional experience

Peiying is a regular speaker at fintech conferences, including at the Singapore FinTech Festival organised by the Monetary Authority of Singapore (MAS), where she co-led a workshop on overcoming regulatory obstacles in collaboration between banks and fintech firms. She was invited by the regulator to speak at a closed-door global regulators’ forum, on a panel on digital token offerings. She is an active participant in lobbying regulatory authorities on regulatory reform, including representing the Singapore Fintech Association.

Peiying has experience as an adjunct instructor for a course “A Digital Customer Journey” in the Singapore Management University’s School of Law. She is also a guest speaker on “Digital Risk Management” for the Master of Science in Wealth Management programme in the Singapore Management University’s Lee Kong Chian School of Business.

Prior to joining Linklaters, Peiying was director and assistant general counsel in Bank of America Merrill Lynch, acting as Singapore legal and regulatory counsel and APAC banking counsel for the private bank. She also spent time on secondment in Morgan Stanley, Merrill Lynch, Credit Suisse and Lehman Brothers.

Peiying co-wrote the chapter “Legal Implications of Fintech” in Fintech: The New DNA of Financial Services, DEG Press, 2018.

Education and qualifications

Peiying studied law at the National University of Singapore, which included an exchange year with Osgoode Hall Law School, York University, Canada.

She speaks English and Mandarin.