The Monetary Authority of Singapore released its Sustainability Report 2024/2025, outlining strategies for climate resilience and environmental sustainability. The report focuses on enhancing the financial sector's resilience to environmental risks, developing a sustainable finance ecosystem, and building a climate-resilient investment portfolio.
The South Korea Financial Services Commission has approved revisions to the Korea Exchange disclosure rules, mandating all KOSPI-listed companies to publish a corporate governance report from 2026 using a "comply or explain" approach. This expands the requirement from 541 firms to 842 firms. The Korea Exchange and the Korea Listed Companies Association will provide guidance and training to support implementation.
South Korea's Financial Services Commission (FSC) has designated seven non-holding financial groups for 2025 under the Act on the Supervision of Financial Conglomerates, including Samsung, Hanwha, and Mirae Asset. These groups must appoint a representative entity, assess group-wide risks, establish internal controls, disclose material information for consumer protection, calculate a capital adequacy ratio, and undergo a supervisory risk assessment every three years.
South Korea's Financial Services Commission, with the Financial Supervisory Service and the Korea Exchange, announced measures to combat unfair stock trading, including price manipulation. Initiatives include a joint investigative team, enhanced market surveillance using pseudonymized data, and increased sanctions. Delisting rules will tighten, with higher thresholds and expedited processes for underperforming companies.
The National Bank of Serbia has issued a warning about fraudulent SMS messages that mimic mobile network operators to harvest payment card data. These scams direct recipients to fake websites offering prizes in exchange for card details. The central bank advises users to contact their bank immediately if they have submitted card information and plans to enforce rules on payment service user protection to prevent such fraud.
The Brazil Securities Commission (CVM) has lifted the suspension of Auzza Securitizadora S.A.'s registration as a publicly-held company. The suspension was removed after the company submitted all required periodic information, following a previous suspension due to non-compliance with CVM Resolution 80.
The Brazil Securities Commission (CVM) issued a market alert and ordered the immediate suspension of securities portfolio management services by Gênesis Capital (Gênesis Tech) due to lack of CVM authorization. The Institutional Investors Relations Superintendence identified that the services were offered via the company's website and Instagram account. The suspension was enacted through CVM Deliberation 900.
The Oman Financial Services Authority has launched an electronic system for licensing and renewing practice licences for accountants and auditors, enabling online submission and tracking. This aims to reduce processing time and enhance transparency, following the transfer of regulatory oversight to the FSA under Royal Decree No. 20/2024. Detailed regulations are in preparation, with stakeholder feedback invited on the proposed rules.
Securities Commission Malaysia and Durham University have launched the Young Regulators Development Programme, a two-week annual course for early-career capital market regulators from 2025 to 2027. Held in Kuala Lumpur, it covers capital market development, regulation, digital assets, fintech, cybersecurity, sustainability, ESG, and Islamic finance. An ASEAN Financial Regulators Scholarship is available for ASEAN regulators pursuing an MSc in Law and Finance at Durham University.
The Central Bank of the Republic of Azerbaijan hosted a Swiss National Bank delegation, led by Chair Martin Schlegel, to discuss macro-financial developments and institutional cooperation. Talks with Central Bank Chair Taleh Kazimov covered global economic trends, monetary policy, financial stability, and digital financial initiatives. Both parties expressed satisfaction with current Azerbaijan–Switzerland economic relations and explored further cooperation opportunities.
The Global Legal Entity Identifier Foundation has approved TradeGo Pte. Ltd. as a Qualified vLEI Issuer, enabling it to issue cryptographically verifiable organizational identities within the vLEI ecosystem. This approval supports fraud reduction, compliance efficiency, and aligns with trade digitalisation laws in Singapore and the UK.
The Ontario Securities Commission and the Canadian Investment Regulatory Organization released a report highlighting sales culture concerns at five bank-affiliated dealers in Canada. The report reveals potential investor harm due to sales practices, with issues such as inappropriate product recommendations and misinformation. The next review phase will examine sales practices and controls for conflicts of interest.
The Central Bank of Montenegro has implemented measures to reduce costs and enhance payment service availability, including caps on bank fees for SEPA credit transfers and extended operating hours for domestic payment systems. Banks cannot charge above specified maximum fees for SEPA transfers, with estimated annual savings of EUR 13.9 million. Additionally, the domestic RTGS and DNS systems will have extended hours, and weekend operations are planned from mid-October 2025.
The Philippine SEC issued a cease and desist order against Fortune Wave Solution Hub OPC and related entities for unauthorized investment solicitation and offering unregistered securities. The order, dated 3 July, targets those marketing unlicensed investment contracts with promised returns of 3% to 330% on Facebook. The SEC found these entities lacked the necessary secondary licence to operate as brokers or dealers.
The Philippine SEC issued a cease and desist order against Pacific Union LLC for allegedly soliciting investments without necessary approvals. The order halts unregistered securities offerings and leveraged trading services, and prohibits asset transfers to protect investors. The SEC found the group lacked registration and licenses, with investors promised high returns on investments ranging from USD 50 to USD 10,000.
The Croatian Financial Services Supervisory Agency (Hanfa) reported a record 214 complaints in 2024, with insurance issues comprising 56%, mainly concerning motor vehicle liability and claims handling. The report highlights recurring insurance issues and a rise in online fraud and suspicious investment offers. Hanfa identified conduct shortcomings in 41 cases, mainly in insurance, and incorporated these findings into supervisory activities and recommendations.
The World Federation of Exchanges responded to the UK Government’s consultation on Voluntary Carbon and Nature Markets, supporting higher standards and market integrity. It recommends tax and legal changes, including zero-rating VAT on carbon credit transactions and recognizing carbon credits as financial instruments. It advocates a "climate-first" approach, alignment of legal and tax frameworks, and flexibility in international standards, urging firms to publish transition plans and participate in Article 6 carbon credit mechanisms under the Paris Agreement.
The Bank of England and the Prudential Regulation Authority shared 2024 Cyber Stress Test findings with PRA-regulated firms, emphasizing the need to understand the Financial Policy Committee’s payments impact tolerance. While response capabilities are mature, gaps in transaction prioritization and sector coordination were identified, with liquidity risks and financial stability implications noted. Firms should integrate these insights into operational resilience policies and share experiences with stakeholders.
The Prudential Regulation Authority (PRA) is reviewing its loan-to-income (LTI) ratio requirements for residential mortgage lending and offering a modification by consent that temporarily disapplies the 15% flow limit on high LTI lending. Lenders opting for this must report monthly on high LTI mortgage approvals and update their business plans and risk management frameworks. The modification is valid until 30 June 2026 or until the PRA concludes its review and potentially revises the LTI flow limit requirement.
The Bank of England fined Vocalink Limited GBP 11.9 million for failing to comply with a remediation directive under the Banking Act 2009, marking the first such penalty for a financial market infrastructure firm. Vocalink's shortcomings included an ineffective risk management framework and inadequate controls, governance, and escalation processes. Early admission and cooperation reduced the original GBP 20 million penalty by 45%.
The Central Bank of Nigeria introduced new non-interest liquidity management instruments, including the Nigerian Non-Interest Financial Institutions' Master Repurchase Agreement and CBN Non-Interest Asset-Backed Securities. Banks under regulatory forbearance face restrictions on dividend payments, bonuses, and foreign investments until compliance is verified. The central bank confirmed the June 3, 2025 deadline for Bureau De Change recapitalisation, maintaining capital requirements of NGN 2 billion for Tier-1 and NGN 500 million for Tier-2.
The Moroccan Capital Market Authority (AMMC) has approved Suez's prospectus for a capital increase through the issuance of 189,500,000 new shares reserved for group employees. The offer targets employees of several Moroccan subsidiaries, with subscription prices set at EUR 1.00 and EUR 1.2048. Supporting documents are accessible via Moroccan subsidiaries, BMCI, Suez's website, and the AMMC website.
The Global Legal Entity Identifier Foundation has approved TradeGo Pte. Ltd. as a Qualified vLEI Issuer, enabling it to issue cryptographically verifiable organisational identities within the vLEI ecosystem. This supports its blockchain-based platform for cross-border commodity trading, shipping, and payments, linked to fraud reduction, compliance efficiency, and alignment with trade digitalisation laws in Singapore and the UK, with early indications of cost and efficiency gains.
The Global Legal Entity Identifier Foundation has approved TradeGo Pte. Ltd. as a Qualified verifiable Legal Entity Identifier (vLEI) Issuer, allowing it to issue cryptographically verifiable organizational identities. This supports fraud reduction and compliance efficiency, aligning digital trade processes with laws in Singapore and the UK, with early results indicating significant cost and efficiency gains.
The Central Bank of Russia outlined priorities from the 11th All-Russian Congress of Financial Education Volunteers, focusing on distinguishing scams from legitimate offers and improving financial understanding for people with disabilities. Initiatives included tailored projects for adults, such as family budgeting for newlyweds and scam prevention for servicemen. The bank's register includes 19,000 financial education volunteers.
The Central Bank of Russia issued an advisory Code of Ethics for Artificial Intelligence in Finance, outlining five principles to guide AI use and bolster user confidence. The Code emphasizes human-centricity, fairness, transparency, security, and responsible risk management, with expectations for customer interaction and operational assessments. It is positioned as "soft regulation" to facilitate experience sharing and best practice implementation in the Russian market.
The European Commission is calling for applications to join the third Platform on Sustainable Finance, an advisory body for the EU taxonomy and sustainable finance framework. The platform will review technical screening criteria in the Taxonomy Climate and Environmental Delegated Acts and advise on criteria for additional economic activities. It will have up to 35 members, with 28 selected through applications and seven appointed by the Commission.
The Central Bank of Iceland reported to the Government after June 2025 inflation exceeded the target deviation threshold, requiring an explanation and response plan under a 2001 joint declaration. The Bank also released a letter to the Prime Minister and referenced supporting materials, including the Monetary Bulletin 2025/2 and recent Monetary Policy Committee documents.
The Egypt Financial Regulatory Authority (FRA) and the Minister of Agriculture discussed accelerating the Agricultural Takaful Fund's work plan to enhance insurance protection for farmers under the Unified Insurance Law. The FRA will provide technical support to ensure efficient fund operation, focusing on expanding coverage to crops and livestock and simplifying access to benefits. Established by presidential and prime ministerial decisions, the fund aims to mitigate climate-related and pest risks.
The Central Bank of Afghanistan's Acting Governor Noor Ahmad Agha attended the Islamic Financial Services Board's 23rd annual meeting in Rabat, where members reviewed IFSB activities and reports on Islamic banking. Discussions covered Shariah-based banking standards, financial stability, digitalisation, and global challenges in Islamic finance. Agha also met with the IFSB Secretary-General to discuss Shariah-aligned management improvements and capacity-building for Afghanistan's banking sector.
The Central Bank of Chile released its first Payment Behaviour Study, combining a survey and a "Payments Diary" to analyze payment habits across the country. The study found debit cards to be the most used payment method, while cash was primarily used for low-value transactions in markets and transport. Despite a growing preference for debit, cash remains prevalent, especially among lower-income groups and for small purchases.
The Ontario Securities Commission and the Canadian Investment Regulatory Organization released a report on sales culture concerns at major bank-affiliated mutual fund dealers in Canada. Based on a survey of nearly 3,000 mutual fund dealing representatives, it indicates potential client harm from sales pressure and incentives, including misaligned recommendations and incorrect product information. The next phase will examine sales practices and controls to address conflicts of interest.
The Commodity Futures Trading Commission's Division of Enforcement issued an advisory on addressing criminally liable regulatory offenses under Executive Order 14294. It outlines criteria for referring potential violations to the US Department of Justice, including harm caused, potential gain, expertise, awareness of unlawfulness, recidivism, and the need for DOJ involvement. This advisory replaces Federal Register publication due to the lack of a majority Commission vote.
The Commodity Futures Trading Commission's Division of Market Oversight extended the no-action position from CFTC Staff Letter No. 22-18 regarding Part 45 swap reporting requirements. This extension applies to counterparties clearing swaps through derivatives clearing organizations operating under a CFTC exemptive order or a Division of Clearing and Risk no-action letter.
Moldova's National Commission for Financial Markets joined a UN Women Moldova event to promote financial inclusion for gender equality and sustainable development. Commission Chair Dumitru Budianschi stressed the importance of inter-institutional dialogue. Discussions covered barriers to women's financial access, representation in decision-making, and initiatives for gender equality in the financial system.
The Financial Supervisory Authority of Norway completed a supervisory review of KPMG AS, resulting in an infringement penalty under the Auditor Act due to serious deficiencies in audit work. The review identified significant errors in governance, audit execution, and anti-money laundering compliance. KPMG has outlined measures to prevent recurrence of these issues.
Norway's Financial Supervisory Authority fined Meglerhuset Borg AS NOK 150,000 for multiple Anti-Money Laundering Act breaches, citing deficiencies in risk assessment, internal controls, and compliance. The inspection revealed significant AML shortcomings, including inadequate risk assessments and procedures, and identified material weaknesses in real estate brokerage risk management and client fund security. The firm can appeal the decision within three weeks.
The State Bank of Vietnam reviewed banking-sector performance and set priorities for H2 2025, aligning monetary policy with an 8% growth target amid external uncertainties. Credit outstanding rose to VND 17.2 quadrillion by mid-2025, with low policy rates supporting reduced borrowing costs. The bank is advancing credit administration reforms, organizational restructuring, and amendments to the gold-market regulatory framework.
The State Bank of Vietnam's Governor highlighted priorities of inflation control, macroeconomic stability, and growth support at the mid-year review conference. Initiatives include a VND 500 trillion credit package for technology and infrastructure, sectoral credit policies, and maintaining liquidity through balanced funding and risk controls. Banks are urged to advance the 2021–2025 restructuring programme, enhance digital transformation, and improve cybersecurity and policy communications.
The State Bank of Vietnam outlined priorities for Deposit Insurance of Vietnam's 2025–2030 term, focusing on implementing the revised Deposit Insurance Law, updating governance documents, and advancing digital transformation. The update reviewed achievements from 2020–2025, including regulatory frameworks and participation in drafting the revised law. The congress emphasized timely governance updates, comprehensive digitalization, and collaboration with the State Bank on restructuring weak institutions.
SEC Commissioner Hester M. Peirce stressed that tokenized securities are subject to federal securities laws, despite their blockchain format. The statement highlights risks and disclosure considerations for third-party token issuers and notes that tokenized instruments may be classified as distinct securities. Market participants are encouraged to consult with the SEC on structuring tokenization offerings and potential regulatory adjustments.
The Central Bank of Egypt and the European Bank for Reconstruction and Development discussed enhancing collaboration, focusing on support for micro, small, and medium-sized enterprises to boost financial inclusion and economic growth. The meeting introduced EBRD's new Managing Director for the Southern and Eastern Mediterranean region, Mark Davis, and acknowledged the positive effects of Egypt's recent economic reforms.
The Financial Stability Board (FSB) released three reports to enhance resilience in nonbank financial intermediation (NBFI), including final policy recommendations on NBFI leverage risks, a 2025 progress report, and a workplan to address data challenges. The leverage recommendations, presented to the G20, advise FSB member authorities on identifying and mitigating financial stability risks from NBFI leverage, with flexibility for jurisdiction-specific measures. Additionally, the FSB established a Nonbank Data Task Force to address data gaps, launching a test case on leveraged trading strategies.
The Swiss Financial Market Supervisory Authority (FINMA) announced Switzerland's implementation of the updated United Nations Haiti sanctions list via an amendment to the Ordinance of 16 December 2022. Financial intermediaries must enforce prohibitions, freeze assets, and report affected relationships to the State Secretariat for Economic Affairs (SECO). Reporting to SECO does not exempt intermediaries from further clarifications under the Anti-Money Laundering Act.
The Financial Action Task Force (FATF) released an updated version of its Universal Procedures for Mutual Evaluations and Follow-Up, outlining core procedural elements for AML/CFT/CPF assessments. The revised framework aligns with the 2013 Assessment Methodology and allows flexibility for FATF-Style Regional Bodies and International Financial Institutions. A new evaluation round will begin in 2024 using these updated procedures.
The Bank of the Republic of Burundi has requested former SAMA Money customers to visit its branches to reclaim funds owed before SAMA Money's operations were suspended.
The Bank of Korea released its Financial Market Trends report for June 2025, offering a monthly update on financial market developments, including bank lending.
The National Bank of Moldova joined the Vienna Initiative in June 2025 to enhance cooperation with European financial systems and bolster financial stability in emerging European economies. This aligns with Moldova's EU integration goals and improving financial system resilience, given its banking sector's significant European ownership. Established in 2009, the Vienna Initiative addresses cross-border stability risks and supports balanced policy actions among EU institutions, international financial bodies, and banking groups.
The National Bank of Moldova hosted an educational visit on 8 July 2025, engaging over 50 young participants to enhance financial literacy. Governor Anca Dragu emphasized understanding economic mechanisms, while workshops covered investing, saving, and the impact of modern technologies on financial services. The event is part of the Bank's "Financial education for all" campaign.
The Isle of Man Treasury announced the addition of two entities, GRAN GRIF and VIV ANSANM, to the Haiti sanctions regime, subjecting them to asset freezes and trade sanctions via the UK sanctions list. This follows a United Nations Security Council update to the UN Sanctions List. Entities must freeze assets and report any suspected breaches to the Financial Intelligence Unit.
The Bulgaria Financial Supervision Commission updated authorisations in asset management and insurance. Vitosha Ventures 2 Ltd. was registered as an alternative investment fund manager, and key appointments were approved at Life Insurance Company Saglasie AD and DALLBOGG Insurance Joint-Stock Company: Life and Health AD. Ilinka Petrova was approved for a compliance role at Saglasie AD, while Tony Vekov was approved for board and executive roles at DALLBOGG, replacing Petya Moneva.
The Nepal Insurance Regulatory Authority updated its bancassurance guidance, removing the 70-year age limit for issuance. It also imposed new constraints on policy issuance and agent incentives around fiscal year-end, prohibiting approvals on the last day and excluding policies issued on the 28th and 29th of Ashad from that month's targets and incentives.
The Egmont Group's 30th Anniversary Plenary, attended by Prince Guillaume of Luxembourg and other dignitaries, emphasized international cooperation in combating financial crime and highlighted Luxembourg's commitment to financial integrity and multilateral collaboration.
Cadaa Investment Company has fulfilled the necessary requirements to begin advising activities in the securities business, following a licence granted by the Saudi Arabia Capital Markets Authority on 5 February 2025.
The Saudi Arabia Capital Markets Authority announced that Sukuk Capital Company has fulfilled the requirements to commence arranging activities in the securities business under a licence granted by a resolution dated 17 March 2025.
The Saudi Central Bank (SAMA) has licensed Awn Alraidah to provide consumer microfinance services via financial technology, raising the total number of SAMA-licensed consumer microfinance companies in Saudi Arabia to nine and the overall number of licensed finance companies to 68. SAMA advises customers to engage only with authorised financial institutions, which can be verified on its official website.
The Central Bank of Luxembourg hosted bilateral meetings between its Governor, Gaston Reinesch, and the governors of Montenegro, Bosnia and Herzegovina, and Moldova during the IMF and World Bank Group Constituency’s annual meeting in Luxembourg from 2 to 4 July 2025.
The Vanuatu Financial Services Commission announced that an application to liquidate Global Organic Product Distributor Ltd has been filed in the Supreme Court of Vanuatu under the Companies (Insolvency and Receivership) Act 2013, with a hearing involving claimant Yvano Lorenzo Maraschio and multiple defendants.
The European Banking Authority has launched a public consultation on draft Guidelines for managing third-party risk, focusing on non-ICT services and critical functions. The draft updates the 2019 outsourcing Guidelines to align with the Digital Operational Resilience Act, detailing steps for risk management and aiming for consistency with the DORA register. A two-year transitional period is proposed for entities to amend arrangements and update registers.
The Central Bank of the Republic of Kosovo and Kosovo’s Financial Intelligence Unit visited Malta, engaging with the Central Bank of Malta, the Malta Financial Services Authority, and Malta’s Financial Intelligence Unit. Under the EU and Council of Europe Project against Economic Crime in Kosovo (PECK III), the visit focused on exchanging expertise in supervision, enforcement, and financial intelligence analysis to enhance cooperation against organized crime and money laundering.
The European Securities and Markets Authority (ESMA) has released its inaugural Climate Transition Plan, aiming to align its operations with EU climate goals. The plan targets a reduction in gross greenhouse gas emissions by 15.4% by 2027 and 31.4% by 2030, compared to 2023 levels. Key measures include an annual greenhouse gas budget, energy use optimisation, and incentives for lower-carbon practices, with progress reported annually.
ASIC has banned Andrew Moore, former director of Crown Wealth Group, from financial services roles for three years. Moore failed to address fees for no service by Lighthouse Partners, resulting in uninvestigated misconduct and incomplete client remediation. The ban is effective from 3 July 2025.
The Australian Prudential Regulation Authority has initiated a consultation on proposed amendments to its bank prudential and reporting frameworks aimed at phasing out Additional Tier 1 capital instruments. The consultation package includes a paper, draft prudential standards, draft reporting standards, and draft prudential practice guides under the "Improving the effectiveness of Additional Tier 1 capital instruments" project.
The Australian Prudential Regulation Authority has initiated a consultation on proposed amendments to its banking prudential and reporting frameworks to phase out Additional Tier 1 capital instruments, including draft prudential standards and practice guides.
Ghana's Ministry of Finance has inaugurated the Board of the Ghana Deposit Protection Corporation (GDPC) to formalize governance for deposit protection and bolster public confidence in the financial system. Chaired by Bank of Ghana Governor Dr. Johnson Pandit Asiamah, the Board aims to prioritize transparency and good governance, with plans to utilize artificial intelligence and integrate environmental, social, and governance principles.
Rwanda Capital Markets Authority, in collaboration with the Ministry of Public Service and Labour, engaged with workers’ unions and employers’ associations to advocate for saving and investment as pillars of financial security and national development. The forum highlighted accessible investment opportunities in Rwanda’s capital markets and facilitated the opening of Central Securities Depository accounts for participants.
The Rwanda Capital Markets Authority has launched a public consultation on a draft law to update the capital markets legal framework, aligning it with international best practices following an IOSCO assessment. The draft law expands supervisory and enforcement powers, including information requests and investigations into suspicious activities, and introduces provisions for cooperation with foreign regulators and family offices.
The Mauritius Financial Services Commission announced that COMO Global, formerly Mouyis Cohen Global, has surrendered its Global Legal Advisory Services Licence, leading to its termination. The surrender was made under Section 28(5) of the Financial Services Act 2007, effective from 25 March 2025 as per Section 28(9) of the Act.
Ukraine’s National Commission on Securities and Stock Market approved a draft procedure for temporarily appointing an administrator of a non-state pension fund and terminated Fintime LLC’s capital markets licence. It amended Decision No. 275, updated its 2025 rule-making plan, and registered various bond and share issuances. The Commission also agreed on a plan to improve PJSC Investment Company ROMEX-INVEST’s financial condition and confirmed UCD LLC’s compliance with regulatory criteria.
The Ukraine National Commission on Securities and Stock Market has approved an Anti-Corruption Program to enhance transparency and integrity. Key measures include digitalising services, standardising decision-making, updating inspections, and strengthening procurement controls. An authorised unit will oversee implementation and report progress publicly.
The Saudi Central Bank (SAMA) has licensed Awn Alraidah to provide consumer microfinance services via financial technology, raising the number of SAMA-licensed consumer microfinance companies in Saudi Arabia to nine and the total number of licensed finance companies to 68. SAMA emphasized the importance of engaging only with authorized financial institutions.
Angola's Ministry of Finance announced a cooperation protocol between ARSEG and ISJ to enhance supervision and enforcement in the gambling and insurance sectors, focusing on anti-money laundering and counter-terrorism financing. The protocol aims to improve compliance monitoring and enforce mandatory insurance requirements for gambling companies, aligning with the new gambling activity law.
Morocco's Coordination and Systemic Risk Monitoring Committee approved the 2024 Financial Stability Report, noting resilience in banks, financial market infrastructures, and insurers, despite credit risk deterioration and pension pressures. Economic growth is expected to accelerate, with moderate inflation and a widening current account deficit before narrowing by 2026. The committee stressed strengthening anti-money laundering and counter-terrorist financing frameworks and advancing pension reform.
Indonesia's Financial Services Authority (OJK) reported sector stability despite global challenges, with banking credit up 8.43% year on year and capital markets raising IDR 142.62 trillion. Enforcement actions included IDR 28.23 billion in fines and revoking a venture capital licence. Regulatory updates mandate online lending operators report to the Financial Information Service System from 31 July 2025 and defer the health insurance product circular.
Indonesia's Financial Services Authority (OJK) has launched the Islamic Finance Development Committee under Law No. 4 of 2023 to improve sharia governance. Chaired by OJK’s Chief Executive for Banking Supervision, it includes OJK department heads and external members to align policies with the National Sharia Council's fatwas. OJK also released the 2024 Indonesia Islamic Finance Development Report, addressing policy transformation and industry strategies amid global economic challenges.
The Securities and Exchange Commission of Pakistan reported record incorporations and significant digital transformation in its FY 2025 corporate registry reforms, with over 35,000 companies incorporated and 99.9% processed online. Key upgrades include mandatory digital verification for management changes, cybersecurity guidelines, and a new Electronic Mortgage Register. Future enhancements involve same-day bank account integration, AI-based incorporation, and a Corporate Registration Manual.
At an IOSCO panel in Madrid, David Abesadze from the National Bank of Georgia detailed the Bank's supervisory approach and initiatives to develop Georgia's capital market, including bond market expansion and retail investor participation. He discussed the Capital Market Support Program with the EBRD, which facilitated GEL 454 million in bond issuance, and outlined procedures for reviewing securities prospectuses. Abesadze also mentioned ongoing work on a supervisory framework for Real Estate Investment Trusts (REITs) and efforts to align taxation policy to support their introduction.
Bank of Indonesia's June 2025 Consumer Survey indicates sustained consumer optimism, with the Consumer Confidence Index rising to 117.8 from 117.5 in May. The Current Economic Condition Index improved to 106.7, while the Consumer Expectation Index remained stable at 128.9.
The People’s Bank of China and the Central Bank of Brazil agreed to enhance bilateral financial cooperation, focusing on local-currency swaps, financial markets, and cross-border payments. They will continue implementing existing agreements, including a strategic financial cooperation memorandum and a renminbi/real swap agreement. Additionally, the China-Brazil Sustainable Development and Expanded Production Capacity Cooperation Fund held its second meeting to discuss further funding for projects of mutual interest.
The Federal Reserve Bank of New York’s June 2025 Survey of Consumer Expectations indicates a decline in one-year-ahead inflation expectations to 3.0%, with medium- and longer-term expectations unchanged. Labor-market outlook improved, with reduced unemployment and job-loss risk perceptions. Household financial optimism rose, with increased expected income growth and better credit access.
The Federal Reserve Bank of Philadelphia has expanded its Large Bank Credit Card and Mortgage Data series by adding 67 new measurements to enhance analysis of consumer credit card and mortgage usage. The additions include variables such as purchase volume by credit score and interest rate data, with historical data back to 2012. First quarter 2025 results show declines in past-due shares for card balances and accounts, a drop in minimum payment accounts, and a rise in adjustable-rate mortgage originations.
The National Association of Insurance Commissioners released the Auto Insurance Database Average Premium Supplement for 2023, showing a 14.41% increase in combined average premiums. Average expenditures rose to USD 1,281.60, marking a 19.21% increase since 2019, with comprehensive premiums up 21.31% and exposures up 0.38%. Data was sourced from multiple statistical agents and state insurance departments, with some smaller agencies' data possibly excluded.
The Ministry of National Economy and Finance of Greece announced EU finance ministers' approval to activate the national escape clause for defence spending, excluding EUR 500 million in 2026 from fiscal rules. Minister Kyriakos Pierrakakis supported the digital euro, urging an agreement by end-2025, linking it to digital payments and tax evasion efforts. He also advocated simplifying rules in the European Commission’s securitisation framework and highlighted Euronext’s proposed acquisition of the Athens Stock Exchange and UniCredit’s investment in Alpha Bank as significant for Greek and EU financial integration.
Greece's Minister Kyriakos Pierrakakis advocated for a swift digital euro development at the ECOFIN meeting, emphasizing its strategic importance. He highlighted opportunities like enhanced payment digitisation, monetary sovereignty, and privacy protections, citing Greece's digital payment success in achieving a budget surplus. He expressed confidence in concluding technical discussions by year-end.
The Bank of the Lao PDR held a meeting to brief stakeholders on the revised Law on the Bank of the Lao PDR, emphasizing its role in defining the central bank's mandate and operations. The revised law serves as the legal basis for implementing monetary policy, ensuring financial stability, and modernizing the payment system. The session aimed to promote consistent understanding and implementation among 140 participants, including representatives from the National Assembly and sector associations.
The Bank of the Lao PDR's Governor, Bounkhom Vorlachit, met with Australia's Ambassador to Laos, Megan Jones, to discuss future cooperation between the central bank and the Australian Embassy. The meeting highlighted past collaboration, particularly in banking sector support, including training on anti-money laundering and counter-terrorist financing. Both parties expressed commitment to ongoing capacity-building initiatives.
The Central Bank of Belize will introduce its new 2025 banknote series on 4 August 2025, featuring redesigned notes with enhanced security features. The exchange rate remains unchanged at BZ$2 to US$1. Existing banknotes will remain legal tender, but the public is encouraged to deposit older notes for phasing out.
The Executive Board of Sweden's Riksbank has appointed Anders Gånge as acting head of the Markets Department, succeeding Heidi Elmér, who is leaving to become CEO of PP Pension. Gånge, previously deputy head since 2017, will assume the role on 9 July. Recruitment for a permanent head will commence after the summer.
The Hong Kong Securities and Futures Commission released a speech by CEO Julia Leung on a "Three-Pronged Strategy to Develop Hong Kong as an Offshore Renminbi Hub," presented at the Bond Connect Anniversary Summit 2025. The speech is available only in Chinese.
The Bank of France's annual study on French SMEs and ETIs reveals robust fundamentals at end-2024, despite an uncertain outlook. The analysis, based on over 1.6 million companies, shows stable margins, reduced leverage, and solid cash buffers, but notes rising financing costs and a slight deterioration in repayment capacity. The report highlights heightened risks for the most fragile firms in 2025.
GAFILAT held a workshop in Havana to prepare Cuba for the Fifth Round of Mutual Evaluations, focusing on the evaluation process and on-site visit preparation. In collaboration with the Central American Bank for Economic Integration, the event aimed to enhance understanding of Cuba's anti-money laundering and counter-terrorist financing system among Cuban authorities and obliged entities. It also addressed Cuba's money laundering and terrorist financing risks and additional preparation tasks.
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites and fake internet banking login screens linked to banks like China CITIC Bank International and Standard Chartered Bank (Hong Kong). The HKMA stressed that banks won't send SMS or emails with hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force.
The Hong Kong Monetary Authority (HKMA) announced enhancements to the offshore RMB bond repurchase business, allowing Northbound Bond Connect investors to rehypothecate bond collateral and settle cross-currency repos beyond RMB. Eligible collateral includes bonds held under Northbound Bond Connect and acquired through offshore repo transactions, executed bilaterally or via electronic platforms. The enhancements launch on 25 August 2025, with operational details and reporting requirements to be finalized.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Bekzhan Olzhaevich Pirmatov as an independent director and board member of Kazakhstan Stock Exchange JSC. Dauren Erikzhanovich Badaev was cleared for appointment as head of an executive body and management member in the securities market.
The Agency for Regulation and Development of the Financial Market of Kazakhstan reiterated that the Stop-credit service, operational since June 2023, allows individuals to block themselves from obtaining loans from banks and microfinance organizations. This restriction is processed through the e-Gov portal or app, visible to credit bureaus, and prevents unauthorized credit issuance. It remains until revoked by the individual and does not apply to pawnshops or entities not using credit bureau data.
The Isle of Man Financial Services Authority announced the de-registration of Damex (IOM) Limited under the Designated Businesses (Registration & Oversight) Act 2015. The de-registration was executed in accordance with section 12(1)(a) of the Act, effective 8 July 2025.
The Bank for International Settlements released a working paper analyzing climate transition and physical risks on sovereign bond pricing in 52 economies from 2000 to 2023. Transition risks, indicated by carbon emissions per capita, lead to higher 10-year sovereign yields, especially in emerging markets and high-emitting countries post-2015 Paris Agreement. Physical risks are less reflected in yields, with droughts causing the largest increases, particularly in economies with limited fiscal space.
The Central Bank of the Republic of Uzbekistan released a scientific paper from a Swiss State Secretariat for Economic Affairs research project. The study tests econometric and machine-learning models, such as Random Forest and neural networks, to forecast banking system liquidity using payment system data.
The Union of Arab Securities Authorities, in collaboration with Syria's Syrian Commission on Financial Markets and Securities, conducted a three-day training in Damascus on governance, risk, and compliance trends, focusing on the revised Three Lines of Defense model and digital transformation best practices.
The Thailand Office of Insurance Commission, Big Data Institute, and insurance representatives discussed linking health data via Health Link to improve underwriting and claims processing. Health Link, a consent-based exchange, connects 2,305 healthcare facilities and requires digital patient consent. Challenges include obtaining consent, data storage restrictions, and no access-fee structure, prompting further discussions on access rights and data retention.