The Bank of Korea's Q1 2025 data reveals a KRW 2.8 trillion increase in total household credits, reaching KRW 1,928.7 trillion by end-March. Household loans rose by KRW 4.7 trillion to KRW 1,810.3 trillion, while merchandise credits decreased by KRW 1.9 trillion to KRW 118.5 trillion.
The Central Bank of Taiwan reported a Q1 2025 current account surplus of USD 30.23bn, with a net asset increase of USD 28.23bn in the financial account and a USD 0.09bn decline in reserve assets. The goods trade surplus widened by USD 2.70bn to USD 27.23bn, while the services account deficit increased due to higher travel expenditures. Portfolio investment saw a net asset increase of USD 31.76bn, driven by residents' increased overseas investments and nonresidents reducing equity holdings.
The Luxembourg Commissariat aux Assurances released its Q1 2025 press release, detailing quarterly indicators for the insurance sector.
The Central Bank of the UAE imposed a financial sanction of 200 million AED on an exchange house for significant failures in its Anti-Money Laundering and Combating the Financing of Terrorism framework, under Article 137 of Decretal Federal Law No. 14 of 2018. Additionally, a 500,000 AED sanction was imposed on a branch manager, who is now barred from holding any position within licensed financial institutions in the UAE.
De Nederlandsche Bank (DNB) issued an instruction to IQ EQ Netherlands N.V. after a 2023 investigation revealed inadequate customer due diligence under the Act on the Supervision of Trust Offices (Wtt 2018). DNB found deficiencies in all six reviewed customer files, particularly in integrity risk profiling and asset origin assessment. Despite IQ EQ's objection, DNB upheld the instruction, and IQ EQ has since adopted an improvement plan.
De Nederlandsche Bank, through the National Forum on the Payment System, advises consumers and retailers to prepare for 72-hour electronic payment outages. Recommendations include holding EUR 70 per person in cash, maintaining multiple payment methods, and ensuring retailers have fallback options like QR-code payment apps and sufficient cash change. This advice aligns with the Dutch government's "Think Ahead" preparedness guidance.
The Central Bank of Nicaragua's Q1 2025 report shows a 7.8% rise in exports to USD 2,074.3 million and a 4.2% increase in imports to USD 2,681.0 million, resulting in a USD 606.7 million trade deficit, 6.5% smaller than last year. Goods exports grew 13.8%, driven by agriculture, mining, manufacturing, and fishing, while free trade zone exports were stable. Merchandise imports rose 4.5%, led by capital goods, and terms of trade improved 7.1% due to higher export prices and lower import prices.
Saudi Arabia's Capital Market Authority's 2024 Annual Report notes record market growth, increased foreign participation, and significant regulatory measures in funds, listings, and debt markets. Assets under management surpassed SAR 1 trillion, with notable increases in investment funds and foreign investments. The report highlights enhanced investor protection, with SAR 389 million in compensation paid and a strategic plan for 2024–2026 focusing on market financing, ecosystem enablement, and investor rights protection.
The Dominican Republic's Pensions Superintendency (SIPEN) announced a strategy to enhance retirement savings for informal workers and Dominicans abroad through digital, voluntary Complementary Pension Plans. These plans aim to increase pension coverage with flexible contributions and partnerships with merchants. SIPEN also addressed sustainability issues due to low contributions and is considering minimum guarantees for savers.
Peru's Superintendence of the Securities Market (SMV) announced a technical assistance agreement under the Works for Taxes framework, with ProInversión selecting a private company for a service-improvement project, including a new headquarters. The project involves constructing a 15,000 m² energy-efficient building in Miraflores, Lima, with an estimated investment of PEN 91.6 million. SMV is the first entity in Peru's Economy and Finance sector to use this mechanism for infrastructure modernization.
The Insurance Supervision Agency of Montenegro released application materials for candidates registering for the professional exam necessary for insurance mediation or representation activities. Details on the exam schedule will be announced on the agency's website.
The Central Bank of Cyprus released its consolidated balance sheet statement as of 31 March 2025.
The Central Bank of Cyprus released its consolidated balance sheet statement as of 30 April 2025.
The Central Bank of Cyprus released updated 2024 financial soundness indicators, highlighting improved capital adequacy, leverage ratios, excess liquidity, and positive profitability in the banking sector. Despite strengthened asset quality, non-performing loans remain significant, with the non-performing exposure ratio above the EU average. Profitability was driven by net interest income, while operating expenses increased due to higher personnel costs.
Montenegro Capital Market Authority President Željko Drinčić attended the IOSCO 50th annual meeting in Doha, engaging in committee sessions and workshops on crypto asset regulatory frameworks. He participated in meetings with IOSCO's European Regional Committee and Growth and Emerging Markets Committee, and attended the Qatar Financial Markets Authority conference on digital transformation, sustainable finance, and investor protection.
The Spanish Securities Commission (CNMV) reported women held 36.58% of board seats in Spanish listed companies at the end of 2024, with IBEX 35 companies surpassing the 40% benchmark. Fifty-five of 114 listed companies met or exceeded 40% female board representation, and women accounted for 54.11% of independent directors. Organic Law 2/2024 mandates companies with the largest market capitalisation achieve at least 40% representation of the less represented sex on boards by June 2026, extending to all listed companies by June 2027.
ASIC's 2025-26 focus includes revenue recognition, asset valuation, and provision estimation amid market volatility. Audit inspections will increase, targeting registerable superannuation entities (RSEs). ASIC will enforce compliance for "grandfathered entities" post-2022 exemption removal. Sustainability reporting under AASB S2 becomes mandatory for Group 1 entities in 2025, with ASIC reviewing reports. Auditor independence surveillance continues, with findings published. Information Sheet 284 updates tax residency disclosure changes from July 2024.
The Central Bank of Uruguay met with financial firms, where President Guillermo Tolosa, Economy Minister Gabriel Oddone, and Debt Director Herman Kamil discussed macroeconomic outlooks and financing strategies. Tolosa emphasized achieving low, stable inflation, addressing high dollarisation and low local-currency credit. Oddone highlighted responsible public-finance management, while Kamil outlined 2025 debt-management priorities, including deepening local-currency markets and diversifying the investor base.
The Danish Financial Supervisory Authority released "Sektoren i tal," summarizing 2024 financial sector developments, highlighting high profitability and improved investment returns. Credit institutions saw high earnings despite a slight decline in net interest income, while life insurance and pension entities benefited from equity-driven returns. The publication, replacing previous market articles, offers a standardized format across business areas.
Ghana’s Ministry of Finance has inaugurated a new seven-member Governing Board of the National Insurance Commission (NIC) to enhance regulation, efficiency, and transparency in the insurance sector. Chaired by Christopher Boadi-Mensah, the Board aims to strengthen regulatory frameworks, improve public understanding, and increase insurance penetration in underserved areas. Deputy Minister for Finance Thomas Nyarko Ampem emphasized the importance of reform, transparency, and consumer trust.
South Africa's National Treasury, via Deputy Minister David Masondo, outlined the 2025 G20 presidency priority of enhancing financial service usage for households and small businesses. The address emphasized women's economic empowerment and detailed initiatives like the Inclusive Payments Digitalisation Programme and regulatory streamlining for fintech. Delegates were urged to develop "last mile" solutions for MSME finance and digital inclusion, focusing on innovative payment technologies and community-based lending schemes.
The Ukraine National Commission on Securities and Stock Market, led by Chairman Ruslan Magomedov, outlined strategic priorities for modernizing Ukraine's capital market amid wartime. Key areas include government bonds, digital solutions for market access, individual investment accounts, foreign investment facilitation, and pension reform. Magomedov emphasized the importance of developing legislation for virtual assets.
Uruguay's Ministry of Economy and Finance, the Central Bank, and the Debt Management Unit outlined their macroeconomic outlook and sovereign financing strategy at an investor briefing. Key points included fiscal stability, a 2025 debt management strategy to deepen local-currency markets and diversify the investor base, and efforts to achieve low and stable inflation aligned with the 4.5% target. Challenges highlighted were persistent inflation-expectations bias, high financial dollarisation, and low domestic-currency credit-to-GDP.
Nigeria's Ministry of Finance urged capital market operators to boost investor confidence and financial literacy for the Investment and Securities Act 2025 and the Capital Market Master Plan 2030. The ministry emphasized the capital market's role in mobilizing long-term finance for a USD 1 trillion economy, highlighting the need for robust frameworks for capital absorption and investor exit pathways. The Securities and Exchange Commission reported a 37.65% gain in the NGX All-Share Index and efforts to improve market transparency and integrity.
Saudi Arabia's Capital Markets Authority (CMA) released its 2024 annual report, highlighting record market growth and significant regulatory changes. Assets under management surpassed SAR 1 trillion, with a 20.9% increase year-on-year. The CMA approved major regulatory amendments, including enhancements in the sukuk and debt market. The report noted SAR 218 billion in net foreign investments and detailed enforcement actions, including SAR 389 million in compensation awarded.
The Securities and Exchange Commission of Pakistan released a consultation paper proposing measures to enhance Shariah-compliant intermediaries in the capital market. Key proposals include a phased approach for Shariah-compliant institutional investors to engage with Shariah-compliant brokers and initiatives to improve market visibility through distinct categories on various platforms. The paper also encourages Islamic financial institutions to use Shariah-compliant intermediaries for takaful and investment purposes.
The Bank of Italy is organizing a seminar on "Audit activities in a central bank: new challenges and new perspectives" in Rome from 19 to 21 May 2025. The event is part of its international technical cooperation activities and is by invitation for central banks from selected new EU Member States, EU candidate countries, and other emerging economies.
The National Credit Union Administration has granted a federal charter and National Credit Union Share Insurance Fund coverage to African Diaspora Federal Credit Union in St. Louis, Missouri. This authorization allows it to operate as a federally chartered, federally insured credit union, primarily serving members of the African Diaspora Council, Inc. The charter became effective on May 15, 2025, marking it as the second federal credit union chartered in the year.
The Bermuda Monetary Authority (BMA) issued a public warning regarding a fraudulent social media post falsely associating the BMA with entities like "BMA Capital" and "Bermuda Finance." The BMA clarified it is not linked to these entities and cautioned against the risks of engaging with unregulated firms, especially those introduced through misleading claims.
The National Bank of Ukraine released an interview with Governor Andriy Pyshnyy discussing central banking challenges amid the ongoing war, macrofinancial stability measures, and the impact of the minerals agreement with the U.S. The interview also covers financial system reforms and post-war reconstruction plans.
The National Bank of Ukraine's Q1 2025 Banking Sector Review highlights accelerated bank lending growth, bolstering sector assets despite a decline in securities investments. Corporate and household lending saw significant increases, while asset quality improved with a reduced non-performing loan ratio. The review notes upcoming stress testing and future compliance with EU-aligned leverage ratios.
The Bank of Lithuania's review of the insurance market reported a 9.1% increase in premiums to EUR 1.585 billion in 2024, with non-life insurance accounting for 77% of premiums and growing by 10.5%. Life assurance premiums grew by 4.5%, while unit-linked products dominated the segment. All licensed insurers were profitable, with assets under management rising 11.5% to EUR 2.04 billion.
The Portuguese Insurance Regulator (ASF) issued Circular No. 5/2025, introducing the "Prevenção BCFT" reporting file and instructions for a new supervisory report on anti-money laundering and counter-terrorist financing controls. This annual report, submitted via the ASF Portal, applies to pension fund management companies, life insurers in Portugal, and certain life insurance intermediaries meeting specific criteria. Reporting for the 2024 reference year is due by 30 June 2025, with interim email submissions allowed for intermediaries without portal access.
Germany's Federal Financial Supervisory Authority (BaFin) clarified expectations for technical endpoints used by card-issuing payment service providers to confirm fund availability. BaFin will not object if account-servicing payment service providers do not offer a dedicated confirmation-of-funds endpoint for card issuers or include related response-time metrics in their statistics, due to the absence of card issuers in Germany relying solely on this endpoint.
The Australian Financial Complaints Authority (AFCA) will cease issuing membership certificates from the 2025-26 financial year, shifting verification to its website-based financial firm search to combat fraud and reduce administrative burdens. This change, supported by the Australian Securities and Investments Commission and legal advisers, requires members to update processes and allows continued use of AFCA branding per guidelines.
The Central Bank of Belize summarized Governor Kareem Michael’s presentation on Belize’s vulnerability to a "global polycrisis" and the impact of recent US trade measures, urging coordinated action to enhance resilience and diversify economic connections. The Governor noted a shift in US economic diplomacy affecting services, supply chains, and investment, with early signs of impact on Belize’s tourism and imports. GDP growth could slow from 4.3% to 2.6% in 2025, emphasizing the need for domestic resilience, regional ties, and reforms.
Sweden's Riksbank supports the Ministry of Finance’s Cash Inquiry proposals to mandate cash acceptance for essential purchases and enhance banks' statutory responsibilities for core cash services. The Riksbank emphasizes these measures are crucial for inclusion and payment-system resilience, advocating for immediate legislative changes. It also backs regulating bank service pricing and establishing a framework for offline card payments by 2026.
The Hong Kong Securities and Futures Commission (SFC) revoked Mr. Mui Chok Wah’s licence and banned him for two years due to his theft conviction and delayed charge notification. Mui breached the Securities and Futures Ordinance by not informing the SFC within seven business days. The SFC noted misconduct and fitness concerns, considering his cooperation and clean disciplinary record.
The Austrian National Bank and SUERF will host their 52nd Economic Conference in Vienna on 22–23 May 2025, focusing on "Monetary policy and structural tectonic shifts." It will address how central banks can maintain price stability amid global shocks affecting economic structures, with sessions on inflation, supply-chain shifts, and productivity growth. The event, featuring notable speakers, will be accessible both online and in person.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Reana Ilshatovna Aukhadiyeva as deputy chief accountant in the banking sector.
The Cyprus Securities and Exchange Commission (CySEC) issued a warning regarding several websites not authorized to provide investment services under Article 5 of Law 87(I)/2017. CySEC advises investors to verify firms' licensing status on its website before engaging in business with investment firms.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send messages with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Police.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to The Bank of East Asia, Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through such means. Affected individuals are advised to contact Chong Hing Bank and report to the Hong Kong Police Force.
Research by the National Bank of Belgium shows that Belgium's fiscal policy has been looser over the past two decades when data are revised. In 2020, the primary deficit reached 7% of GDP, driven by the cyclical component and Covid-19 measures. The study advocates a hybrid fiscal assessment approach, combining bottom-up revenue and top-down spending methods, aligning with the European Commission's new fiscal framework.
The National Bank of Bulgaria and the American Chamber of Commerce in Bulgaria signed a memorandum of cooperation to enhance collaboration, focusing on Bulgaria's planned euro area accession in 2026 and informing businesses and households about its long-term effects. The agreement aims to strengthen institutional dialogue, improve economic competitiveness, and support European integration.
The Kuwait Capital Markets Authority imposed a KD 1,000 penalty on Privatization Holding Company for breaching disclosure and transparency requirements by failing to disclose material information about a shareholding sale. The breach involved Article (4-1-1) of Module Ten of the Executive Bylaws of Law No. 7 of 2010, as the company did not report the sale to Boursa Kuwait or the Authority, despite generating a profit of KD 542,917.
The Kuwait Capital Markets Authority imposed a KWD 5,000 penalty on Investment Interests Company for securities dealing violations. The company was found to have sold non-transferable shares without a prospectus and engaged in unauthorized share management since 2005. Violations pertained to Modules Eleven and Seven of the Executive Bylaws of Law No. 7 of 2010.
The Isle of Man Financial Services Authority released a lending statistical bulletin detailing aggregate data on the Island's banking sector, highlighting quarterly and annual lending trends.
Qatar Central Bank announced that Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani met with Michael Bloomberg to discuss recent trends in global finance and investment.
The Federal Reserve Banks of Boston and New York discussed stablecoins and tokenization's impact on financial stability at their virtual conference. Key topics included stablecoin risks, monetary innovation's interaction with nonbank intermediaries, and a framework for assessing vulnerabilities in money-like products. The conference featured seven papers and a keynote address, available on bostonfed.org.
The Arab Monetary Fund and the Islamic Financial Services Board have signed a Memorandum of Understanding to establish a Strategic Partnership Framework aimed at enhancing cooperation on Islamic finance regulation and sustainable development in the Arab region. The framework focuses on policy advice, capacity development, knowledge sharing, and analytical support, aligning with the IFSB Strategic Plan 2025–2027 and the AMF Strategy 2025–2030.
The National Bank of the Republic of Tajikistan's Board approved the voluntary liquidation of Microcredit Fund Sarparast by revoking its banking operations licence. The licence was initially issued on 24 June 2014 under Board decision No. 151, in accordance with Tajikistan’s Law on the Liquidation of Credit Institutions.
The National Bank of the Republic of Tajikistan's delegation, led by its First Deputy Chairman, engaged with the Islamic Development Bank Group and regional financiers during the Annual Meetings in Algiers. Discussions focused on cooperation in energy, industry, agriculture, and banking, emphasizing the green economy and digitalisation. Talks with the International Islamic Trade Finance Corporation included proposals to increase financing for environmentally clean production and infrastructure.
The National Bank of the Republic of Tajikistan and the European Bank for Reconstruction and Development discussed 2024–2029 economic development programmes, focusing on insurance sector and sustainable finance. Key areas include enhancing insurance supervisory capacity, regulatory framework development, digitisation, public literacy initiatives, green finance market development, and climate risk analysis. EBRD priorities include private-sector project development, financial-system resilience, and corporate governance improvements.
The European Central Bank (ECB) outlined the proposed digital euro as a secure, cash-like digital payment to enhance Europe's payment system. It would enable real-time transactions, be accepted where cards are used, and maintain user privacy. The ECB plans to limit holdings, transferring excess to linked accounts, and offers access through banks, payment service providers, and an ECB app.
The European Central Bank's May 2025 Financial Stability Review emphasizes gold's role as a safe haven amid uncertainties, while warning of tail risks from disruptions in physical settlement and leveraged derivatives. The report notes increased demand for physical delivery through COMEX futures and significant euro area exposures to gold derivatives, with gross notional exposures reaching EUR 1 trillion in March 2025. Concerns over potential gold import tariffs and price discrepancies have led to increased shipping from London to New York and higher costs in London.
The European Central Bank's working paper analyzes Eurosystem liquidity injections' impact on euro area banks' dependency on central bank liquidity, revealing shifts in deposit mixes. From January 2015 to December 2017, excess reserves increased demand deposits and decreased time deposits, particularly linked to non-borrowed reserves. The study suggests ongoing monitoring and potential recalibration of the operational framework as excess liquidity is reduced.
Governor Jasmina Selimovic of the Central Bank of Bosnia and Herzegovina stressed the need for strategic digital transformation at the Economic Forum, noting the financial sector's rapid digitalization compared to the slower public sector. She cited limited resources and outdated regulations as reasons for the lag, advocating for changes in processes and business models. The central bank is investing in IT systems, joining the Single Euro Payments Area, and exploring AI for data analysis, while urging stronger public-private cooperation.
The Bank of Spain reported that Spain's general government debt under the Excessive Deficit Procedure was 103.5% of nominal GDP in Q1 2025, down 2.8 percentage points from the previous year. Total debt reached EUR 1,667 billion in March 2025, with central government debt at EUR 1,518 billion, regional government at EUR 338 billion, and social security at EUR 126 billion.
The Central Bank of the Philippines (BSP) mandates electronic submissions for foreign exchange transactions to its International Operations Department, effective 23 May 2025, as per Circular Letter CL-2025-022. This applies to transactions like foreign currency loans, investments, and cross-border transfers over PHP 50,000. The circular supersedes CL-2024-025, with further details on inward investment submissions to be announced separately.
Andorra's Ministry of Finance validated the first implementing regulation under the Audit of Accounts Law, establishing a mandatory Register of Account Auditors and appointing Miguel Antonio Pérez Carnicero as supervisor. The regulation mandates registration for all auditors in Andorra and includes an insurance-rule amendment to align auditor rotation with international standards. The register aims to enhance oversight, transparency, and compliance within the auditing profession.
Eurogroup President Paschal Donohoe visited the Netherlands to discuss macroeconomic developments, euro area budgetary coordination, and Eurogroup priorities, including the digital euro and the Savings and Investments Union. Meetings were held with Dutch Finance Minister Eelco Heinen and De Nederlandsche Bank President Klaas Knot, focusing on deeper capital markets.
The Brazil Securities Commission (CVM) has suspended the public company registrations of Caramuru Alimentos S.A. and Sanesalto Saneamento S.A. for failing to provide mandatory information for over a year, as required by CVM Resolution 80. During the suspension, these companies cannot have their securities traded on regulated markets. The suspension does not absolve the companies or their management from responsibility for any prior infractions.
The Brazil Securities Commission (CVM) will hold a judgment session on 20 May to assess Bluebenx Tecnologia Financeira S.A. and individuals for suspected fraudulent operations and unregistered public offerings. The proceedings involve potential breaches of CVM Resolution 62 and other regulations. The session will be public, with options for in-person or videoconference attendance, and will proceed with electronic voting if no respondents participate.
The National Bank of Serbia clarified that no decision has been made to withdraw the first-series EUR 50 banknote or any first-series euro banknotes from circulation, countering media claims. It emphasized that all denominations from both the first and second series remain legal tender and circulate in parallel. Additionally, damaged euro banknotes can be exchanged for full face value at any euro area central bank under specific conditions.
The Central Bank of the Republic of Azerbaijan has launched an interactive statistical data platform to enhance public access to key indicators and analytical overviews. Available in Azerbaijani and English, it covers macroeconomic, monetary, financial sector, payment systems, and external sector statistics with dashboards and dynamic maps. Integrated into the Statistics section of the central bank's website, it has potential for future expansion.
The European Council reported on Eurogroup President Paschal Donohoe's visit to the Netherlands to discuss macroeconomic developments, budgetary coordination, and Eurogroup priorities. Key topics included the digital euro and the Savings and Investments Union. Meetings with Dutch Finance Minister Eelco Heinen and Klaas Knot, President of the Dutch Central Bank, focused on the euro area's economic outlook and capital market deepening.
The Guernsey Financial Services Commission has streamlined the Private Investment Fund (PIF) regime by consolidating previous routes into a single route, while maintaining the Family PIF separately. The revised regime broadens investor qualification criteria, removes the audit requirement, and lifts the cap on qualifying private investors and offers, provided they are private. The PIF remains regulated with a focus on corporate governance, and applications can be processed within 24 hours via a new online portal.
The Croatian Financial Services Supervisory Agency (Hanfa) announced the winners of its "Financial Literacy in Verse" competition, awarding first place to the 4a class of the First Elementary School Ogulin. The contest, Hanfa's fourth for elementary schools, featured songwriting about financial literacy, with 24 schools participating.
IOSCO released three reports on risks to retail investors from digital marketing and social media, including finfluencers and online trading. The reports propose Good Practices for regulators and intermediaries to improve transparency, accountability, and investor education, highlighting regulatory gaps and risks like unregistered finfluencers and DEP tools affecting investor behavior.
The Islamic Financial Services Board and the Arab Monetary Fund have signed a Memorandum of Understanding to establish a Strategic Partnership Framework. This framework aims to enhance cooperation in Islamic finance regulation, financial resilience, and sustainable development in the Arab region. It focuses on policy advice, capacity development, knowledge sharing, and analytical support, aligning with the IFSB Strategic Plan 2025–2027 and the AMF Strategy 2025–30.
HM Treasury has launched a Phase 1 consultation to reform the Consumer Credit Act 1974, aiming to modernize the consumer credit regime. Proposals include repealing prescriptive information provisions, recasting conduct and disclosure requirements into Financial Conduct Authority rules, and reconsidering automatic sanctions and criminal offences. Implementation will require primary legislation and FCA rulemaking, with Phase 2 addressing scope, definitions, and protections.
The European Payments Council released the "Verification of Payee (VOP) API Reference Toolbox (ART) – Test Cases" document to validate the VOP solution. It aids Payment Service Providers and Routing and Verification Mechanisms in verifying compliance with the EPC’s VOP Inter-PSP API specifications. The test cases include both positive and negative scenarios for the requesting and responding roles in the VOP API ecosystem.
HM Treasury will regulate Buy-Now, Pay-Later (BNPL) services, requiring firms to adhere to consistent standards for clearer information and stronger consumer protections. New requirements include upfront affordability checks, improved refund access, and the right to complain to the Financial Ombudsman. This aligns BNPL with other credit products and accompanies reforms to the Consumer Credit Act, transitioning oversight to the Financial Conduct Authority's system.
The Central Bank of Chile's Financial Stability Report for H1 2025 highlights global economic uncertainty as the main risk to Chile's financial stability, despite resilient markets. It notes improved domestic credit and macroeconomic conditions but warns of vulnerabilities among smaller firms and in the residential real estate sector. Stress tests show the banking system remains solvent under severe scenarios, supported by Basel III adaptations, though fiscal space is constrained by structural deficits and rising public debt.
The Financial Supervisory Authority of Norway (Finanstilsynet) reported a decrease in deviations from lending regulation requirements for housing-secured loans in Q1 2025, particularly outside Oslo, while deviations for consumer loans increased. The decline in mortgage deviations was mainly due to adherence to the maximum loan-to-value requirement. This period marks the first reporting after the Ministry of Finance raised the maximum loan-to-value limit from 85% to 90% on 31 December 2024.
The State Bank of Vietnam plans to issue a circular prioritizing commercial credit for private enterprises, especially SMEs, supporting-industry companies, and innovative startups, following a government conference on Resolution 68. The government is preparing a decree to allocate land for high-tech firms and SMEs, and the Ministry of Justice will develop a digital legal portal to facilitate business access to policies and laws.
The State Bank of Vietnam reported on the Vietnam Bank for Social Policies’ 2020–2025 conference, highlighting a 94.3% increase in social policy credit funding to nearly VND 412 trillion and significant lending achievements. The bank disbursed VND 541.498 trillion across over 11.8 million loans, supporting job creation, disadvantaged students, and rural infrastructure. The bank aims to enhance its legal framework and organisational structure while launching an internal emulation campaign for 2025–2030.
The Kuwait Capital Markets Authority fined Al-Bareeq Holding Company and 14 individuals KD 50,000 for breaches of listing, disclosure, transparency, corporate governance, and market behavior requirements. Violations included not applying International Financial Reporting Standards, non-disclosure of material information, inadequate governance safeguards, and misleading financial information affecting share price and trading. Key individuals penalized include Abdullah Mohammed Al-Abduljader and Sami Mohammed Khuraisan.
The Kuwait Capital Markets Authority fined Ikttitab Holding Company and several board members for breaches of disclosure, transparency, and corporate governance. Ikttitab was fined KD 10,000 for disclosure violations and KD 5,000 for governance breaches, including failures to disclose material events and delays in disclosing critical information. Individual penalties included KD 5,000 fines on 10 senior officials and KD 3,000 fines on four board members.
The Norwegian Financial Supervisory Authority outlined its 2022–2026 digitalisation programme, funded with over NOK 100 million, focusing on automation, digitalisation of supervisory processes, and enhanced data analytics. Key initiatives include a cloud-based data platform (FIDA), migration to Altinn 3 for reporting, and operational automation with robotic process automation and Microsoft 365 Copilot. The programme aims to modernise supervisory, reporting, and internal processes through improved data governance and expanded use of AI.
U.S. SEC Chairman Paul S. Atkins outlined priorities, including drafting crypto market rule proposals and reviewing the Consolidated Audit Trail due to rising costs. The SEC seeks congressional approval to integrate the Strategic Hub for Innovation and Financial Technology into other agency parts. Additional priorities involve allowing SEC registrants to custody and trade both securities and non-securities, and reconsidering investment practices for closed-end funds.
The U.S. Securities and Exchange Commission appointed Katherine Reilly as Acting Inspector General, succeeding Deborah Jeffrey. Reilly, who joined the SEC's Office of Inspector General in 2020, has held various roles, including Acting Deputy Inspector General for Investigations. The Office of Inspector General operates independently, reporting to both the Commission and Congress.
The UAE Ministry of Finance attended the International Monetary and Financial Committee Deputies Meeting in Riyadh, focusing on global economic challenges and enhancing international financial coordination. Led by H.E. Younis Haji AlKhoori, discussions included breaking from low-growth, high-debt paths, strengthening the global financial safety net, and reviewing the IMF Managing Director’s global policy agenda. The meeting also addressed issues for the upcoming IMF and World Bank Spring Meetings.
The UAE Ministry of Finance and Central Bank will join the Joint Annual Meetings of Arab Financial Institutions in Kuwait, focusing on financial cooperation, 2024 reviews, and development plans. Led by Central Bank Governor Khaled Mohamed Balama, the Emirati delegation will engage with Arab financial bodies. The 16th session of the Council of Arab Finance Ministers will discuss fiscal policy, sustainable development, and financial instruments amid global economic shifts.
The UAE Ministry of Finance and Central Bank participated in the Joint Annual Meetings of Arab Financial Institutions in Kuwait, focusing on Arab financial cooperation and sustainable development financing. Discussions included public debt management, fiscal risk mitigation, and innovative financing tools like green bonds. The UAE will host the next session, with calls for integrated fiscal policies across Arab nations.
The Financial Action Task Force, INTERPOL, and the UN Office on Drugs and Crime called for enhanced efforts to disrupt illicit profits from organized crime and terrorism, emphasizing asset recovery and international financial investigations. FATF tightened asset recovery standards, noting nearly 80% of countries show low to moderate effectiveness. INTERPOL's Silver Notice aims to boost international cooperation on criminal assets, with 51 pilot countries participating.
The Securities Commission of The Bahamas warned that five entities, including HILLTOPFXTRADE and KCMENUKUL INVESTMENT LIMITED, are not registered or licensed. These entities allegedly conduct securities trading or digital asset services in violation of Bahamian laws, falsely claiming Commission authorisation, and displaying fake certificates. The Commission cautions that such activities may lead to criminal prosecution or regulatory sanctions.
The Central Bank of the Dominican Republic reported preliminary results from the National Continuous Labour Force Survey for Q1 2025, showing record highs in employment and participation rates, with total employment reaching 5,117,548. Formal employment increased by 188,658, reducing the informality rate to 53.4%, while the open unemployment rate decreased to 4.9%. The labour force participation rate rose to 66.0%, and the broader labour underutilisation rate fell to 9.3%.
The Pensions Regulator has launched an innovation support service to facilitate early engagement with innovators and reduce regulatory barriers in the pensions industry. It will focus on administration, member experience, investment, and new scheme models, offering expert discussions, collaborative events, and thought leadership materials. Collaboration with the Financial Conduct Authority aims to streamline support and provide access to the FCA’s innovation test service.
The European Insurance and Occupational Pensions Authority (EIOPA) published a study highlighting deficiencies in how home insurers disclose natural catastrophe coverage in Insurance Product Information Documents (IPIDs). Disclosures often lack clarity and consumer-friendliness, leading to potential misunderstandings about coverage for events like floods and fires. EIOPA warns these shortcomings could contribute to an "insurance illusion," where policyholders mistakenly believe they are adequately covered.
The Saudi Arabia Capital Market Authority confirmed that Badwa Capital Company has fulfilled the requirements to commence arranging activity in the securities business under its licence. The licence was issued in accordance with the Capital Market Law and its Implementing Regulations, following a CMA resolution dated August 14, 2024.
The Central Bank of Peru reported that March 2025 exports reached USD 7,220 million, a 26.5% increase from March 2024, driven by higher export prices and volumes. Non-traditional exports, particularly in agriculture, textiles, and fishing, saw significant growth, while traditional exports rose due to increased shipments of gold, fishmeal, and natural gas. In Q1 2025, exports totaled USD 20,787 million, up 25.2% year on year.
Indonesia's Financial Services Authority (OJK) held an Islamic finance education programme in Palembang, South Sumatra, under the SICANTIKS initiative to boost sharia financial literacy among women and MSMEs. The event emphasized women's roles in financial education and addressed digital financial crime risks. The programme, in collaboration with PT Permodalan Nasional Madani, will continue through 2025 across various regions, supported by educational modules on sharia finance and financial crime awareness.
Vice Governor Emilija Nacevska announced North Macedonia's acceptance into the Single Euro Payments Area (SEPA) and detailed support for local banks joining the SEPA Credit Transfer scheme. The National Bank will monitor SEPA readiness and collaborate with ACI Macedonia on professional education.
The Jordan Securities Commission, in collaboration with the Amman Stock Exchange and the Securities Depository Center, hosted a field visit for Al-Balqa Applied University students to introduce them to Jordan’s capital market institutions and recent regulatory developments. The visit included sessions on the Commission’s supervisory role, the Amman Stock Exchange’s electronic trading system, and the Securities Depository Center’s procedures.
European Central Bank President Christine Lagarde stressed deeper EU integration to reduce dependencies in energy, defence, and finance amid US policy uncertainty. She prioritized the digital euro and payment infrastructure, with technical readiness expected by October, pending European Parliament approval. Lagarde also addressed the euro's appreciation against the US dollar, EU tariff strategies, and reducing reliance on non-European payment providers.
Central Bank of Bahrain Governor Khalid Humaidan participated in a forum on Bahrain’s Economic Vision 2030, emphasizing the financial sector's 17% GDP contribution and role in foreign investment. He highlighted the need for an innovative regulatory environment for digital transformation and skills development, balancing stability and innovation. The Governor outlined efforts to support financial system digitalization and improve financial services quality through enhanced governance and infrastructure.
The State Bank of Vietnam joined a nationwide conference to implement Politburo Resolutions 66 and 68, focusing on law-making renewal and private sector development. Prime Minister Pham Minh Chinh emphasized institutional reform, resource access, and digital transformation, noting the private sector's significant economic contribution and challenges like low foreign direct investment participation. Implementation is guided by the Government's action plan and National Assembly resolutions, with Resolutions 57, 59, 66, and 68 forming a strategic framework.